Joint home ownership needs careful thought

Seeking property advice before purchasing a home with friends or family is crucial, as all sorts of problems could potentially arise.

This is the recommendation of the National Association of Estate Agents (NAEA), which highlighted that this is likely to be the biggest purchase they will ever make.

"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," explained NAEA chief executive Peter Bolton King.

He emphasised that all parties need to be open with each other in order for the relationship to be a success, as this will help both purchase and ownership be much smoother.

Recent Nationwide statistics showed that in March, house prices increased by 0.5 per cent compared to the previous month, and 0.1 per cent on 2010 levels.

  • Property News from Lawpack: buying or selling your own house? Straight-forward advice on DIY house buying.

Published on: April 1, 2011

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