Buying a house with a stranger

lynzpower

Yeah the girl from Sandhurst was the one I saw last week and was practically screaming at the telly. What a greedy dumb cow IMHO

Completely agree with you there Richard, but was amazed there were two people in the world dumb enough to go into that transaction let alone how many other muppets there are out there. But as you say,entertaining enough.

tomstickland

I watched this on BBC a few months back and I clearly remember the army cadet buying in Newcastle and it was one of the best train wreck episodes ever. I was shouting "nooooo nooo it's going to end in tears" most of the way through, and it did.

Anyway, I do think that buying with a stranger could work, but you'd be far better buying with a friend.

fruitcake_2

Hmm, I would have agreed with your skeptical comments about six months ago, but one of my friends did the very thing they do on the show, advertised for "strangers" who would like to buy a property with him. He did little interviews and found the perfect person to buy with. Everything went really smoothly and still is. I think he was successful because he asked the "right" q's and trusted his instinct and business acumen. Would recommend it, but only if you have a shared vision and both want the same things and also have a few emergency clauses. Got to think of it as a relationship....e.g what steps would you both be happy with if things weren't going the way you planned....etc.

Yes I have turned away from the dark side....;)

zag2me

Buy with a friend or brother or sister, set a limit on how long it will last like 2 years and get this written into a contract. I loved living at uni with random people, but 2 years was enough, my liver couldnt take it any more

SharedSpaces

Zag2me and Fruitcake have it.
There is a common legal document called a 'Deed of Trust' which we feel you'd be crazy not to have drawn up if you are thinking of co-buying a property with someone else (whether they are friends, family or someone you meet though us). All parties negotiate the exact terms of the contract and a solicitor draws it up. It sets everyone's rights and responsibilities in the relationship, what percentage everyone owns, who pays what major expenses, and the exit strategy when someone decides to move on. Co-buying is not a long term solution, we expect that people will want to share with one another for a few years then move on to their first solo property. Having your exit strategy negotiated and in writing means that there are no surprises.

Richard