Buying a property with a partner or friend can be liberating and make life easier but…
Buying a property with a partner or friend can be liberating and make life easier but what happens if the relationship or friendship turns sour?
This commitment is both emotional and financial so you need to be absolutely sure that it’s right for you. Check out our pros, cons and advice to make the process easy, transparent and safe for all parties.
There are two options to go for when purchasing together ‘Tenants in Common‘ or ‘Joint Tenancy‘.
It is said to be much more beneficial to choose ‘Tenants in Common as this allows you to choose the percentage split of the property e.g. 50/50, 60/40 etc.
The percentage each individual will receive would be decided between you and your solicitor and the main contributing factor would be how much each individual is committing financially.
Another benefit to ‘Tenants in Common’ is that if you or your partner were to pass away, your share would not go to the remaining shareholder but be distributed to the next of kin.
If the partnership takes a wrong turn and you would like to exit your agreement you do have options. You can either:
You can have up to 4 people on one property ownership however if any decisions are to be made on the property, all owners need to provide consent.
You can always purchase by yourself however if you aren’t in a position to do so, you do have options:
For more information on moving home and conveyancing visit www.exchanegtrain.co.uk