Joint ownership agreement
- Length:10 pages (3160 words)
- Available in:Microsoft Word DOCXApple PagesRTF
If the document isn’t right for your circumstances for any reason, just tell us and we’ll refund you in full immediately.
We avoid legal terminology unless necessary. Plain English makes our documents easy to understand, easy to edit and more likely to be accepted.
You don’t need legal knowledge to use our documents. We explain what to edit and how in the guidance notes included at the end of the document.
We offer free support by email in respect of editing the document. You can also use our Document Review Service if you want to our legal team to check that the document will do as you intend.
Our documents comply with the latest relevant law. Our lawyers regularly review how new law affects each document in our library.
About this document
This agreement covers any situation where two or more people or sets of people share ownership and use of a house, flat, bungalow, cottage or other property for permanent occupation. The agreement is designed to regulate occupation where all the owners occupy the property at the same time and the property’s occupation is shared by area. This agreement is suitable not only for situations where, for example, each owner has the exclusive right to use a bedroom and shares the use of all other rooms, but also for virtual flats where, for example, each owner has the exclusive right to use a bedroom, living room, kitchen and bathroom and the only shared area is the entrance hall.
First, you should consider what the most suitable structure for your sharing proposal is. If you are looking at more than ten people, then it would be better to hold the property in a limited company and buy and sell shares in it. Ownership of the property itself never changes. No stamp duty is paid once it is bought.
However, running a company does cost money, so between 2 and 10 owners it is a matter of preference as to whether you want the formality, expense and greater certainty of a company structure and shareholders agreement or the lower cost and comparative informality of an agreement like one of these.
Application and features
- Comprehensive fractional ownership document for any type of property: flat, apartment, house, bungalow and so on
- Sensible and practical provisions for shared ownership
- Written in plain English
- Explanatory notes to guide you
- Terms of beneficial interest - beneficial trusts provision
- Price and payment for the Property
- How the parties will use the Property
- How expenses will be paid
- Who and how will manage payment of expenses
- Undertakings by the parties
- Alternative exit strategies
- Effect of termination
- What if someone wants to sell his share or sell the property
- Many other legal provisions