UNMARRIED couples, or friends planning to live together, should consider signing a Deed of Trust to ensure that a contingency plan is in place to deal with their joint assets should circumstances change.
Before searching for a conveyancing solicitor, it would be beneficial to decide on what you want to include, to ensure that everything is legally binding.
Deeds of Trust can be as simple or as complicated as you desire, including how much deposit each person is contributing, the percentage of mortgage each person will pay, and how equity will be split when the property is sold.
It is also beneficial to draw up an agreement for what will happen should one person want to sell the property, die, lose their job, have a baby, want to move a partner in, or rent a room out.
For advice on Deeds of Trust, contact Patrick Kilby at Bennett Griffin LLP on 01903 229999, or email ecw@bennett-griffin.co.uk