By John Blake
Of Warner Goodman Solicitors and a
committee member of the Portsmouth
Property Association (PPA)
ONE thing to consider very carefully when buying a property with someone else is the manner in which you will own the property. Often a difficult conversation to have, it is none the less imperative you agree the right method of ownership between you at the very start.
A property can be bought as beneficial joint tenants which means that in the event of the death of either of you, the property will automatically vest in the other.
This does not suit and is not appropriate for everyone however and this method of ownership does not make it possible to differentiate between the respective partners contribution to the purchase. It might be prudent in certain circumstances to purchase as tenants in common in equal or unequal shares, whereby the property does not automatically vest in the survivor/or survivors in the event of one persons death. By purchasing as tenants in common it is possible to reflect the contributions either party mad to the purchase.
Either way be sure to discuss this with your legal representative when you meet with them and they can discuss with you the options available to you and discuss which method of ownership suits best and perhaps look into preparing a Declaration of Trusts which that may be appropriate to you.
PPA lawyer firms will be pleased to discuss what is right for you at an early stage, so you may make the appropriate choice that suits your set of circumstances.