# SHARED OWNERSHIP AGREEMENT
Date: 20 August 2031
Parties: Naomi Williams and Ethan Patel
## 1. Purpose and parties
Naomi Williams and Ethan Patel buy 27 Millbank Court, Manchester, for £360,000 as tenants in common. Naomi contributes £72,000 and Ethan £36,000 toward the £108,000 deposit and completion costs; the £252,000 mortgage is in both names.
## 2. Facts, scope and terms
Their beneficial shares are 60% Naomi and 40% Ethan, after crediting agreed capital contributions. Ordinary mortgage, service charge, insurance and utilities are paid 60:40; a payment made for the other is a recoverable loan, not an automatic change to ownership.
## 3. Process and responsibilities
Both may occupy the flat as their home. Neither may grant a tenancy, take a lodger, alter a load-bearing wall or use the address for a business without written consent and any lender or freeholder approval. Repairs under £350 may be arranged by the occupier; larger works need a written budget.
## 4. Evidence, records and safeguards
A shared spreadsheet, bank statements, completion statement, mortgage offer and inventory evidence contributions and expenditure. Each will give the other seven days' notice for non-urgent access, protect confidential financial information and keep the lender and insurer informed of material changes.
## 5. Review, escalation and outcome
If one wants to leave, an independent RICS valuer sets market value and the other has 28 days to buy the departing share, subject to mortgage consent. If no purchase completes within 90 days, both will appoint an agent, accept a reasonable offer and divide net proceeds 60:40 after mortgage, sale costs and agreed loans.
## 6. Reservations and practical protections
Death, incapacity, relationship breakdown or persistent payment default triggers a meeting, not an automatic forfeiture. The parties may mediate through a CMC-registered mediator; urgent applications for injunction, possession or protection of a child or vulnerable occupant remain available.
## 7. England and Wales law and completion
This fictional agreement is governed by England and Wales law and signed on 20 August 2031. It does not replace the transfer, declaration of trust or mortgage deed; each party obtained independent advice and keeps a signed counterpart.