Save for email alerts?
Save for email alerts?

In the current market it can be difficult to get a foot on the property ladder if you’re a first time buyer. Getting a mortgage is the first difficult step. Due to this more and more people are now considering joint ownership with either friends or a family member.

Like buying with a partner Tiffen & Co can’t stress enough how essential it is to look into every situation to make sure your move as stress free as possible. Nobody wants to think of the worst case scenario, however this is sometimes the most sensible option when making a step as big as this.

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

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

Draw up and inventory: To avoid any nasty arguments draw up an inventory of non-shared items at the start of the residential period. Doing this 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 fully enjoy the benefits of a joint mortgage.

Here at Tiffen & Co Estate Agents we understand how the article above can be daunting and can 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.

Alternatively visit the website below http://www.naea.co.uk/info-guides/property-guides/property-buying-guide/buying-with-a-partner/

21/03/16

BUYING WITH FRIENDS OR FAMILY MEMBERS

by Tiffen & Co
Search
TAG CLOUD mortgages tiffen and co mortgage advice bureau auction house cumbria new website property sales estate agency property for sale in carlisle property for sale in workington property for sale in whitehaven property for sale in cockermouth auction september auction Tiffen and Co Mortgage Advice Mortgage Advice Bureau Mortgage Advice in Carlisle Tiffen & Co Auction House Cumbria stamp duty buy to let landlord mortgages houses for sale in cumbria Mortgage Advice Bureau; Mortgage Advice Carlisle Mortgage Advice Carlisle auction houses for sale in cumbria buy to let landlord mortgages mortgage advice bureau tiffen and co FOR SALE BOARD TIFFEN & CO PROPERTY FOR SALE IN CARLISLE Interest Rates Bank of England Mortgages Critial Illness Cover Tiffen Mortgage Afvice Property Auction in Cumbria Property for sale in Cumbria buy to let mortgages investors landlords mortgage credit directive mcd JOBS CAREERS MORTGAGE ADVISER CARLISLE ESTATE AGENCY MORTGAGE ADMINISTRATOR sold estate agency carlisle estate agency workington estate agency cockermouth estate agency whitehaven moving home downsizing investment property property for sale Carlisle property for sale cockermouth property for sale workington property for sale whitehaven property for auction property auction cockermouth cumbria floods estate agency in cockermouth estate agents in cockermouth Christmas Greeting Festive Estate Agency. Job Vacancy Career Opportunity estate agents Buying with a partner help to buy mortgage advice mortgages. mortgage advice interest rates brexit mortgages bank of england base rate decrease new build bungalows seascale whitehaven the dunes new build bungalows seascale Zoopla estate agency carlisle workington whitehaven cockermouth

Need a Valuation?

SIMPLY FILL IN THE FORM BELOW

Thank you for contacting us.
There was an error while sending your message.
Please wait...

Register

Register to receive email alerts of properties matching your requirements.

 

Register to receive email alerts of properties matching your requirements.
Go

Reviews

Don't just take our word for it! Read our clients reviews.

 

Don't just take our word for it! Read our clients reviews.
read all

Latest News

Click here to catch up on all of our latest news.

 

Click here to catch up on all of our latest news.
read all