Sharing property

Sharing property ownership or renting out parts of your property to others can be a useful way of splitting costs or supplementing your income, but ensure that you protect your interests by formalising things with relevant documents.

If you decide to take on lodgers, you should make sure you have a lodger agreement at the start and set out the various house rules in a document that the lodger can refer to easily, as well as preparing an inventory. Using a car parking licence to rent out a space that you're not using can raise some cash. If you rent out a property to holiday makers, which is either on your own property or separate, make sure you use a holiday letting agreement so that you're properly protected.

When it comes to work, you can save costs by renting out spare office space to other businesses or even renting out part of your home to your own business. If someone else is helping you with the costs of buying a property, a declaration of trust sets out the important details regarding the beneficial interests of non-legal owners. Finally, a party wall agreement will help smooth the way for any building work that may affect your neighbours with whom you share boundaries.