February 27, 2009
Living In Sin Can Cost You Dear!
The LivingTogether campaign, run by advicenow.org.uk, is warning cohabiting couples they could be at risk of losing their home unless they do more to protect themselves.
As people struggle to get a mortgage, the temptation might be to cohabit with their partner. However, LivingTogether are warning of the financial risks of doing so.
Approximately one in four cohabitants in the UK don’t own their home jointly, meaning if one of the couple die, or if the couple split up, the person who’s name is not on the deed could be left homeless.
Mary Webber, LivingTogether's cohabitation expert, said: "If a home is owned in one person's name, the non-owner may be forced to leave with nothing if the relationship ends.
“As well as losing the roof over their heads, many cohabitants would also be left without any of the money they have contributed to either buying or maintaining the home, unless they have made a formal agreement about ownership of the home and the belongings within it.”
Couples can secure their interests by adding their partner's name to the deeds, or making a Living Together Agreement and expressing their wishes in their will.
Ms Webber added: "Even if the home is jointly owned, there can still be difficulties. There are two ways to own property jointly - tenants in common and joint tenants - and most people don't understand the differences or the very real consequences of their choice if the relationship were to end.
"Homes can only be sold with the agreement of all owners, which can cause problems after a break-up. Before making any changes, such as adding your partner to the deeds of your house, you need to be fully aware of the implications of your actions."
For further information about your rights as a cohabiting partner and to download a free copy of the 'How do you own your home?' guide, visit www.advicenow.org.uk/livingtogether.
