Are we cohabiting by buying a home together?

People who are cohabiting are generally couples, who intend to build a financial future together. However, increasingly, all sorts of living arrangements are being made, with people choosing to buy property with friends, colleagues, siblings and even with grandparents.

So while you might think that 'cohabiting' simply means living with your partner without getting married, it actually just means living together under the same roof with other people.

That can be complicated enough when you're simply renting a shared house with friends, but situations can become more complex if you have decided to pool your financial resources and buy a property together.

Do I need a cohabitation agreement?

Regardless of with whom you buy a property, even the most romantic relationships end, the best of friends fall out or need to move on, and grandparents inevitably pass away.

When any of these situations happen, you need to know that everyone's interests in the property is fully protected by cohabitation agreement.

This cohabitation agreement will not only set out the basis on which the property is owned, as well as the proportions of everyone's share, but it can also deal with practical arrangements such as the payment of bills, what event would trigger a sale and how the sale should be dealt with.

There are a number of factors that can affect all of these issues, most notably whether you are joint tenants or tenants in common on the title deeds.

Yet whatever your ownership arrangements - and whether you are romantically linked or related by blood – the best way to ensure that your rights and property are protected is to have a cohabitation agreement in place whenever you buy property with someone else.

To learn more about cohabitation agreements when you're buying property, call 0330 041 5869 or contact us online today and we will call you to discuss your options without obligation.