Shared Ownership Protection Gold

Our Shared Ownership Protection Gold is a declaration of trust for joint owners of property who want to have a more comprehensive agreement setting out their ownership share of the property including clauses on how to exit the property should their relationship breakdown. It contains standard terms and is limited in detail.

It is recommended for joint owners who are:
 Friends



It is NOT recommended for joint owners who are:
X Friends
X Married couples or civil partners
X In long-term or short-term relationships

Friends require more detailed deed of trusts to include procedures on how to live with each other including a cohabitation agreement as the joint owners will want their own space and won't be looking to live with each other for long periods of time as their circumstances change (relationships, marriage, children). 

For more detailed agreements view our Share Ownership Protection Gold for friends.

What does Shared Ownership Protection Basic Include?


 Your ownership share is clearly stated 
 All registered as legal owners 
 Fixed share for any distribution on sale (doesn’t account for variations such as differing mortgage repayments)
 Calculates how you distribute any gain or loss from rental income (if applicable) 
 Mechanism for buying other party’s share of property 
 States contribution towards outgoings
 All terms explained in simple English
 Acknowledgement of contribution towards mortgage repayments
 How to deal with shock events such as death or a change in financial circumstances
 Advice on property development costs (and the gain shared because of the development)
 Procedures on what to do if the relationship breaks down
 Procedures on what happens if you can't afford your mortgage repayments
✓ Any cohabitation agreements including splitting bills, living arrangements and how to settle an argument 
 Inventory listing of the personal possessions for joint owners

Does the Silver deed of trust cover changes in the relationship?

When you jointly own property you may find your circumstance change; loss of a job, illness, income changes, mortgage interest increases. The silver deed of trust takes into account changes to cover more of the mortgage than the other or if you paid for more of the development/extension of the property. 

How to order Shared Ownership Protection Silver?

Shared Ownership Protection Silver costs £299 Inc VAT and takes 5 to 7 working days to create. Call our joint ownership specialists to draft your agreement on 0333 344 3234

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What does Shared Ownership Protection PLUS Include?

How to leave

The process of leaving the property is simple; you can either:

Sell together;

Buy a share from the leaving party; or

Transfer your share to another party.

It even covers how to leave if one person wants to stay and one wants to leave.

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What your share on sale is

You agree at the outset how to calculate your share of any gain on sale will be using our formula that includes if you paid for:

improving the property (extensions);

different amounts for the initial deposit; or

covering each other’s mortgage repayments if any were missed.

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What happens if?

The devil is in the detail and by agreeing all the potential issues at the outset you can be protected if anything does go wrong. It covers:

If someone stops paying their share of mortgage/bills;

If someone dies, disappears, has a child, gets married;

House Rules; &

Inventory of who owns what.

What extra features does Shared Ownership Protection PLUS have?

Friends, rather than couples or family members, can particularly benefit from establishing certain guidelines and rules for sharing their property from the outset. These include house rules (some like to party like it's 1999, some like to retire early!), how household bills are apportioned, clear inventories and many other things.

Shared Ownership Protection PLUS has additional sections recognising these factors, which are not in Shared Ownership Protection Basic. What both Shared Ownership Protection types have in common, however, is that they are essentially bespoke legal agreements and adaptable to any number of circumstances.


What does it cost?

£450 Inc VAT

We recommend each person speaks to a solicitor to ensure they understand their obligations under the agreement before they sign it. The cost for this is £175 + VAT per person, however you can choose not to do this if you are happy to sign without legal advice.

Want to protect your share of a property and your rights when buying a house with friends or people you're not related to? Then get our Shared Ownership Protection PLUS or email one of our experts - help@shareamortgage.com - for more information.