Buying a home is a complicated purchase, particularly for couples who are cohabiting. Whilst same-sex and opposite-sex couples in a marriage or a civil partnership receive more legal rights and protection once the relationship breaks down, unmarried couples do not have the luxury.
The number of same-sex couples living together rose by more than 50% in the three years to 2018 – according to recent research from Kingsley Napley – however research data also shows that many LGBTQIA+ people are still disproportionately at risk of homelessness due to familial rejection.
A history of discrimination and income disparities, coupled with the most lucrative property market in the world, has resulted in severe challenges in property ownership for the LGBTQIA+ community.
The housing market continues to reach new heights, making it difficult for Brits – particularly millennials – to step onto the property ladder.
Landmark research from property concierge platform, Moveable, reveals that the highly-fluctuating property market has resulted in 36% of millennial Brits waiting to get into a partnership/marriage before purchasing their first home, because they simply can't afford it on their own.
LGBTQIA+ and Property – tips from Moveable
Owning a property as beneficial joint tenants means that the property belongs to owners jointly. The owners must act together as a single owner for all transactions, including re-mortgaging and selling.
As joint tenants, the owners do not own specific shares in the property and do not have the ability to give away a share of the home in a will. If either owners pass away, their interest in the property passes automatically to the other owner.
You can also own the property as tenants in common, meaning that the property belongs to the owners jointly, but each owner also owns a specific share of its value. An owner can give away, sell, or mortgage their share, and if an owner dies, their share of the property passes to the beneficiary in their will.
In a sector dominated by 'generation rent' coupled with a rise in cohabitation trends, it is clear that single ownership of a property is on the decline, whilst shared ownership takes precedence.
Simon Bath, CEO of iPlace Global, the creators of Moveable says, "Despite the numerous challenges the UK has faced in the last decade, the property sector continues to see exponential growth, making it harder for the younger generation to get on the ladder."
"The housing market should be a diverse landscape – democratised to all Brits. It's hard enough to secure a property at the moment thanks to the lack of supply and the competitive nature of the sector."
"We have made significant developments in the LGBTQIA+ community in the past decade, which has given people the confidence to live their lives openly and confidently. This should also be reflected in the property market, to ensure that everyone has an equal opportunity to purchase their dream home."
Moveable is a property concierge platform designed to assist prospective homebuyers, movers, and sellers throughout the entire process. From property expert tips for ensuring a smooth and quick transaction, to price comparison technology for services such as skip hires and real-estate agents, Moveable guarantees that anyone looking to purchase, sell or move homes can do so within their given budget, with flexibility, and sufficient knowledge around the complicated process.