What is a Living Together Agreement?
The Bank of Mum and Dad continues to play a big part in the housing market according to a recent report by Legal & General. The report states that behind more than 1 in 4 house sales, it will be the lending and gifting from parents and friends that will help find the deposits for new purchases. The equivalent to a £5.7bn mortgage lender!
In English law, if a cohabiting couple, jointly owning a house, split up further down the line, the property will in all probability be split 50/50, even if one of them has contributed more to the purchase of it.
However, it is possible to have a written legal agreement (called a Living Together Agreement) made at the time of the purchase, detailing how such things as the property and other assets are split if things don’t work out.
The help of an experienced Solicitor in Family Law will be required.