First-time buyers play it safe with ‘no-nups’ – The Sunday Times

The Sunday Times

April 6, 2014

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It’s a legal must-have for unmarried couples buying a home

A RISE in unmarried couples buying their first homes is fuelling an increase in “no-nup” contracts being taken out.

Soaring house prices across the country mean that more couples are choosing to cohabit and get on to the property ladder together.

No-nup contracts — another name for cohabitation agreements — work in a similar way to prenuptial agreements, or prenups, setting out how assets will be divided if an unmarried couple splits up.

The law firms Slater & Gordon and Shakespeares have both seen demand for the contracts double in the past year, while the family law office Schillings Family has seen a 50% increase.

Last week the legal website Rocket Lawyer launched a no-nup service costing just £25.

There are now 5.4m cohabiting couples in England and Wales, up from 4m in 2001, according to the Office for National Statistics.

See the full article at The Sunday Times