G1 Holiday Home Share – Buy Shared Ownership Contract
This agreement is suitable for use to regulate the relationship between people who share ownership (fractional ownership) of a property that they will not live in as their primary home, but will use as a holiday home. The agreement can be used whether the owners will use the holiday home together at the same time, or whether they use it at separate times.
This agreement deals with day to day practical and financial management issues, and does not deal with defining the method of legal ownership of the property or the shares that the owners have in the property. The owners must ensure that these issues are addressed by the solicitor or conveyancer acting for them when purchasing the property. As a result of separating these property law issues out of this agreement, it can be used to govern the relationship between owners even if the property is abroad, but it is important to remember that the agreement is drafted to be governed by English and Welsh law.
This agreement is very comprehensive and, amongst other issues, deals with the following:
- Ownership of furniture, fixtures and fittings in the home
- Arrangements for paying the mortgage
- Arrangements for dividing household bills
- ‘House rules’ regarding behaviour that is expected of the owners
- Booking procedure for reserving time to use the property
- Procedure for dealing with damage, repairs and replacement
We recognise that the arrangements for issues such as house rules , booking procedure and the division of bills will need to be different for each holiday home share arrangement depending on the individual circumstances. To allow for such flexibility many parts of the agreement can easily be personalised to meet the needs of particular owners. For example, the agreement provides that the mortgage and bills should be split equally by the parties, but this can be easily altered so that payments are divided according to a different formula.
The agreement comes with extensive Drafting and Guidance Notes which fully explain the operation of the agreement and contain example additional or replacement clauses which may be used to personalise the agreement. The Drafting and Guidance Notes also contain practical tips and useful documents for use within the home share arrangement.
All of the contracts available from this site have been drafted by our own team of lawyers.
The agreements and guidance notes are only available as downloads once your purchase transaction is confirmed by our secure payment provider. In most cases this takes just a few seconds before the email, containing the download link, is sent to you. If you have not received your email within ten minutes please check your spam filter in case the email has been trapped.
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