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I need more information about Moving In Together

If you are considering moving in with your partner, either by one of you moving into a property owned by the other, or by purchasing a property together, now is the perfect time to think about your finances.

The law does not protect co-habiting or unmarried couples in the same way as it protects married couples. For this reason, you should consider obtaining legal advice when making the decision to move in together.

For co-habiting or unmarried couples, the starting point is that property or assets are owned fully by the legal owner. This means that the presumption is that if you are the sole registered owner of a home or vehicle, for example, you own that property and its value in full.

This means that it is important that the way in which you own joint assets or property is either accurately reflected in the legal ownership or that an arrangement is made to evidence that the legal ownership does not reflect the true position. Ideally this evidence should be in writing.

If you are moving in together, you may wish to consider:

• Who is the legal owner of the property?
• Who will be paying or has paid the deposit?
• Who will be paying any mortgage?
• If only one party pays the mortgage, will the other pay rent?
• Who pays the bills?
• Will there be any other joint assets, i.e bank account, car, endowment etc?
• Who pays for any improvements or repairs to the property?

Will any of the above entitle one party to either a share or a greater share in the equity if the house is sold?

If you want to be sure as to your and your partner’s rights in the event of future sale or possible separation, we can draw up a written agreement to reflect the position. This is a simple and cost effective way of protecting your property and assets and in most cases will avoid expensive legal costs in the event of a dispute.

Your case is unique. At Hepburn Delaney we believe it is important that you only pay for the advice that you require. Rather than offering fixed fees which can result in you paying more, we offer competitive hourly rates for advice on financial matters.

The costs of drawing up a Co-habitation agreement will vary depending upon the complexity of your agreement.

You should be aware that each of you will need to obtain independent advice before signing the agreement and as such, the costs below relate only to one party’s costs.

If you wish your agreement simply to specify the percentage shares in which you own your property and there is already agreement between you, the costs are likely to be limited an may be only £200 – £300 plus VAT. If, however, you wish your agreement to cover contributions, all joint assets, repairs and maintenance or other more detailed matters, or it is necessary to negotiate the terms of the agreement, the costs will be more.

We recommend that in the first instance you attend our initial fixed fee appointment when we can discuss your options in full.

To contact us, please:

Call us on 01442 218090

Send an email to info@hepburndelaney.co.uk

Click on the link to the right and Contact the Family Team

The Advice

If you are considering moving in with your partner, either by one of you moving into a property owned by the other, or by purchasing a property together, now is the perfect time to think about your finances.

The law does not protect co-habiting or unmarried couples in the same way as it protects married couples. For this reason, you should consider obtaining legal advice when making the decision to move in together.

For co-habiting or unmarried couples, the starting point is that property or assets are owned fully by the legal owner. This means that the presumption is that if you are the sole registered owner of a home or vehicle, for example, you own that property and its value in full.

This means that it is important that the way in which you own joint assets or property is either accurately reflected in the legal ownership or that an arrangement is made to evidence that the legal ownership does not reflect the true position. Ideally this evidence should be in writing.

If you are moving in together, you may wish to consider:

• Who is the legal owner of the property?
• Who will be paying or has paid the deposit?
• Who will be paying any mortgage?
• If only one party pays the mortgage, will the other pay rent?
• Who pays the bills?
• Will there be any other joint assets, i.e bank account, car, endowment etc?
• Who pays for any improvements or repairs to the property?

Will any of the above entitle one party to either a share or a greater share in the equity if the house is sold?

If you want to be sure as to your and your partner’s rights in the event of future sale or possible separation, we can draw up a written agreement to reflect the position. This is a simple and cost effective way of protecting your property and assets and in most cases will avoid expensive legal costs in the event of a dispute.

The Costs

Your case is unique. At Hepburn Delaney we believe it is important that you only pay for the advice that you require. Rather than offering fixed fees which can result in you paying more, we offer competitive hourly rates for advice on financial matters.

The costs of drawing up a Co-habitation agreement will vary depending upon the complexity of your agreement.

You should be aware that each of you will need to obtain independent advice before signing the agreement and as such, the costs below relate only to one party’s costs.

If you wish your agreement simply to specify the percentage shares in which you own your property and there is already agreement between you, the costs are likely to be limited an may be only £200 – £300 plus VAT. If, however, you wish your agreement to cover contributions, all joint assets, repairs and maintenance or other more detailed matters, or it is necessary to negotiate the terms of the agreement, the costs will be more.

The Next Steps

We recommend that in the first instance you attend our initial fixed fee appointment when we can discuss your options in full.

To contact us, please:

Call us on 01442 218090

Send an email to info@hepburndelaney.co.uk

Click on the link to the right and Contact the Family Team