Buying a house when cohabiting
04 Dec 2009
More and more couples are buying property together before they get married or enter into a civil partnership. Finding and buying the right property is an exciting prospect but there are some issues that should be considered by cohabitants which do not affect other buyers.
One issue relates to the financing of the purchase. It is very common for one person to put in the majority of the deposit money which they have from their own savings or as a result of a gift from their parents. It is extremely important to seek advice as to how this contribution should be protected in the long term, as otherwise there is no guarantee that this contribution will be taken into account if your relationship came to an end and the property had to be sold.
Another issue facing cohabitants is deciding what will happen if one of them dies. Depending on how the property is owned, it may not follow that it will pass to the survivor. Cohabitants should seek advice on whether it is appropriate for them to have wills drafted to ensure that their share in the property passes to the person of their choice. Otherwise, someone completely unexpected could end up having an interest in the property.
If these issues are considered and dealt with whilst the property is being purchased then it can save a lot of time, stress and money at what could already be a very difficult time.
Richard can be reached on 01892 502392 or by email: rtheobald@bussmurton.co.uk