# PROPERTY CO-OWNERSHIP DEED
Date: 21 May 2031
Parties: Olivia Hart and Marcus Hart
## 1. Purpose and parties
Olivia Hart and Marcus Hart acquire 11 Birch Avenue as registered proprietors and declare the beneficial ownership under this deed. Olivia contributes £96,000 and Marcus £64,000 to the deposit and completion costs; they hold the beneficial interest as tenants in common in shares of 60% and 40%.
## 2. Facts, scope and terms
Mortgage payments, insurance, essential repairs and agreed improvements will be shared 60:40 unless a written budget says otherwise. Personal decoration and voluntary overpayments do not silently change the beneficial shares. Each owner may occupy subject to the other's rights, the mortgage and reasonable household arrangements.
## 3. Process and responsibilities
A sale, remortgage, letting or structural alteration requires both owners' written consent. They will review value and affordability annually, keep a joint ledger and give each other statements. If one wants to leave, the other has a 60-day first opportunity to buy at an independently assessed market value, subject to lender consent and conveyancing.
## 4. Evidence, records and safeguards
The declaration and Land Registry restriction will be lodged through their conveyancer. Records include bank evidence, the completion statement, mortgage, insurance and repair invoices. Neither owner may grant a lease, charge or exclusive licence that conflicts with the trust or conceal a material arrear.
## 5. Review, escalation and outcome
If they cannot agree, they will meet, exchange valuation evidence and consider mediation before court proceedings, except for urgent protection. On sale, net proceeds after mortgage, sale costs, tax and agreed liabilities are divided 60:40. A transfer of one share requires a deed and registration advice.
## 6. Reservations and practical protections
This deed does not make one owner automatically inherit the other's share. On death, the beneficial share passes under the deceased's will or intestacy, subject to the trust and any occupation or sale issue; the survivors must obtain probate and specialist advice. The mortgage remains subject to the lender's terms.
## 7. England and Wales law and completion
England and Wales law applies. Olivia and Marcus execute the deed on 21 May 2031 with witnesses, and use hand, post and solicitor email as separate permitted notice methods. Their solicitor will explain independent advice, registration, tax and the distinction between joint legal title and beneficial ownership.