Buying a House with a Friend

helphelphelphelp

My friend and I bought a house when our marriages broke down and for the next 5 years lived very happily (not one argument) with our respective children. When we bought the house, we knew it was only temporary as chances were we would meet a new partner.

We had tenants in common mortgage so were no responsible so each others share, and everything, from the deposit to the bills was 50/50.

Worked well for us but just depends who you decide to share with. We sold last year and still remain close friends.

Counting_Pennies_2

I bought my first house from a couple of friends. One wanted to sell the other didn't, got rather nasty, and the house was trashed when we moved in.

I wonder if it might be possible for one to buy and the other to rent off the person who has bought?

If you do want to buy together, make sure a solicitor draws up an agreement. Purchase furniture and items for the house separately, so nothing is joint owned, write it down and keep a log with receipts in it so there are no arguements. Have a percentage split for work on the house according to the percentage each of you pays to the mortgage.

In the agreement, write down what will happen if one of you decides to sell, ie timescales, also write down now what the etiquette is for having friends stay over, and an agreement about taking in a partner.

Best get everything sorted while in positive mood, so no arguements if things become sour.

Marvel1

What will happen in the future if one of you meet someone, you will then want to live with them and want to get out of the current house.

poppysarah

The big thing is it will be HER house - the one she's lived in for years...
If you were buying elsewhere together that might be slightly different. But still a very bad idea.

hcb42

There isnt really a lot of point "getting on the property ladder" at the moment, not if you ahve to buy with a friend..

I wouldnt do it, prices are flat or going south so not much chance of a profit from it in the short/medium term, and it's just unnecessary expenses when you want to go your separate ways. too many threads on here from people who cannot escape the responsibility easily.

Strapped

poppysarah wrote: »

The big thing is it will be HER house - the one she's lived in for years...
If you were buying elsewhere together that might be slightly different. But still a very bad idea.

Yes, this is what I wondered - the OP is ambiguous - if the OP means buying a place with a friend after she has split up and sold her current place then it's worth considering, but no way would I "buy into" somewhere a friend already lives because it will never feel properly "half yours" and won't necessarily be a suitable property for sharers.

FWIW though, my niece bought a flat with a friend (London so only way to afford to) and it has worked out fine, even though they both have partners now and have decided to sell. You will need a written contract detailing what happens when 1 of the owners wants to sell and the other doesn't (eg the one who wants to sell gets first refusal to buy out, with details of how property is to be valued, and the time limits, etc). I think it's do-able but possibly only with someone you would be prepared to lose as a friend if it did all go tits up, as they could still make selling difficult even if legally obliged to do so.

hivoodoodoll

hivoodoodoll wrote: »

a friend of mine is in the process of splitting with her partner and made a flippant comment the other day about getting a property together. I didn't take her seriously but today she said she thought we should sit down and talk about it some more.

Strapped and Poppysarah. As you can see from above, I said my friend suggested getting a property together not staying in the house she is in at the mo. The only reason I mentioned her mortgage was to explain what situation she was in. She did mention me sharing with her in the place where she is at the mo but if that was the case I would just contribute to the mortgage, not actually share the mortgage.

The reason I posted was to get other people's views. We haven't had any proper conversation yet. I didn't feel I could flattly said no to her when she suggested it as I hadn't weighed up the pros and cons.

The renting idea sounds good, and one I may suggest.

geoffky

I lived with four of my best mates and for me it was the best time of my life...then i grew up..a lot happens in a year imagine five years!