In this video, Cat King talks about the pros and cons of buying a house with friends or family in the UK. These days, when you’re expected to have a deposit of ten percent or more, buying a house with a friend or relative could be an option to consider. You only need to find half the deposit; can share the costs and you might be able to afford a larger property.
But it’s essential to agree on things like when you intend to sell it, how you’ll add value, how you would split proceeds on sale, and crucially, what happens if one person wants to sell but the other doesn’t.
PROS & CONS OF BUYING A HOUSE WITH A FRIEND OR FAMILY
Watch this video in full to understand:
- why it's so important to have a good solicitor
- what a Declaration of Trust means
- why you need to consider your joint ownership status (Joint Tenants or Tenants in Common)
- the most common reasons joint owners might fall out over
- why you need to know how much you can afford
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JOINT OWNERSHIP - WHAT IS IT & HOW DOES IT WORK?
You need to decide how you want to hold / own the property, either as Joint Tenants or Tenants in common. Each has pros and cons, so ensure you seek legal advice about this.
Learn more here:
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