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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.
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