• Can I Make A Contractual Agreement Before Buying A Property With A Partner, Using A Mortgage, With Regards To What Would Happen If One Of Us Decides To Move On.

    By Guest on 10th Feb 2016

    Can I make a contractual agreement before buying a property with a partner, using a mortgage, with regards to what would happen if one of us decides to move on. So if both of our names are on the mortgage, what happens if one decides to move on after 5 years for eg. Can we make an agreement in advance agreeing that we are going to review our partnership every 2 years for eg. Or that we will receive from the sale of the property exactly what we have invested. So if one has invested 60% and another has invested 30% is it very easy to draw up a contract to the effect that that is exactly the proportion received by each on sale?

    Thanks. Kind Regards.

  • 1 Answers

    By Guest on 22/02/2016

    You can enter into a declaration of trust which sets out what shares each of you are entitled to receive when the property is sold and it cn contain provisions saying for example if one of you wanted ypto sell the other has to cooperate and how you agree on the sale price etc. This is only for the purposes of setting out in writing what your intentions were at the time of the purchase though and in the event of a dispute in future it would need to be enforced through the courts who may take into account intervening events when deciding whether to enforce it strictly.

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