The legal structure of Co-Ownership

Second Home recognise the importance of providing owners with the utmost security when purchasing Co-Ownership in their holiday home. For this reason, there are no companies or trusts involved, this is a 100% ownership program.

The title of second home properties is divided into the number of owners in each particular property. This varies from 6 to 8 to 13 owners depending on the property.

For example, a husband and wife can own a share together as tenants in common. Two family members or two friends can own a share together. This ownership structure allows each owner to deal with their asset independently of the other co-owners. If you want to sell, you simply list with Second Home or with a local real estate agent.

Also, part of the legal documentation is an all-important Partnership Agreement. This document sets out the practical rules of being a good partner and a good neighbour. Each new co-owner is interviewed for suitability to ensure they are prepared to uphold the standards required to be a Second Home co-owner and there are measures in place to remove a co-owner should this unlikely situation arise. Second Home take the Partnership Agreement and its contents very seriously as abiding by these practical rules is paramount to the success of each home.