- 8/2/2010 -
Feb 2010 - #1- ISSUE 29 A&C Publishing Ltd - Home of Ă‚The Liverpool MagazineĂŠ
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MERSEYSIDEÊS ESSENTIAL PROPERTY PAPER WITH 100’S OF PROPERTIES INSIDE Aughton | Maghull | Lydiate | Netherton | Aintree Village | Kirkby | Melling | Melling Mount
FAMILY MATTERS With the soaring rate of house prices in the UK, getting on to the property ladder is an increasingly difficult task for first time buyers. Consequently more people are choosing to buy a house with a friend or family member. By sharing the deposit and mortgage repayments, single first time buyers are able to slice the cost of living in half, find it easier to secure a mortgage and able to raise capital for future investments. Purchasing a property with a friend or family member does come with inevitable risks, and both parties should consider the benefits and drawbacks very carefully before committing to entering joint ownership. However, providing each party follows the recommended procedures and seeks legal advice, the risks can be kept to a minimum and co-buying can be very profitable. There are many significant benefits that come with buying a property with a friend or member of the family but most people choose to do it because it allows them to move up the property ladder much sooner and more easily than they would otherwise be able to. Other benefits of joint ownership may include: Shared deposit – joining with another party means the deposit is split so joint owners don’t have to spend as long saving up for enough capital. Shared initial costs – purchasing a property can incur hefty legal costs and solicitor fees but joint ownership means short term and longterm costs are all shared. Larger mortgage – having a co-buyer may mean that the purchasers can consider a bigger house or more favoured area than they would otherwise be able to. Shared mortgage repayments – sharing mortgage costs means that the mortgage term can sometimes be shortened and interest costs are then reduced. Shared maintenance costs – it is not just mortgage and purchasing costs that are shared when buying a house with a friend or family member. All bills and decorating/maintenance
costs can be shared between each party. Formal deed and agreement - The formal deed and agreement that joint owners are encouraged to draw up means disputes are more easily solved than if buying a property with a spouse or partner. There are also specific drawbacks to consider when buying with a friend or family member that are less likely to occur if buying with a spouse of partner. These include: Added legal costs – the formal deed and agreement required by co-buyers means that more solicitor fees will be incurred. Disagreements – there is the possibility of any number of disagreements when sharing ownership, most commonly that one party may want to sell their share of the house before the other party is ready to move on. Financial complications - Working out finances can get complicated, especially if one party pays more of the deposit than other. There are various procedure house buyers must go through when investing in a property with a friend or member of a family. It is important to seek the advice of legal and financial professionals in order to ensure the process incurs as few risks as possible. As with a single owner’s mortgage, the amount of money that can be borrowed by joint owners depends upon the combined income of the two parties. Today, more and more banks offer various mortgages aimed at friends and family members buying together and independent mortgage advisors are also informed about the pros and cons of the different mortgages available. No matter how close the friendship or family relationship may be, it is well worth drawing up an agreement as an insurance against possible disputes. A co-habitation agreement will guide the two parties on how to resolve any disputes that may have been unforeseen at the beginning of the purchase, but it is not intended to allow one party to gain an advantage over the other. To form an agreement, it is recommended that the two parties draw up a draft document together and then give it to a legal
| Alastair Aintree Estates
Saville |
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ODEON COMPETITION INSIDE! 0871 22 44 007
ODEON SWITCH ISLAND, DUNNINGS BRIDGE ROAD,
NETHERTON, BOOTLE, LIVERPOOL, L30 6TQ
MANION AVENUE, LYDIATE £215,000 Ian Crane Estate Agents are delighted to offer for sale this desirable link detached bungalow situated in a popular residential location of which an interior inspection is highly recommended. The spacious accommodation benefits from having cavity wall insulation and loft insulation, double glazing and gas central heating and briefly comprises porch, reception hall, cloaks cupboard, lounge with feature fireplace, kitchen with fitted units including oven, three bedrooms and bathroom with suite including electric shower to bath. Driveway with parking for several cars leading to garage, lawned front garden with borders and well proportioned southerly facing rear garden and patio overlooking canal/farmland. Contact Ian Crane Estate Agents 21 Westway, Maghull L31 2PQ 0151 527 2700 advisor who will put the document in to a more appropriate format. The legal advisor could also act as an arbiter should a dispute arise and the arbiter’s decision would then be binding. For more information about buying with friends and family please visit: www.sharingproperty.co.uk or alternatively please see www.gohalves.co.uk
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376-378 Stanley Rd, next to Lidl New Bootle Strand Stanley Road
Lidl
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AGENTS FEATURED INSIDE... Ian Crane | Entwistle Green | Reeds Rains |
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