Young people are facing difficulties when trying to make their first steps onto the property ladder.
With house prices remaining high, owning a property is out of reach for many people. One potential solution is for a group of friends to pool their resources and buy a property together.
However, there are a few factors you should consider in order to avoid conflict. Here are five considerations before buying a house with friends.
1. The sharing of the deposit, mortgage and fees
Ensure that you discuss whether the mortgage payments, deposit and other fees will be paid equally. For example, you might split conveyancing fees, such as those charged by https://www.samconveyancing.co.uk/news/conveyancing/conveyancing-costs-explained-3366.
What will happen to an individual’s share in the property should they die? No matter how difficult these conversations may be, it is important they are discussed before any paperwork is signed.
You must …