As a couple, there is no help in the legislation if you break apart and disagree about what will happen to your shared home. However, you can prevent conflicts with a co-ownership contract yourself.
Questions you should ask yourself when creating a joint venture:
- How are the ongoing housing expenses distributed among you?
- What happens if one of you stops paying the ongoing housing costs?
- Can one of you rent out the property to a third party on your own initiative?
- Who should have the home if you no longer want to live together, and how does a sale from one of you to the other work?
- How should the expenses be distributed between you when your common home is to be sold and must be prepared eg electrical installation report and condition report?
- What do you do if you can’t agree on the sale price of the home?
- How do you resolve the financial balance when the home is sold with respectively. profit or loss?
MUTUAL WILLS
In addition to a co-ownership agreement, you should also create a mutual will when you buy a home together. You must do this to ensure that the survivor can stay in the home if the other person dies.
If you fail to create wills, you do not inherit anything in succession – nor does the other’s share of the owner’s home. Instead, it inherits another’s heirs according to the law of succession. If you have children it means that the children inherit one half of the dwelling. If you do not have children, it is the deceased’s parents who inherit.
INSURANCE AND PENSIONS
Finally, it is a good idea that you make sure to include each other as named beneficiaries on your pensions and life insurance. You should also notify ATP that you are cohabiting. Then you are automatically paid a lump sum like each other’s survivors.
Consult conveyancing Lawyers here >>
Love to share fe interesting things, information & news. Please check my social profiles and lets be in touch!