The legal title (ownership of the house) after moving in together
The house will be transferred into joint names when the mortgage completes.
This does not have to mean that it is owned in equal shares though.
But if Steve and Sonia want to own it in proportion to the the money they have put in, they need to have this agreement in writing.
If the agreement is not in writing, the documents at the land registry will say by default that the property is owned 50/50.
Sonia and Steve must not expect the general law to deal with their assets for them. If they have an agreement, they must record it properly.
Action Steve and Sonia need to take
Whilst they are filling in all of the paperwork for their mortgage and conveyancing, Steve and Sonia, order a deed of trust and each make a will.
They go through the checklist below to help them navigate their discussion.
They want to set out in writing various agreements they have reached about bills, mortgage payments, shares in the future equity and what might happen if the things no one likes to think about happening, actually do happen.
A deed of trust covers all the main financial agreements they have about living together.
Sonia and Steve know that they need a will and a deed of trust. They’ve been open and honest with each other and the two or three hours they have spent sorting it out are going to give them years of having one less thing to worry about.
If you would like to have a confidential chat about how a deed could help you. Please fill in our deed of trust contact form and we will arrange a convenient time to speak.