'Beware' of joint house purchase.FIRST-TIME house buyers in Coventry and Warwickshire opting for joint ownership with friends and colleagues could find themselves open to a minefield of legal problems.
The warning from a Coventry law firm has been prompted by a rise in the number of graduates and workers entering into joint mortgage agreements in a bid to get on the property ladder This article is about the real-estate term. For the reality television show, see Property Ladder (TV series).
The property ladder is a term widely used in the United Kingdom to describe an individual or family's lifetime progress from cheaper to more expensive .
The branch of legal practice dealing with the conveyance of property or real estate.
the branch of law dealing with the transfer of ownership of property
experts at Button & Co solicitors in Manor Road, city centre, say people should ensure they draw up precautionary legal measures, such as a trust deed A legal document that evidences an agreement of a borrower to transfer legal title to real property to an impartial third party, a trustee, for the benefit of a lender, as security for the borrower's debt. , in case the partnership breaks down.
Nick Button, senior partner, said: "The general assumption of joint ownership is that it's a straightforward affair where the house is owned equally, but that's not always the case.
"We would advise anyone considering a joint mortgage to make sure they get the appropriate legal documents drawn up."