It’s very important that you take legal advice before buying a house with your partner. A solicitor will be able to advise you on the various options, and the pros and cons of each.
There are two main ways of owning a property in joint names, and there are legal and practical implications to consider for each. If you buy a property as joint tenants, you each share 100% ownership of the property. If you have put more money in to the house than your partner, it is important to understand you might not get this back. If you separate from your partner and you own a house as joint tenants, the assumption is that the house should be shared 50:50 between you both.
The other way to own a property jointly is called tenants in common. You can be equal, 50:50 tenants in common, which means you are each entitled to 50% if you separate. You can also choose to be tenants in common in unequal shares, for example 70:30. This can be a good option if you want to protect a deposit or contribution you make to a property that your partner doesn’t match. You can have what is called a Declaration of Trust setting out the amount each of you get from the house. You can record specific details, such as receiving back the deposit you have received, and then dividing the remainder in a certain way.
If you would like more legal advice about buying a property, Declarations or Trust, or what happens in the event of a separation, please contact Rowlinsons Solicitors.