Who can use this agreement?
This property co-ownership agreement is for two individuals – such as partners, friends or students – who are registered as the owners of a house or flat or other property and they wish to record how their interests in the property (and mortgage) and the running costs are shared.
The document deals with the percentage shares of ownership as well as income and expenditure. It also deals with the procedure if one or both the owners wish to sell their interest in the property. It can easily be amended to include additional owners if there are more than two.
If one of you is the registered owner and you want to retain that position with your sharer having a beneficial interest, we suggest you use our document B132
What details does this co-ownership agreement contain?
It consists of 10 clauses and a Schedule. The clauses deal with the interests of the co-owners and include:
- declaration of trust
- liability for payment of the outgoings
- parties’ obligations
- entitlement to any income or gain
- assignment of a beneficial interest and a new trust
- sale of the property
- registration of a restriction at the land registry
- the mortgage (optional clause)
When you buy and download the document, you will receive detailed Explanatory Notes to assist you in completing it.
You can also buy this document if you are involved in a joint ownership of a property and wish to agree how this will be managed.
When I download the document, can I change it and/or use it more than once?
Yes, all ContractStore’s templates are in MS Word and you can use the document on more than one project. For more information, watch the video on this page of our website or see our FAQs
ContractStore supplies templates and is not a law firm. But specialist, experienced lawyers write our templates. So, we can arrange legal assistance for customers who need special terms in one of our documents or a bespoke template. For more information see our Legal Services page.
And if you want to contact us see our Contacts page.
If you have any questions about a contract and/or want to see the Explanatory Notes before you buy, please let us know by using our contact form