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Due to the ever increasing cost of buying a property, many first time buyers are finding it difficult to get on to the property ladder. This has lead to a rise in the amount of people buying with friends in recent years, to make it easier to save for a deposit and be accepted for a mortgage.
If you are considering buying a property with a friend, one of the most important things to consider is how to own the property. The most common way for friends to own a property is as ‘tenants in common’. This means that you can own unequal shares of the property if you are contributing different amounts towards the deposit or other expenses, and you are able to leave your share of the property in your will rather than it automatically passing to your co-owner(s).
A declaration of trust drafted by a solicitor can help to protect your financial arrangements. This is a legally binding document that records the amount that each person has contributed, and the percentage ownership of the property.
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