Manage personal property

Managing your personal property is an important part of property ownership. This is particularly important if you own the property with someone else or are renting out (parts) of the property. The latter is often done to supplement your income or split the cost of maintaining your property. Regardless of your specific situation, it is crucial that you protect your interests by formalising things with relevant documents.

Ensuring that you set out all the house rules right at the start can prevent disagreements further down the line. A well worded House rules for lodgers document can deal with issues such as whether your lodger is allowed to bring pets to the property, if their partner or friends are allowed to stay over and, if so, how often. It can also tackle privacy matters such as areas of the house where you don't want your lodger to go and whether you're allowed to enter their room. Even things like bathrooms or cleaning rotas can be covered.

If you own a parking space or a garage that you don't use, you might choose to rent it out so that it provides you with some benefit. Although it may be quite easy to find someone who wishes to rent it, particularly in city-centre locations, it's a good idea to set out any agreements in writing at the beginning. In England and Wales, a Car parking licence or Garage licence will ensure that everyone is clear on where they stand and formalises the arrangement. It covers everything from the fee to responsibilities, indemnities and claims arising from the use of the space, and it enables you to get the parking space or garage back if you want.

This only applies in England and Wales. A Declaration of trust - beneficial interest is a legal document that declares the beneficial interests which non-legal owners may hold in a property. This is useful if another party (normally a parent) is contributing some capital for the purchase of a property. In this case, a declaration of trust will ensure that all the relevant formal details are in place. It is designed to protect the interests of the third party as an owner of the property. It should generally only be used where the agreement is straightforward and is limited to the contribution to the purchase price. For further information, read Declarations of trust and Co-ownership of property.

Read Co-ownership of property in Scotland for information on Scotland.

If you are considering a house extension or planning to do any building work on or close to the boundary of a neighbouring property, under the law you're obliged to give notice of the proposals to the owners of the adjoining property (as well as gaining any necessary planning permission and building regulation approval). A properly worded Party wall agreement provides a record of the particulars of what has been agreed and by whom in relation to building work. It can help to protect you from future disputes by making sure that everything is known and agreed to in advance. This agreement also applies to flats but, instead of being called 'party walls' the separation between flats on different levels of a building the floors are known as 'party structures'. For further information, read Party wall matters and Party wall matters in Scotland.