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Posted on 04 March 2022

Is buying property with a partner a good idea? What happens if we part ways?

Buying a property with a partner or friend can be liberating and make life easier but…

Couple celebrating buying property

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?

Buying property with a partner or friend is always a big commitment

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.

Pros to buying as a couple:

  • Individual salaries are put together
  • It’s easier to get a mortgage
  • Cementing family foundations

Cons to buying as a couple:

  • Your partner’s financial history can impact your mortgage
  • Contracts must be drawn out between the couple
  • one partner may have to contribute more financially
How do I protect myself?

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.

What if we break up?

If the partnership takes a wrong turn and you would like to exit your agreement you do have options. You can either:

  1. Both of you agree to sell
  2. One partner buys the other out
How many people can jointly own a property?

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.

Is there an alternative if I don’t want to buy with a partner?

You can always purchase by yourself however if you aren’t in a position to do so, you do have options:

  1. Shared ownership – This is usually available with new build properties and when the housing association affiliated with the property is open to you purchasing a percentage of the property whilst living in it. The downside to this is that you will have to pay additional rent to cover the percentage.
  2. Help to Buy – This government scheme provides loans to homebuyers that are interest-free for five years to help first-time buyers get on the property ladder.


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