Agreement between ……………………… (“A”) and ………………… (“B”)
In connection with the purchase of ……………………. (“the Property”), A and B agree as follows:-
1. Title to the Property will be taken in the joint names of A and B.
2. If one of A and B dies and the other survives for 30 days thereafter, the deceased’s share of the Property will devolve to the survivor, even if the deceased’s Will provides otherwise. However, in exchange, the responsibility for paying the mortgage will be assumed by the survivor and the deceased’s estate will have no responsibility for the mortgage debt. If A dies and B survives for 30 days thereafter, no account shall be taken of the Appropriate Sum.
3. If both of A and B die at the same time or within 30 days of each other, a half share of the Property will, after deducting the Appropriate Sum from B’s half share and adding it to A’s half share, form part of the respective estates of A and B.
4. Each of A and B will be responsible for 50% of the mortgage and other regular payments which A and B require to make as house owners.
5. A and B both acknowledge a responsibility to share equally any costs, expenses, payments and household duties in connection with their living together in the Property.
6. It is acknowledged that A has provided £???? as a deposit and acquisition costs to purchase the Property. Accordingly, if the Property is sold, the Appropriate Sum shall be deducted from the Net Proceeds of Sale before being divided equally between A and B.
7. Net Proceeds of Sale means the sale price less the outstanding mortgage, selling expenses, legal expenses and any other reasonable expenses incurred in connection with the sale of the Property.
8. The Appropriate Sum means £???? increased (or decreased as appropriate) by the same percentage increase/decrease by which the purchase price of £XXXXX in MONTH YEAR has increased/decreased to reach (or reduce to) either the sale price achieved when the Property is sold or the value of the Property at the time that title transfers from the joint names of A and B, as the case may be.
10. If A and B cease cohabitation, and B continues to live in the Property without A, B acknowledges that (a) he/she will have sole responsibility for payment of the mortgage and other outgoings for the Property and (b) A will still own a one half share of the Property (the value of which will be calculated in accordance with Clause 6).
11. If A and B cease cohabitation, and A continues to live in the Property without B, A acknowledges that (a) he/she will have sole responsibility for payment of the mortgage and other outgoings for the Property and (b) B will still own a one half share of the Property (the value of which will be calculated in accordance with Clause 6).
12. If the Property is sold or title is to transfer from the joint names of A and B (for any reason), A and/or B undertake to sign any document required to do so, including for the removal of doubt, any document varying the terms of the mortgage over the Property. In the event that A or B fails to do so having been requested to do so, A appoints B or (as the case may be) B appoints A as his/her attorney with authority to sign any such documentation.
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