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Computer says 'No' Empty Computer says 'No'

Post by Mr007 on Sat Nov 12, 2011 5:43 am

Having decided to share the financial burden, as well as the household chores, the three friends in Oxted drew up a plan of how much they could contribute towards the deposit and mortgage payments.
House keys Buying a house is usually one of the biggest financial commitments of anyone's life

They discovered relatively few mortgage providers, or insurance companies, were set up for multiple ownership.

"It makes trying to find a mortgage harder than for couples. A lot of times when we phoned up, they refused if we tried to add a third name," says Andy Jones, sitting on a garden bench in their well-tended garden.

"The computer did not understand the concept of three people buying together," adds Mr Tippett.

They admit the search for a home took some time - but after about 20 viewings, they found the place that fitted all their criteria.

Honesty with each other should be the starting point for any group of friends embarking on joint ownership, according to Mr Bolton King.

"At a time when a lack of mortgage finance is hindering first-time buyers, opting to buy with a friend or relative can represent a sensible way of getting into the market," he says.

"However, for anyone considering entering into a joint ownership I would stress the importance of a transparent, open relationship."

Key advice from the estate agents trade body also includes:

* Shopping around for a mortgage, including deals specifically designed for joint ownership
* Keeping paperwork in order by ensuring documents are accessible to everyone and signed by all the co-buyers
* Consider making mortgage and bill payments from a joint bank account, rather than making them the sole responsibility of one owner
* Draw up an inventory of items being brought into the house and who owns them, to avoid confusion if somebody moves out

However, arguably the most important piece of advice is to consider the worst-case scenario.

Numerous examples exist of when joint ownership has come to a bitter end among former friends.

The NAEA says buyers should consult lawyers about a co-ownership contract and agree in advance what would happen if one of the owner's circumstances were to change.

seo perth
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