With the average wedding in the UK now costing £27,000*, more and more couples are postponing their nuptials in favour of purchasing a property. Getting on the property ladder seems to be more of a priority than getting married for two out of every three first time buyers based on recent research by the Mortgage Advice Bureau with 87% of couples stating that they just couldn’t afford to buy a property as well as funding the cost of getting married in the same year.
The saying “it’s one day versus the rest of our lives” seems to be one that couples are using more often, with 85% saying that they would spend less on their wedding so that they can afford to get on the property ladder. Property is seen as a long-term investment for the future and couples felt that buying a first property was a better use of money than spending a lot of money on effectively, one day, which however lovely, is just a big party.
With Bristol being recognised as a property hotspot and property values in the city rising faster than any other in the country, the size of the deposit that first time buyers need to purchase a property is still less than the average cost of a wedding, so the decision to buy or get married is one that is prioritised by the amount of money that’s needed to do either.
Once the decision has been made to purchase a first property together, the legal implications of the relationship needs to be considered. It is always wise to have a declaration of trust and or a cohabitation agreement drawn up to protect the individual interests in the property and any other assets without the pressures that can arise if a relationship breaks down.
So if you’re looking to buy a property and need a declaration of trust or need a cohabitation agreement, then get in touch with Battrick Clark as we have the expertise to advise and act for you on any property or family law matters.
0117 973 1391