Following a recent case where a man who had split up with his cohabiting partner 17 years ago and was awarded a half share in the house they once lived in, even though he had never paid the mortgage, the Law Society has released a statement saying that all unmarried couples are at risk if they don’t plan or prepare for all eventualities when co-habiting or combining assets.
If you are buying a property together it is important to agree in writing each person’s share at the beginning and to record any extra contributions made by one party over the other, for example where one person pays all the deposit. We can assist by drawing up a simple document showing each party’s share. This will protect each party in the event that they stop living together, and also in the event of the death of one party, from potential claims by the deceased’s estate. For more information contact Amanda Scally at Paris Smith.