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Friends’ House Share

Young people or anyone unattached can find it difficult to purchase a property on their own. They may have insufficient income to support a mortgage on their own and may find it difficult to get together a large enough deposit. However there is nothing to stop friends from getting together, pooling their resources and buying a suitable property together.

This may turn out to be quite a bit cheaper in terms of outgoings than renting a property with the possibility also of renting out any spare bedrooms to help with the expenses.

Obviously there may be pitfalls. Friends may fall out or want to move on for various reasons. One may lose their job and find it difficult to pay their way. It would be important for co-owners like this to set out the basic rights and obligations between them in a special deed or agreement and in particular to record who has put what money into the property and say what would happen in the event that one of them wants to sell their share.

Gillian Mather would be happy to talk to anyone considering a property purchase on this basis and discuss what steps to take and what issues to consider.