In the UK about 2.6 million people in 2013 lived together without being married. Unmarried couples face a series of legal issues when dealing with real estate. How can the dream be easily realized without a marriage certificate? It’s easier than you might think.
Compared to married couples, the relationship between unmarried partners is not legally regulated. Spouses normally live automatically in matrimonial community of accrued gains. This does not apply to unmarried couples. Therefore, they must provide legal certainty in itself.
What unmarried couples should make when buying property
Both partners should be, in principle, entered into the land register. Suppose that both partners participate in the financing and make their own personal benefits, such as loft conversions, wallpapering and painting. To them their respective share of the house has been clarified. But this is not defined so clearly in every case. In fact, it does not matter who has taken over what share of the financing: Only the one who is placed in the land register has rights to the property.
In principle, both partners should be registered in the land register. The most common way for couples without a marriage certificate to purchase real estate is through the fractional acquisition. Acquisition of property by a fraction means that a person will acquire sections of the property. In practice, couples often acquire property in equal parts, which what is entered in the land register.
By entering both partners, each will have effective legal position. This means both are owners of the property – no matter the fraction. Another, albeit less frequently used option, is that unmarried couples can protect their property through a social contract. To this end, they form a civil partnership and then jointly enter into the land register. This option is recommended by a notary.
Real estate purchases and unmarried couples
The credit check at the bank takes no account your relationship status. Banks are primarily interested in the solvency of their business partners. They also look for a reliable credit repayment. In evaluating creditworthiness, banks make no distinction between married couples and couples without a marriage certificates. The primary safety always is the property itself. For more information about houses on Sale contact your local Estate Agent today.