Friends Will Be Friends! Even After Buying A House Together? Samuels Solicitors Share A Few Tips
12th January 2015
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In this day and age, getting a foot on the property ladder can seem a world away and realistically, it may only be possible by buying with a partner or a friend.  

If you are planning to buy a property with a friend, family member, or even someone you don’t know, with the purpose of investing together, it’s imperative to consider the following:

  • Have very open and frank discussions about what you want to get out of the venture
  • Discuss how you plan to fund the purchase
  • Decide what percentage you will each own
  • Agree how long you plan to keep the property, and if there is a minimum term
  • Decide if you will both live there or will one of you want to rent or sublet their share of the property
  • What happens if one of you wants to sell their share in the future?
  • What might happen to your share if you die during your ownership of the property?
  • How do you plan to furnish the property and produce an inventory to support this?
  • House rules you agree on

It is not recommended that you purchase a property with friends without the correct documents or without drawing up a comprehensive co-habitation agreement or declaration of trust between all parties.

Before you embark on your property journey together make sure:

  • You trust and like the people/person you are buying with
  • You are comfortable with the terms of the co-habitation agreement you have drawn up
  • You are open and honest with each other about areas of possible conflict or disagreement

Samuels Solicitors can help give you peace of mind and the comfort of knowing that whatever happens between friends who buy property together, your interests can be safeguarded and protected from the outset.

If you would like their help and advice in this area please do not hesitate to call them on 01271 308049 and talk to their team of professional and reliable solicitors.    

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Sarah E

Member since: 10th July 2012

I'm Sarah and I live just outside Barnstaple near Umberleigh.
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