Joint ownership: points to consider

Buying a property is a massive decision and one which should not be taken lightly. It is also likely to be the biggest financial move of your life so the chances are that you will want to do it with a partner.

Both the cost of purchasing the property and the cost of living there can be made much more manageable when you have a partner but the difficulties of joint ownership, particularly from a legal standpoint, should not be underestimated. It is often assumed that being a partner in the joint ownership of a property means that you will be given property rights should the relation come to an end but this is not an absolute rule by any means.

The tips listed below should help you get your head around joint ownership:

Decide how much you can each pay and how much you will own:

You and your partner both need to be perfectly aware from the outset how much you can afford to contribute and if you cannot contribute equal shares you may not wish to receive equal stakes in the property. Knowing this makes it far easier to work out what you are entitled to should the partnership break down.

Inform your mortgage provider:

In order to change the names on any mortgage deeds the approval of the mortgage provider must be obtained. It is crucial that the deeds correctly reflect joint ownership because they must match the details registered at the Land Registry. You can check exactly who is listed as owning the title to the property by getting in touch with the Land Registry and it is important that you do so because this determines who has legal rights in the event of separation.

Keep up-to-date records:

Should you and your partner separate you will need to know exactly what contribution has been made by each of you so that property assets can be divided accordingly. You must keep up to date records of who has paid for what, whether it is gas or electric bills, insurance premiums, or maintenance work. This is particularly important if you end up in court because the court will demand that such information is disclosed.

Make sure that you remember who has paid for deposits as well because these can be of significant value. Sometimes separating partners assume that splitting everything down the middle is fair forgetting that one partner paid the property deposit in full.

Make plans for the future:

When you are buying your first property it is easy to get excited and forget about the long term considerations. For example, you will need to talk about what will happen if one partner moves out of the home. This will often mean that the property needs to be sold which can cause great difficulty if you are buying in a group of friends or relatives.

You should also consider contacting a solicitor about making a will which will detail exactly who is entitled to receive your property share should you die. You may not want your partner to receive this share if it was a girlfriend or boyfriend you broke up with for example.

Get an expert solicitor:

Make sure you have an expert property solicitor who can protect your property interests. Writing a Declaration of Trust is a good idea because this essentially acts as an insurance policy protecting your rights should you separate. Whilst this can be costly it is sensible and your solicitor can take care of it for you.

Call today for advice on joint owning Archers Gate properties

If you are looking to joint own a property in the popular Archers Gate development, the expert property solicitors at Bonallack & Bishop can help. We specialise in dealing with Archers Gate properties and have the experience and expertise needed to protect your property interests.

Call today on 01722 422300, or

Complete the enquiry form below to get in touch.

Comments or questions are welcome.

* indicates required field