Joint house purchasing

[john_p]

Came up with the idea of buying a house on 50/50 basis with a mate.

Good idea, bad idea, aside the obvious problems (one wants to move out etc)

Anyone done it - how does it fair with mortgage companies etc

[vixpy1]

I would say its a bad idea, but i guess it depends on the mate.

Money and friends never mix well.

[moleamol]

vixpy1 said:

I would say its a bad idea, but i guess it depends on the mate. Money and friends never mix well.

Depends who your friends are.

[ARH]

I did this in the mid 80's. we agreed to review the situation after every 6 months. Luckily we made enough money to afford a deposit on a house each in one year and both decided to move on. You need to have proper agreements in place, if so it will probably work out. Looking back I would struggle to buy on your own, as you will make more money out of any house price inflation.

[thub]

As ARH, I did this in the 80s. No problem with the mortgage folk and we set up a joint account into which we both paid the same amount to cover the mortgage & bills. Otherwise it operated as any normal house share.

We had no written agreement, which I think was a mistake, but it all worked out okay. Eventually my gf and I bought him out when he move to his gf's.

[john_p]

I think in this sort of situation you never really know if you'll get on with someone until you live with them a while. Even the bestest buddy can get annoying if with you 24/7. God knows what it's like being married

I like this idea as its an alternative to taking in an unknown lodger or living on own, which is sometimes a bit boring.

It's just pub talk for now. I thought about the '6 month contract' type arrangement while I was in the shower this morning (as you do) and guess this would be the option if we do take things forward.

[minimax]

john_p said:

Came up with the idea of buying a house on 50/50 basis with a mate. Good idea, bad idea, aside the obvious problems (one wants to move out etc) Anyone done it - how does it fair with mortgage companies etc

simple with the mortgage - you go tenants in common rather than joint tenants, i'll leave the explanation for when tonker turns up to this thread

if one wants to move out and you can't take on the mortgage you will have to sell or take on another friend or get a guarantor, and if one wants to sell and the other refuses you're similarly screwed. tread carefully

[minimax]

anonymous said:

[redacted]

nicely put