Warnings about buying with friends or partners

I don't know if any of you saw the piece in the news last week about the problems that un-married couples face when they seperate and try to split their assets?

Here's a link to the full story on the BBC website if you didn't see it.

Basically, if you are a couple who own a property together but are not married, the courts are likely to split your entitlement strictly according to what you paid in to the property. This can be particularly dangerous for those people that move into their partner's home and pay a contribution, but don't actually have their name on the property deeds.

The best way to avoid this problem is to have a 'who owns what' agreement in place from the start. This would only come into force if there are any problems, of course.

With a Joint Equity Scheme purchase, the relationship between Owner and Investor is set out very clearly in the Joint Equity Partners Contract, and every eventuality we could think of has been catered for.

However, if you are a couple and hoping to buy your first home through The Joint Equity Scheme, you may want an agreement of your own to define your ownership shares, as well as The Partners Contract. This may be something worth discussing with the solicitor that you get your independent legal advice through.

Have a think about it.

Tam