Co-ownership & sharing of Assets
Before selecting a template from the list below, read what Net Lawman says about co-ownership of assets and the different types of co-ownership at common law:
"Shared ownership of any asset requires an agreement that not only sets out owners' shares and responsibility for costs, but also a legal framework that covers management structure, responsibility for maintenance and repair, and use. These agreements allow a comprehensive, considered arrangement."
Template: Tenants in Common Agreement
Read what Net Lawman says about this template:
"In law, the relationship of co-owners of property is either as “beneficial joint tenants” or as “tenants in common”. The term “tenant” has no connection with a tenant under a lease. Under either sort of tenancy, a joint owner can insist on a sale.
Usually, your conveyancer will draw the document transferring your property to you in words that make you “beneficial joint tenants”. That means:
- You own the property equally.
- When you sell, the proceeds will be divided equally, even if one of you has contributed more in the meantime.
- If one of you dies, the other(s) automatically get his share - even if you are divorced or separated, and regardless of what you write in your will.
This document changes that.
This co-ownership is for a single purpose - to separate the ownership of property between two or more owners for legal purposes. Use it either to separate out your joint interest or to set down different ownership shares, or both. Examples of situations in which you might use it include: if you are divorced or considering separation, or if you have bought a property with friends. In law, it converts a joint tenancy to a tenancy-in-common. It does not provide a management framework. See below for alternative documents covering management and other arrangements."
Template: Joint Ownership Agreement: residential property
This agreement covers any situation where two or more people (or sets of people) share ownership and use of residential property for permanent occupation.
It sets out how the property is owned, how maintenance is paid for and carried out, and how the owners may sell their share.
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.
Under UK law, the registration of ownership does not record the shares in which the property is held. So if you own 60% and I own 40% we have to record that in some other document such as this one. If we do not do so, the law will assume we own it in the same proportions in which we contributed to the purchase price, which may not be the same as we agree.
This agreement specifically records the ownership proportions, which could be calculated at any time by a formula that takes into account differing contributions to an initial deposit, mortgage repayments and payment of repairs and improvements.
It can also record a beneficial interest – the share owned by someone who is not a registered owner on the title deeds. Most commonly, this may be a family member of one of the owners who has lent money as a deposit."
Template: Joint Ownership Agreement: holiday property
"This fractional ownership agreement covers the situation where two or more people share ownership and use of a house, flat or other property for holiday occupation. The house or flat may be enjoyed by both owners (although not simultaneously for long periods of time) or rented to others for short stays.
Broadly, the contents of this document cover three areas: ownership, management and sale.
Under UK law, the registration of ownership does not record the shares in which a property is held. It assumes ownership proportions are the same as the proportions that the owners contributed to the purchase price. So if the arrangement is that one owner puts down a larger share of the deposit, but the other pays the majority of the mortgage and is entitled to a share of the sale price as calculated by a formula of their joint devising, all of that needs to be recorded in an agreement such as this one."
Template: Joint Ownership Agreement: car
Read what Net Lawman says about this template:
"This agreement covers any situation where parties share the ownership and use of any kind of car. This is also known as car fractional ownership or an informal car club."
Template: Boat Sharing Agreement
Read what Net Lawman says about this template:
"This agreement covers any situation where two or sets of people share ownership and use of a boat for leisure. The agreement has been drawn to as to regulate occupation where only one owner occupies the boat at one time. However, there is nothing to prevent an owner sharing time with another owner."
Template: Aircraft Share Agreement
Read what Net Lawman says about this template:
"This agreement covers any situation where two or more people share ownership and use of an aircraft for leisure or business. The agreement has been drawn to as to regulate occupation where only one owner uses the aircraft at any one time. However, there is nothing to prevent an owner sharing time with another owner."
Template: Caravan Share Agreement
Read what Net Lawman says about this template:
"This document sets up an agreement for joint ownership of either a towed touring caravan or a semi-permanently installed mobile home. The joint owners may be friends, relatives, or previously unknown to each other. The agreement covers ownership rights of the parties in whatever proportions you choose. It also includes a timetable and notes on the manner of sharing the use of the caravan and the responsibilities of each party in maintenance and upkeep."
Detailed guidance notes are provided with each template. Net Lawman offers a money back guarantee if the document is not what you need, as well as a legal review option if you want some professional assistance when you are drawing up your documents.
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