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What is the difference between a living together agreement and a deed or declaration of trust?
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This is a good question to ask - and it is important you know and understand the difference.
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A deed of trust or a declaration of trust records how any sales proceeds will be divided when you come to sell for whatever reason. It can reflect what you both contributed at the start, it can take account of who pays the mortgage and other running costs and it can also take into account the ‘extra value’ one of you may have contributed i.e. through home improvements or DIY.
You both decide the proportions - then when the property sells, this the legally binding agreement that will be observed.
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A living together or co-habitation agreement tends to cover any agreement on more day-to-day matters. It can cover any agreement between you on issues such as pets, smoking in the house and having partners staying overnight (or moving in). It may have something about having a lodger and what would happen to their rent.
Importantly, it can also cover any agreement on what happens if one of you wants to move out. This is especially important if you do not want that decision to automatically force the sale of the property. It may also have something about notice periods and what would happen if the ‘one half’ wanted to ‘buy you out’ - or vice versa.
Frequently asked questions
- Can you act for both of us?
- Does a living together agreement give me full protection?
- I'm sure I don't need a living together agreement - what about common law marriage?
- My mother is helping us buy a large house with a self-contained flat for her. Would a living together agreement help?
- What happens to the finances of couples that just live together, if there is no living together agreement?
- What is a co-habitation agreement?
- What is a living together agreement?
- What is the difference between a living together agreement and a deed or declaration of trust?
- What type of issues a living together agreement can cover?
- Would a living together agreement help if I am buying a house with a friend?
- Would a living together agreement help me if I buy a property with my boyfriend or girlfriend?
- Would a living together agreement help me if I own the house I live in with my boyfriend or girlfriend?
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