Imagine not only choosing jointly to buy property with some friends but also to knock it down and completely redesign it? Might this be possible without falling out completely? Happily, the answer is yes, according to one recent media report.
A chap called David bought a home in Camberwell along with three of his friends. He happens to be an architect: always a plus if you're looking at redesigning a building, it has to be said. He - and they - were motivated by the increase in space they'd get by pooling their resources.
David and his friends bought a 3-bedroom Victorian terrace house which was an 'old wreck'. They opted to demolish everything except the original 1900s front of the house. They were established friends who all knew each other for at least 15 years.
The modernisation was brilliantly planned and designed, with, for example, each bedroom having an en suite bathroom. The house now allows for great communal living while also giving all the residents space to be by themselves.
Pointedly the sharers like to eat together regularly and all of them clearly planned how to conduct the share from the outset: something we'd always recommend. They decided - via a solemn pact - to stay living in the property for 3 years (this is very important for avoiding a mortgage lender's early repayment charge, among other things) after which, reasonably, they agreed that if anyone wanted to move out, they'd either buy that person out or sell the house.
We'd recommend you go further than this and draw up a robust Deed of Trust which you all sign and which stands up in a court of law should things not work out, however the sharers mentioned have a very long history of friendship.
The sharers in this story also found it comparatively easy to get a mortgage and used a broker to find the best one for them: we'd also always recommend using a
independent mortgage broker. The fact is, with over 3,000 mortgage products on the market, it's always worth having someone on your side to find the right one for you and if they're independent, then you know that they are not tied in the choices they give you.
Join Share a Mortgage today to boost your chances of buying your own home: we offer you help and advice when you need it and for every step of your journey towards independent property ownership.
