Page 22 - ESPC_Jul24

EXPERT ADVICE DREAM HOMES

Contemporary chic

Looking for a slice of the quiet life? This tranquil mid-terrace in a
Love is a co-purchase agreement sought-after seaside town is a perfect choice, and it could be yours.

Rachael Burke, Solicitor at Gillespie Macandrew, explains what steps
you need to take before purchasing a property with your partner. outh Queensferry has experienced a boom 2 Forth Terrace is a fantastic family home, set
in popularity in the years post-Covid, largely in a quiet cul-de-sac within walking distance of
Sthanks to it offering a sense of peace and the town centre, meaning that the historic High
uying a property with your partner is an different contributions to the purchase price. tranquillity, while remaining an exceptionally Street, beautiful beach and the iconic views of
exciting yet perhaps slightly stressful Co-purchase agreements can also include attractive commuter hotspot at the same time. the Forth Bridges are just moments away – plus,
Btime. There is lots to think about, provisions for how the mortgage and other If you’re on the hunt for a family home in an area you’ll find Dalmeny train station a stone’s throw
and agreements which determine how the household bills are to be met, and how any that offers a small-town, coastal feel but with the away, making this property an excellent choice
property is to be dealt with if there were to be renovation projects are to be funded. attractions of the Capital close by, it could be the for those who work in the city but want a more
a separation tends not to be at the forefront of ideal choice. relaxed work/life balance.
people’s minds. That said, even couples with When should you get one?
the best intentions to remain together can Co-purchase agreements should be discussed
sometimes separate. This is why it’s a good idea at the beginning of the house hunting process.
for any couple that is not married to consider a The agreement should be finalised and signed
co-purchase agreement.
by both parties prior to the move-in date.
What is a co-purchase agreement? Co-purchase agreements are specific to the
A co-purchase agreement sets out how the property. If a couple wishes to purchase a new
purchase of a property is financed – particularly property, a new co-purchase agreement should
if one party pays more towards the purchase be considered.
price than the other. It can also deal with what
is to happen with the property in the event of Why should you get one?
separation or sale of the property. A co-purchase agreement provides certainty.
It invites couples to have open discussions
Co-purchase agreements can be tailored about finances, which is one of the foundations
to meet a couple’s specific needs and can for a strong and healthy relationship. It also
provide options following separation. These has the benefit of avoiding future disputes,
can include one party transferring the property particularly at a time when emotions are
to the other on separation or it being sold, already heightened. A co-purchase agreement
and a mechanism for calculating how the is certainly something which is better to have
equity is to be split recognising the parties’ and not need, rather than need and not have.

For more from Gillespie Macandrew, visit www.gillespiemacandrew.co.uk.
22 | espc.com espc.com | 23