Buying with a friend?

L

Lancer

Guest
Have been looking at possibly stepping onto property ladder latter this year or maybe next year. Have been discussing it with a friend and we are interested in buying together. We would split it 50/50 on everything. Couple of things we want to agree on is what happens say 2 years down the road when one or both of us wish to sell? Can you sell one or both shares and then buy a different property on our own? I mean he's a nice guy and everything but at some stage I'd like my own place complete with wife kids and a dog! I'm sure he feels the same too. Neither of us really see the logic in renting for a few more years when we could be in a postion to buy if we teamed up together.

Obviously plans need to be put in place in case, god forbid, anything happened to us. From what I've read, the estate would go to him if I died and vice versa. We both agreed to get something done legally that it would go to our families instead. I'm sure there's loads of things we'd need to consider. We're only testing the waters so to speak. It seems like a good idea to us anyways. Hopefully someone can take off our rose tinted glasses and give us a dose of reality!

Has anyone any experience or advice in doing this?
 
Your estate would not go to him. Best thing for you to do is to go and visit a solicitor. Two friends of mine did it in the UK and they went to their solicitor and he made up a contract for them where they were both obliged to stay in the house for two years, after that either one could buy the other out if that's what they wanted. And, that exactly what happened after two years one guy wanted to go travelling and the other wanted to settle down with his girlfriend so he bought him out.

Ring your solicitor, I think he'll sort it out for you.
 
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