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Solicitors 'essential' for co-buyers
14/01/2008
With property prices in Belfast and Northern Ireland remaining high, many people may be tempted to buy a house with other people, but this should be entered into with caution and the help of a solicitor.
First-time buyers in Belfast and Northern Ireland could find that co-buying is a good way to afford the first step onto the housing ladder, but if you are cohabiting, visiting a solicitor to draw up a co-habitation contract would be advisable.
Helen Adams, managing director of FirstRungNow, said: "These days people are having to buy with other people; either through co-finance or co-buying with someone to make progress. We are trying to make this as risk free as possible.
"In general more and more parents are getting involved with first time buyers, either by helping with the mortgage or the deposit, and I would say teaming up with someone else; either joint ownership, buying with a friend, or shared ownership, through the government's Homebuy scheme are good opportunities."
She warned that people in Belfast and Northern Ireland who are buying with someone else should ensure they visit their solicitors to ensure they have a tenancy in common and a trust deed drawn up to identify who owns what proportion of the property.
"Also, draw up a cohabitation agreement so when you come to sell it is clear who has paid what in to the mortgage and who is entitled to what proportion of the equity, if there is any," Ms Adams said.
"The benefit of a cohabitation agreement is that if circumstances change, ie someone needs to move to another part of the country, you will have agreed that, for example, the room will be let to someone else and how that rent will be split," she added.
Contact us for legal advice
First-time buyers in Belfast and Northern Ireland could find that co-buying is a good way to afford the first step onto the housing ladder, but if you are cohabiting, visiting a solicitor to draw up a co-habitation contract would be advisable.
Helen Adams, managing director of FirstRungNow, said: "These days people are having to buy with other people; either through co-finance or co-buying with someone to make progress. We are trying to make this as risk free as possible.
"In general more and more parents are getting involved with first time buyers, either by helping with the mortgage or the deposit, and I would say teaming up with someone else; either joint ownership, buying with a friend, or shared ownership, through the government's Homebuy scheme are good opportunities."
She warned that people in Belfast and Northern Ireland who are buying with someone else should ensure they visit their solicitors to ensure they have a tenancy in common and a trust deed drawn up to identify who owns what proportion of the property.
"Also, draw up a cohabitation agreement so when you come to sell it is clear who has paid what in to the mortgage and who is entitled to what proportion of the equity, if there is any," Ms Adams said.
"The benefit of a cohabitation agreement is that if circumstances change, ie someone needs to move to another part of the country, you will have agreed that, for example, the room will be let to someone else and how that rent will be split," she added.
Contact us for legal advice
