Saving enough money to buy a property can be problematic for many first-time buyers, and a number of people make the process more affordable by seeking advice from a conveyancing solicitor about the possibility of buying a home with other people.
For many buyers, being able to buy a property with family members, friends or a partner means that they can finally begin the residential conveyancing process by sharing the costs, such as the deposit, mortgage repayments and utility bills.
Sharing the responsibility of owning a home can put a lot of pressure on relationships, and before a person buys the property, they should discuss the ownership and use of the home with joint buyers to reduce the chances of a disagreement later on.
Joint buyers will also need to discuss with each other which type of property they would be interested in buying – investing in a newly-built house is a very different proposition to buying a renovation project.
Once the buyers have made the decision to buy a property, they should seek legal advice from a solicitor. A solicitor can assist in drawing up an agreement which would state how the property would be divided in the case of death or if an owner decided to give up their share.
Up to four people are allowed to legally own a property together and may become either “joint tenants” or “tenants in common”. Joint tenants are legally unable to pass on their share of the property in their will as it will automatically be passed on to the other joint tenants.
Tenants in common are slightly different and their share can be passed on to their beneficiaries as part of their estate.
To ensure that all buyers are making an informed decision and are acting in each others’ best interests, they should obtain independent legal advice before agreeing to terms that may not necessarily be in their best interests.
Advice from Healys solicitors of London and Brighton
If you are considering buying a home with family members, friends or a partner, an experienced conveyancing solicitor from Healys can assist you by giving you excellent legal advice and protecting your interests.
If you would like to find out more information about the comprehensive service offered by UK conveyancing solicitors at Healys, you can request a call back, send us an email, or give us a call.