Joint Mortgages
Joint Mortgages are becoming a more and more popular type of mortgage with many young couples not wanting to commit on their own and not wanting to get married formally. If you are living together but are not married then you will need to formalise any property agreement to prevent any acrimony later.
There are a few things you should be aware of regarding Joint Mortgages:
Have a Deed Of Sale drawn up that has a power of sale. This will prevent one side of the partnership blocking the sale.
Have Wills drawn up for each partner. This will indicate what happens to the other partners share should you die.
Decide What Percentage each partner gets. Is the property to be owned 50:50 or does one partner have a larger share. Are they going to make identical payments for identical durations?
Property Deeds ensure that both names are placed on the property deeds.