Do You Know Your Rights?
Our friends at Wortley Byers Law share some advice on legal rights when buying a property for couples in a common law marriage or co-habiting.
Many people wrongly assume their legal rights are protected when cohabiting or under a common law marriage. What they don’t consider is the impact if they are living with a partner but own a property or are about to buy a property. If you are not registered as a legal owner, then you can often have a very limited ability to protect your interests.
It is extremely important at the outset of a property purchase to consider how the property should be owned in law. For example, if you are putting in unequal contributions to the deposit price, have you addressed this under a Declaration of Trust Deed? In addition, if extended family members are assisting you, their financial provision may need to be protected whether the couple are married or not. Being able to have clear conversations at the outset of a property purchase can potentially avoid disputes later down the line. It is very important for purchasers to be aware of the differences between owning property as “joint tenants” and “tenants in common” and how that may impact upon their future lives.
For legal advice on cohabiting, matrimonial home rights and property purchase, please do not hesitate to contact Wortley Byers Law (email@example.com, 01277 268368)