Last year saw a rise in first-time buyers purchasing properties with their partners, as they are finding it cheaper than renting somewhere. However, some couples may take this big step without obtaining the necessary legal advice first. In particular, advice on how the property is going to be owned, who is contributing to what, and what happens if the relationship comes to an end?
Given how expensive it can be to purchase a new property, there is also an influx of family members loaning funds to couples to enable them to buy their first home. It is important for all parties involved to think about various issues when purchasing a property, from whether a formal loan agreement should be put in place, to when the money is to be paid back, and what happens in the scenario if the relationship breaks down.
As a family lawyer, I cannot stress enough the importance of taking early legal advice before embarking on the big milestone of purchasing a new property with your partner. If you're looking to buy a property with your partner and need more information and advice, get in touch with a member of our Family team.
"There were more than 400,000 people buying their first home in 2021, up 35% from the previous year" the Halifax