Buying with a friend...

JimBlizz

Hi all,

I currently rent in Kent but am from Worcestershire. It looks like a friend will be moving down soon and we plan to buy a flat together (he refuses to rent).

We obviously need to put in place some agreement to cover what happens should one of us want to leave. Before I go spending money talking to a solicitor about this - has anybody done this already?

From a legal point of view are there issues I am should be considering? Is this a common thing for a solicitor or should we expect to pay top dollar for the advice and to draw up and agreement?

I assume this should be in-place before we even think about mortgage applications.

Thanks for any input!

LandyAndy

Don't do it.

Recipe for disaster.

And you get to lose a friend.

Mojisola

JimBlizz wrote: »

We obviously need to put in place some agreement to cover what happens should one of us want to leave.

And all the other problems! One of you wants to move in a new partner. One of you loses your job and can't pay their share of the mortgage. One of you becomes long-term ill - bills again. One gets a new job the other side of the country and wants to force a quick sale of the property.

It can be done but do loads of research first and be realistic that people and the way they behave can change over time.

CLAPTON

JimBlizz wrote: »

Hi all,

I currently rent in Kent but am from Worcestershire. It looks like a friend will be moving down soon and we plan to buy a flat together (he refuses to rent).

We obviously need to put in place some agreement to cover what happens should one of us want to leave. Before I go spending money talking to a solicitor about this - has anybody done this already?

From a legal point of view are there issues I am should be considering? Is this a common thing for a solicitor or should we expect to pay top dollar for the advice and to draw up and agreement?

I assume this should be in-place before we even think about mortgage applications.

Thanks for any input!

before seeking legal advice try to write down in clear ordinary english exactly what would want to happen in all the scenerios that you can think of. Include full costings for each scenerio (equity rise or fall, unequal deposits, furniture, kitchen stuff etc etc)

discuss with friend and see whether you still want to continue.

JimBlizz

Mojisola wrote: »

And all the other problems! One of you wants to move in a new partner. One of you loses your job and can't pay their share of the mortgage. One of you becomes long-term ill - bills again. One gets a new job the other side of the country and wants to force a quick sale of the property.

It can be done but do loads of research first and be realistic that people and the way they behave can change over time.

Thanks. We've discussed a lot of these points already, though I hadn't considered the moving-in-a-partner one - I will bring that up.

Werdnal

JimBlizz wrote: »

Thanks. We've discussed a lot of these points already, though I hadn't considered the moving-in-a-partner one - I will bring that up.

Or the opposite - getting a partner and wanting to move out and release the equity to buy something together!

Fire_Fox

Have you shared recently - do you even know you can live together?

JimBlizz

Werdnal - Yes we'd covered it that way.

Fire fox - For practical purposes we'll have to rent for a time to start with anyway so we should find that out fairly quickly if there are any problems. I live with people who have the same kind of personality now and we get on great. :beer:

Jim