Holiday Property Sharing Agreements
Owning a holiday home jointly with friends or family members can be a cost-effective way of having a second home. If the property is only used by the owners, rather than by paying customers, the property should be easier to manage.
However, for the arrangement to work well, the co-owners need to agree at the outset how often they each can use the property and how the upkeep will be arranged and paid for. Having a detailed written agreement will make day to day management easier and will reduce the scope for disputes.
These Holiday Property Sharing Agreements can be used for houses and flats that are in shared ownership. The shared ownership may have arisen because the parties made a joint purchase of the property. Alternatively, the parties may have inherited the property, e.g. from a family member.
All of the agreements contain detailed provisions concerning the management and use of the property. The “declaration of trust” versions also confirm each owner’s percentage share in the property and set out a procedure to be followed when an owner wishes to sell their share. If a declaration of trust has already been made, e.g. when the property was purchased, a simple Sharing Agreement may be all that is required.