The law doesn’t give couples rights to property just because they live together. Make sure you protect yourself.
If you’re buying a property with your partner, make sure you spell out who owns what or you could be in for a big shock if you split up.
If you'd split up from your partner 17 years ago and he'd never paid towards the deposit or mortgage, would you expect to hand over half the value of your home? Probably not, but that's what happened in a recent case that went to the Court of Appeal. The reason is that - according to the law - the way property is divided up if you split up with your partner isn't down to who paid for it, but how you own it.
Buying a property together; steps to take before you buy.
Owning a property with your partner is often seen as an emotional as well as a financial commitment. What do you need to think about?
If you know you’re able to afford the costs of buying a home together, you’re pretty comfortable about sharing your living space and you’ve saved up for a chunky deposit, taking the next step is likely to be a positive move. OK, so you may not have the same ideas about tidiness but if you’re happy to compromise or you can turn a blind eye to your partner’s obvious failings... you’re on the way towards a harmonious home. But what should you consider before you start searching online or doing a grand tour of estate agents’ windows?
We talk about owning property ‘jointly’, but there are different ways of doing this, depending on your circumstances.
When you buy a property with your husband or partner, there are lots of decisions you have to make around how you’ll pay for it, such as how much you’ll borrow, the type of mortgage you’ll have and how quickly you will repay it. But you also have to decide the legal basis of how you want to own it so it’s important that you understand what they involve.
