# TENANCY IN COMMON AGREEMENT
Date: 22 May 2029
Parties: Nadia Khan and Thomas Ellis
## 1. Parties, property and legal character
Nadia Khan of 6 Rowan Drive, Oxford OX3 8JT and Thomas Ellis of the same address buy 6 Rowan Drive, title number ONF445901, as legal joint proprietors and tenants in common. This declaration records their express trust and is not a joint tenancy with survivorship.
## 2. Term, price and financial arrangements
The purchase price is £480,000, funded by Nadia's £72,000 deposit, Thomas's £48,000 deposit and a £360,000 mortgage. Their beneficial shares are Nadia 60% and Thomas 40%. Those shares are fixed and do not silently change because one person pays more ordinary bills.
## 3. Use, possession and operating duties
Mortgage capital, buildings insurance and essential structural expenditure are paid 60:40 unless a written variation says otherwise. Utilities and ordinary household costs are shared equally while both occupy. A party paying an agreed capital improvement receives credit only if both sign a schedule before work begins.
## 4. Condition, repairs and compliance
Both owners have reasonable occupation of the whole home, subject to quiet enjoyment and no business or short-term letting without consent. Neither may grant a licence, charge, mortgage or transfer an interest without the other's written consent, except for a lawful application concerning the trust.
## 5. Notices, default and ending
Either owner may propose a sale after 1 June 2031 or earlier on relationship breakdown, insolvency or serious affordability difficulty. The other has three months to buy at market value determined by one jointly appointed RICS valuer. Sale proceeds are net of mortgage, costs and agreed credits, then distributed 60:40.
## 6. Liability, data and dispute handling
The owners will insure the building, keep payment records and review the declaration annually. If negotiation fails, they will attempt mediation; either may then seek directions or an order for sale under the Trusts of Land and Appointment of Trustees Act 1996 (TOLATA). Nothing prevents urgent protective relief.
## 7. England and Wales law and signatures
England and Wales law applies and its courts have exclusive jurisdiction. The parties will ask their conveyancer to protect the trust with the appropriate Land Registry Form A restriction and each has been advised to obtain independent advice, particularly about inheritance, tax and relationship breakdown. Signed by Nadia and Thomas before witnesses.