'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 . Conveyancing con·vey·anc·ing n. The branch of legal practice dealing with the conveyance of property or real estate. conveyancing Noun 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." |
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