2012年1月23日星期一

Buying a Property with Friends Then Read our Tips

Being single and not having the cash for a mortgage deposit doesn't have to be the end of your homeowner dreams. Pooling resources with friends or family could be the solution to getting on the property ladder.Our 5 point guide highlights some important things to be aware of before jointly taking the mortgage plunge with friends or family.1: Is a group mortgage for me? A group mortgage allows up to four people to buy a property together. If you are desperate to get a foot on the property ladder but can't afford a mortgage deposit, and you have some like-minded friends or family, then a group mortgage is one way to realise your collective dream.2: Choose co-owners carefully In theory, getting a joint mortgage sounds like a simple idea. In reality, if you choose the wrong co-owners, it could spell disaster. That's why it's crucial to choose your property-buying partners carefully to make sure (a) you all get along, S107 helicopter and (b) they're financially reliable.One solution is to try renting together before you buy. You'll soon find out whether you're compatible - or not - with your future homeowners.3: How much can I borrow?Group mortgages are based on the income and expenses of each person. This amount can vary depending on the mortgage lender, but for a rough guide, multiply the income of the highest earner by four, then add the other individual incomes.4. Ensure you can meet the mortgage repayments When applying for a group mortgage, the lender will insist that all borrowers are considered jointly. This ensures everyone is liable to cover repayments should one of the group default on the mortgage.If a co-owner dies, is made unemployed or wants to leave the group - what's your back up plan?Note: You must consider what will happen if someone in the group needs to sell their share in the property. The remaining owners may be able to afford to buy the person out, but if not, you may have to: * sell that share to a new outside party * get a tenant to help cover costs * sell the property altogether5. Seek legal adviceGet an agreement drawn up that deals with all eventualities before you sign up to a group mortgage. Legal advice is imperative, not only for the deed of trust, rc flying fish but to ensure the property is held in the correct way.There are two types of joint ownership options:Joint Tenancy: This is the preferred option for husbands and wives (including common S107 helicopter law). A joint tenancy allows the parties to own the property as a whole rather than own distinct shares. If one of the group dies, the property passes to the remaining individuals inside the group, regardless of any will.Tenancy in common: This option is more popular when friends are involved in the group mortgage. It allows each individual to own a share of the property. If someone dies, their share of the property passes in line with the rest of their estate, not to the remaining individuals.Always make sure that you have valid home insurance.

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