House sales and purchases need to be as flexible as people are. There are lots of different arrangements that can be made to allow people to jointly own a property with some being more straightforward than others. There are often matters of inheritance to be considered in the event of one of the owners passing away.
A good mortgage solicitor in London, like Saracens Solicitors, can fit their expertise around any situation and offer advice on purchase, protection and passing on of property.
Buying with a spouse
If someone wants to own a property with a spouse but they want to consider, for example, children from a previous marriage when it comes to inheritance, a separate legal arrangement will need to be made. A mortgage solicitor in London may have other legal experts at the firm who can help with this. Otherwise, if one owner passes away, and the ownership of the property is recorded in title deeds as a joint tenancy, this means that the surviving owner will become the outright owner and the property will not form part of the assets to be distributed under the deceased owner’s will.
Buying with a partner you are not married to or a friend
For some people, it is not possible to get on the property ladder without joining forces with a partner or friend. Up to four people can jointly apply for ownership of a house and this can make things easier when it comes to raising a deposit and mortgage. However, there are several considerations that need to be taken into account that a mortgage solicitor in London can advise on.
For example, all parties in the property have to act together if they want to make changes or, for example, re-mortgage. This means everyone has to be in agreement. Also, all owners have the right to live in the property unless a court rules otherwise so, if someone decides to end a relationship or friendship, they may still have to live with the other party unless they choose to move out. They would still be responsible for their share of the mortgage and their credit rating would be affected if the other party refuses to pay their share and the mortgage falls into arrears.