Buying A Property With Someone Else, Property Guide, Furniture in Fashion
If you are looking for a way to cut the expenses, you might want consider an option of cutting the costs by sharing a home with someone else. According to current legislation, you can buy a home jointly with your spouse, partner or family member, or maybe you are a group of friends who wants to share joint property. There are two legal forms of co-ownership: becoming beneficial joint tenants or tenants in common. Both forms have their own peculiarities and an experienced conveyancer may advice you on them.
Being beneficial joint tenants means that you own your property together, and are not allowed to sell or remortgage it without the consent of the other parties. If you die, your property rights are automatically transferred to other tenants and you cannot indicate any other beneficiary in your will. As beneficial joint tenants you own equal rights to the whole property. This is not the case if you are tenants in common. Being tenants in common allows you to own different shares of the property: they may not be equal in value and you have the possibility to decide on the amount of your share in such co-ownership. You are also free to perform other manipulations with your share: you may remortgage or sell it. You may indicate who inherits your share in your will as it doesn`t pass over to co-owners automatically.
Each form of co-ownership may have advantages or disadvantages for each particular case and you shoul d consult a lawyer if you plan to combine your effort with your partners in buying property. You may change the form of joint ownership, if your situation changes (separation, divorce). In this case you may go from being joint tenants to tenants in common. Or you can become joint tenants if you have formerly been tenants in common, and want to get marries and share equal rights to your property. Doing this is absolutely legal and the procedure requires no charge. Co-ownership may sound like a great solution to the financial problem, but there may be pitfalls you need to consider. If any one of your partners for any reason stops paying his mortgage share, other co-owners will have to pay it, i.e. all the expenses fall on the shoulders of other parties. You should carefully consider if each of you will be able to be responsible and consistent in meeting mortgage obligations.
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