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Mortgage when not married

If you’re thinking of buying a property with the one you love, considering what you’ll do if the worst happens and you split up isn’t going to be something you consider. But it’s really important because unmarried couples don’t necessarily have the same rights as those who have got hitched so having a mortgage when not married is a risk.
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Courts

Couples that have split up in the past without any predetermined contract which sets out how the property will be split have fought this out in court. The strange thing is that there’s been no precedence set because some couples have found that a partner who never paid into the property is entitled to 50% share of the proceeds from sale. Others have found that partners who paid into a property have been given only a small percentage of the sale thanks to different courts and different judges making the decision.

Joint tenants or tenants in common

There’s an important legal definition that needs to be taken into consideration when you think about getting a mortgage with your partner. Most couples who buy tend to class themselves as “joint tenants”. In most cases this makes each person equal partners in the home. If you’re classes as “tenants in common”, you can set out precisely who put in what share. This is ideal if one partner’s bringing more to the table than the other. The good thing is that you can easily change a joint tenancy into a tenancy in common at any point so this is something that can be considered later.

More information

You’ll find out more information about your rights as an unmarried couple if you check out advicenow.org.uk/living-together. This free advice service covers much more than home ownership for unmarried couples as it also looks at things like Wills and inheritance, pensions and it even offers a breaking up survival guide.

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