// Davisons QS DAVISONS - LEGAL ADVICE
Wealth Protection & Family Lawyers
As family solicitors we are usually faced with the unfortunate circumstance of relationship breakdown and the inevitable distribution of financial resources.
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For those of you embarking on the joint venture of a house purchase read on…
With ever increasing house prices, young couples setting out together are increasingly relying on the “Bank of Mum and Dad” to get them on the first rung of the property ladder. But what happens if the paddle into domestic bliss ends in stormy waters?
SCENARIO 1
Mum and Dad paid the deposit for Rebecca to buy a house with Brett. Rebecca lost her job and Brett has been maintaining the mortgage payments. Brett has stopped going to the gym since moving in together and put on a few stone, Rebecca is bored not working and started to see Dave. Brett found out and wants Rebecca to move out allowing him to remain in the house. Rebecca wants to sell the house and use her parents deposit to pay for a round the world trip to get over the break up. Brett is saying that the deposit was a gift to them both and as he has been paying the mortgage for 3 years he is offering Rebecca a minimal amount to have the property transferred to him. Rebecca is tempted as it will be just enough for her round the world trip, she isn’t too bothered about her parents as they never liked Brett and don’t understand her need to escape for 6 months to “find herself”.
0121 289 3500 SCENARIO 2
Ben and Andy were at University together and spent 3 years saving for their 5 % deposit to enable them to purchase a new house together on Elm’s Estate with the Help to Buy scheme. It made sense as neither of them could afford to buy a house on their own. They had got on well at University, sharing a rented house together during years 2 and 3. Shortly after moving into the 2 bedroom home, Andy meets Clarissa and she is spending an ever increasing time at The Elms. Ben isn’t too happy about this, after all it was going to be a lad’s house and Clarissa’s arrival on the scene has meant an abundance of cushions on the sofa making it increasingly difficult to find the remote control - or is Clarissa hiding the remote control to stop him watching Sky Sports, which strangely isn’t the default programme since Clarissa arrived.
Ben has had enough, he wants his deposit back, he’s seen a Harley Davidson for sale and decided that he is far too young to settle down (Clarissa has put him off any romantic ideas) and wants to embark on a sponsored motor cycle from London to Sydney.
HOW WE CAN HELP
Sam and Jane are able to advise and draft cohabitation agreements which records agreement reached where two or more people live together or intend to live together setting out the rights and responsibilities in relation to the property and the financial arrangements both during and after cohabitation.
The agreement can record the beneficial interest each party has in the property as well as setting out the ownership of personal property such as furniture, antiques and art which the cohabitees can enjoy the use of while cohabitating but return to the owner should cohabitation end.
In addition a Declaration of Trust will record the parties’ respective beneficial interests in the property and will hold more weight should matters become contested.
Please contact Sam Kent on 0121 289 3599 or
s.kent@
qsdavisons.com or Jane Chandler on 0121 685 8126 or
j.chandler@qsdavisons for further information.
QualitySolicitors Davisons Solihull
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solihull@qsdavisons.com www.qualitysolicitors.com/davisons solihull@qsdavisons.com www.qualitysolicitors.com/davisons No 4 The Courtyard, 707 Warwick Road, Solihull, B91 3DA
@davisonslawyers N
solihull@qsdavisons.com www.qualitysolicitors.com/davisons www.facebook.com/davisonssolicitors
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