Buying a Property with Someone Else?

Published 16 Sep 2025

Buying a home is a huge step, and buying with a friend, partner, or family member can be an incredibly rewarding journey! But if you’re buying with someone who isn’t your spouse, what happens if things change down the line, or it comes time to sell? 

The Residential legal team at Millar McCall Wylie has pulled together key advice to protect your investment…and your relationships!

Put agreements in place
Having a clear legal agreement from the start is one of the smartest things you can do. If you're not splitting everything 50/50 - from the deposit to the mortgage payments - it's essential to document the financial contributions.

A great way to do this is with a Declaration of Trust, an agreement your solicitor can put in place. It allows you to be registered as joint tenants but stipulates how the proceeds will be divided if you ever sell the property.

Example 1: Unequal deposit contributions

• You put in £10,000 for the deposit, and your partner puts in £20,000.
• The Declaration of Trust would ensure that on a future sale, your partner receives their extra £10,000 back first, and the remaining equity is split equally.

Declarations of Trust can also be helpful where one party has received a gift from family. While the Trust doesn’t ensure the person who gave the gift gets their money back, it means if the property is sold, the gifted money would be given back to the person it was originally gifted to and intended for.

Example 2: A gift from family

• Your parent gifts you £10,000 towards the deposit.
• The Declaration of Trust can be drafted to ensure that if the property is sold, the gifted £10,000 is returned to you, not shared with your co-owner. This protects the family gift for the person it was intended for.

Good to know: these Trusts don’t have to be registered like many other Trusts.

Another option is to be registered as "Tenants in Common." This ownership structure reflects the exact percentage of the property each person owns, based on their financial contribution.

The Key Difference? Unlike a Joint Tenancy, your share of the property does not automatically pass to the other owner if you pass away. Instead, it becomes part of your estate. This makes it crucial to have a Will in place that specifies what should happen to your share of the property when you die. Without one, it could fall into the complex process of administration.

Thinking ahead
Let's be honest, no one enjoys thinking about writing a Will, especially when you're young and excited about buying your first home! But when you own property with someone else, having a Will is essential.

It ensures your wishes are respected and your share of the property goes to who you want it to if you pass away - not just always to your co-owner by default.

At Millar McCall Wylie, their Private Client team works seamlessly with the Residential team, making it easy to put these vital protections in place during the conveyancing process.

Did you know? You can get an instant estimate of the legal costs of buying a home using the free legal calculator on PropertyPal:  Legal Fees Calculator - PropertyPal

Alternatively, set up a chat with the Millar McCall Wylie Residential team for advice and support.