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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34479
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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Need a cohabitation agreement between myself and my partner,

Customer Question

Need a ( basic ) cohabitation agreement between myself and my partner, that ensures ownership of the property we are purchasing, is directly related to the contribution we make towards it.

Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
HiThank you for your questionMy name is***** shall do my best to help you but I need some further information firstDo you actually want a Cohabitation agreement or just a Declaration of Trust setting out the different shares in the property?
Customer: replied 2 years ago.

Hi Clare, thanks for replying.

Whatever you think, I basically just want to safeguard my contribution as I will be paying the lions share ( about 2/3rds ) of the investment, I will also be paying the deposit. If a declaration of trust will suffice, and provide me with basic protection then that would be fine.

Michael

Expert:  Clare replied 2 years ago.
Have you spoken to your conveyancing solicitor about this at all?
Customer: replied 2 years ago.

No.

Expert:  Clare replied 2 years ago.
What is the agreement that you and your partner have regarding the property - 1. You get your deposit back and the rest of the equity is split 50/50 2. You get your deposit plus 2/3rds of the equity3. You get 2/3rds of the equity
Customer: replied 2 years ago.

We have agreed verbally, that moving forward we each own whatever we put into the property.

I am paying the deposit of £14,000. Following this I will be paying approximately 2/3rds of the repayments each month. My initial understanding was that as long as there is a clear record of where the payments have come from, I would be entitled to a share of the property value, in direct relation to whatever I have paid into it. However, after speaking with someone I was informed that this was not automatically the case, and that I should get some kind of an agreement written up to clarify this arrangement.

Expert:  Clare replied 2 years ago.
Yes you will need a Declaration of Trust setting out the agreement that you have made - so which of the options above covers what you are looking for?
Customer: replied 2 years ago.

Ok I see.

I get the deposit back, and moving forward whatever funds we individually put towards the repayment of the property, equates to how much of the property we own. I know I mentioned 2/3rds but this may change ( I may pay more ), what I am saying is the declaration of trust should just be that we own individually what we put into it, whatever that is.

Thanks,

Michael

Expert:  Clare replied 2 years ago.
What you are needing is not a basic agreement at all It will in fact be a complex agreement which needs to be drafted by a solicitor who has taken face to face instructions from you bothYou should expect to ay up to £200 for this - and it needs to be in place sooner rather than later so that the terms on which you hold the property are clear from the beginningPlease ask if you need further details
Customer: replied 2 years ago.

Ok, that's fair enough.

Would it be possible to compose me something that at least gives me some protection in relation to the deposit I'm paying?

Expert:  Clare replied 2 years ago.

Your conveyancing solicitor should be able to prepare a basic Declaration of Trust - opt for two in the list above