Property Sharing Agreement Template for England and Wales

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Key Requirements PROMPT example:

Property Sharing Agreement

"I need a Property Sharing Agreement for a house purchase with my business partner, where we will own 60/40 split and plan to rent out the property from March 2025, with specific provisions for maintenance costs and rental income sharing."

Document background
A Property Sharing Agreement becomes essential when two or more parties decide to share ownership of a property in England and Wales. This document helps prevent future disputes by clearly defining each owner's rights, financial obligations, and responsibilities. It's particularly important for unmarried couples, friends, or business partners purchasing property together, as they don't have the same legal protections as married couples. The agreement covers crucial aspects such as initial contributions, ownership shares, maintenance costs, usage rights, and procedures for selling or transferring ownership interests.
Suggested Sections

1. Parties: Details of all property co-owners

2. Background: Context of property purchase and sharing arrangement

3. Definitions: Key terms used throughout the agreement

4. Property Details: Full description and address of shared property

5. Ownership Structure: Specification of ownership shares and type of ownership

6. Financial Contributions: Initial and ongoing financial responsibilities

7. Management and Maintenance: Property management and maintenance obligations

8. Dispute Resolution: Process for resolving disagreements

9. Termination: Process for ending the sharing arrangement

Optional Sections

1. Occupancy Rights: Rules about occupation when not all owners live in property

2. Rental Income: Provisions for sharing rental income if property is to be rented out

3. Death Provisions: Specific arrangements in case of death of co-owner, different from standard inheritance

Suggested Schedules

1. Schedule 1: Property Information: Detailed property description and title information

2. Schedule 2: Financial Contributions: Detailed breakdown of initial contributions and percentages

3. Schedule 3: Maintenance Schedule: Detailed maintenance responsibilities and timeframes

4. Appendix A: Property Floor Plan: Floor plan showing any agreed divisions or exclusive use areas

5. Appendix B: Property Valuation: Initial property valuation if relevant

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant Industries
Relevant Teams
Relevant Roles
Industries

Law of Property Act 1925: Primary legislation defining legal estates and interests in land, and establishing rules for co-ownership including joint tenants and tenants in common arrangements

Trusts of Land and Appointment of Trustees Act 1996 (TOLATA): Governs rights and duties of co-owners, provides framework for dispute resolution, and defines trustees' powers and responsibilities in land ownership

Land Registration Act 2002: Sets out requirements for registering interests in property and rules about notices and restrictions on title

Contracts (Rights of Third Parties) Act 1999: Legislation governing how third-party rights may be affected by or incorporated into the agreement

Family Law Act 1996: Relevant legislation when co-owners are in a domestic relationship, affecting property rights and occupation

Civil Partnership Act 2004: Legislation governing property rights and interests when co-owners are civil partners

Housing Act 1988: Relevant legislation if any parts of the shared property will be rented out to tenants

Landlord and Tenant Act 1985: Sets out repair obligations and responsibilities if the property involves any letting arrangements

Equality Act 2010: Legislation ensuring non-discrimination in property matters and shared ownership arrangements

Common Law Principles: Relevant judicial principles including proprietary estoppel, constructive trusts, and resulting trusts that may affect property sharing arrangements

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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