|
Welcome to Property Joint Ownership, a guide to Joint Property Ownership
Joint ownership or joint equity is when more than 1 person clubs together to buy a property. They share the deposit, the mortgage payments and the bills. Combining their financial resources as a way onto the property ladder, or a way to finance a larger house in a preferred area.
Shared ownership is different, this describes the system of owning part of a property and a housing association owning the other part, you would then pay the association rent on the part they own.
Good Points about joint ownership, joint equity or co-buying
- You share the deposit between you, so you don't have to save so much to start with
- You share the monthly mortgage payments
- You share the initial costs of buying a property (solicitor's fees, etc)
- You are investing in your future, rather than paying rent
- When you sell, if the property price has increased, you will have capital to put down on a place of your own
- You get onto the property ladder earlier rather than renting or living at home
- You can sometimes afford to shorten the term of the mortgage, thereby saving on interest
- The formal cohabitation agreement helps to avoid conflict, which may not be the case if you buy with a spouse or partner
- You share responsibility for the maintenance, repair and redecoration of the property
- You share the household bills
- You share the housework
- You can part own a property but not elect to live there - renting it out
Home Buyers News
Budget airlines to boost Cyprus house prices !!
The price of property in Cyprus is set to rise this year after a low-cost airline said it would serve the island from the UK. !! Hips trial extended to 12 more locations !!
The trial run of Home Information Packs (Hips) will be extended to an additional 12 locations across the UK it was revealed today. !! Over 5,000 sign petition against Hips !!
More than 5,000 people have signed a petition against Home Information Packs (Hips), which are due to come into force in June this year. !! Desperate first-time buyers give up holidays !!
Most first-time buyers are so desperate to get on the property ladder they would give up holidays to save money, a new survey reveals. !! Buy-to-let "not to blame" for first-time buyer crisis !!
The growth of buy-to-let is not to blame for pricing first-time buyers out of the housing market, an expert in property economics has said. !! |