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Buying Property With a Friend or Family Member

April 20, 2016 Facebook Twitter LinkedIn Google+ Advertising News

Tiffen & Co, Estate agents Cumbria and advertise properties for sale Carlisle, Whitehaven, Workington and Cockermouth. Tiffen & Co estate agents pride themselves on being a local business and promoting fellow local professionals.

In the current market it can be difficult to get first time buyers a mortgage. This is why lots of people are considering joint ownership with either a friend or a family member.

Like buying with a partner Tiffen & Co Estate Agents can’t stress enough how essential it is to look into every scenario to make sure your move as stress free as possible.

The NAEA (National association of estate agents) recommend the following when buying a house with friends or a member of your family.

Get the right mortgage: There are mortgages out there that exist for this type of purchase. Due to the fact that you are combining your money, it might be possible to get a mortgage of higher value as their will be an increase in income when you apply with a joint wage.

Bank Accounts: Usually opening a joint bank account is the best way to ensure that payments, whether this be mortgage or utility, are met properly. Making sure that all parties have access to the account ensures that any transactions are handled transparently and don’t fall upon one person to hold all the responsibility.

Keep the paperwork in order: Any documents that are associated with the property purchase should remain accessible to both parties. Along with this making sure that all documents relating to the property or the mortgage are in the name of each co-buyer.

Draw up and inventory: To avoid any nasty arguments draw up an inventory of non-shared items at the start of the residential period. By doing this it ensures that there is no confusion when the time comes to move out over who owns what. This is also beneficial if one party moves out.

Consider the worst: Although buying a new home should be a positive experience, especially with a friend or family member, things can go wrong. One of the perks of buying with a friend or family member is that there should be a high level of trust, but that shouldn’t be to the detriment of legalities. Checking with lawyers about a co-ownership contract and agreeing in advance what will happen if one owner’s circumstances change will give both parties the peace of mind they need in order to full enjoy the benefits of a joint mortgage.

Here at Tiffen & Co Estate Agents we understand how the article above can be confusing to read and also create more questions. If this is the case, why don’t you visit us in one of the Tiffen & Co estate agents? We have branches in Carlisle, Whitehaven and Cockermouth.

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