Co-habitation Agreements cover a variety of different scenarios for a number of different types of living arrangements.
How much do co-habitation agreements cost?
Like many of the services we offer we aim to offer a fixed fee for most co-habitation agreements, if your assets are more than £1,000,0000, or if there are complicated circumstances such as assets overseas we can provide a quote but for all other straightforward co-habitation agreements we charge a fixed fee of £595 plus VAT (£714 including VAT).
Who can use a co-habitation agreement and when?
Be it living with siblings or parents or friends or any other permutation resulting in sharing a property with others you should have the basics covered to provide the basis of the arrangement and prevent issues further down the line.
Unfortunately as we all know all sorts of relationships can and regularly do breakdown and it our role as your solicitors to prevent a bad situation from getting worse.
You can enter into a co-habitation agreement (sometime referred to a living together agreement) at any time but ideally it should be entered before entering into the living arrangement. In short the agreement governs the division of assets in the event of a breakdown of the relationship.
Can a co-habitation agreement be used in conjunction with a trust deed?
A co-habitation agreement can be used with a Trust Deed to provide further certainty as to the how property and the assets of the relationship are owned should a dispute arise.
Some things to turn your mind to when considering if a co-habitation agreement is needed:
- How is the property to be split equally on a 50:50 basis or by some other method?
- Are bank account funds likewise to be split equally, even if contributing salaries to that account are not equal?
- Are there any debt from which both have benefited but were taken out in one partners sole name, e.g. have you entered into a finance agreement for your co-habiting partners car etc?
- What assets do you consider as being your sole assets and what do you consider joint? Does this match your co-habiting partners views on those same assets?
- What arrangements are to be put in place for the support of any children such as school fees etc?
Are co-habitation agreements enforceable?
On the basis that the parties have acted openly and honestly in relation to the assets and given due consideration to entering the co-habitation agreement, it is likely the courts will enforce the agreement as a legal binding contract.
Why use a solicitor? I have read online that I can prepare a document myself.
When you instruct a solicitor with the requisite experience and knowledge you are in essence paying for the peace of mind that you have taken the all steps reasonably required to give proper legal effect to your intentions.
We offer a fixed fee to prepare basic co-habitation agreements, Deborah Cahill working in our property and family departments has a vast knowledge of this area of law and provides a free initial consultation to parties thinking about entering into such arrangements.
Deborah is a Resolution Accredited solicitor and as such a recognised expert in this area of law.