In this week’s Conveyancing Q&A, Hilary Jenkins talks about property sharing agreements.
My friend, his sister and I want to pool our money together to buy a property. Because I am the only ‘outsider’ in the arrangement, I want to make sure that the deal is fair for all i.e. we all put in the same amount of money and effort going forward. I am insisting that we have a legal agreement between the three of us. What are the main issues the agreement should cover?
You are wanting to execute a Property Sharing Agreement.
Property sharing agreements are becoming much more common for exactly this reason. An agreement can include as much or as little as you want to regulate
how the property costs (both any mortgage and the other outgoings like rates, insurance, and maintenance costs) are shared and how decisions about
the property will be made (ie majority or unanimous). Most importantly any agreement should include a very clear process for how an owner is
able to sell their share when circumstances change.
Disclaimer – The answer provided above is informational and should not be relied upon as legal advice. For personalised legal advice, please feel free to contact Lifestyle Legal Services Limited or your professional legal advisor directly.
Hilary is the director of Lifestyle Legal Services and a veteran of the conveyancing industry having built up an impressive work history of over 20 years (15 of which as a Registered Legal Executive).
To date, Hilary has played an integral part in the success of a wide range of residential and commercial transactions. Lifestyle Legal stem out of Hilary’s passion for the property industry and desire to offer clear and down-to-earth advice for her customers.
Do you have any conveyancing related questions for Hilary? Email your questions through to [email protected].