Dark Blue Mark

Myself and a mate are looking at going for a joint mortgage on another mates flat. Apart from the usual food nicking and seeing each others women naked issues, are there any other problems with this?

What if we intend to put down different deposit amounts etc, does it become fiddly?

Obviously you share the losses / profits at sell time etc, and half all the up front fees. Its ideal for me as I will be using it as a weekend home eventually, so better not to have a whole mortgage. Its actually nearly cheaper than my rent at the mo!

Anyone else done it? Heard its becoming more popular.

(we are not gay )

fast bloke

Have arranged these for a few peeps now. I would strongly advise you to get a legal contract in place giving all the details. Fine while you are still mates, but what happens when he finds out you've been ******* his Mum (Smirnoff??)


Doesn't matter if deposits/payments/% owened are different as long as it is detailed in the contract.

Tiggs

also give thought to what you'll do if one of you wants out- this is most likley prob area- one of you grows up and meets a girly and wants to get your own place.

T

MattW

The other thing is to decide whether you wish to be Joint Tenants(Default) or Tenants in common.

Legally, with the latter you each own half and can stipulate in your will who benefits. With the former, the other party will recieve the share in the event of death.

Normally, married couples choose to be the former which is the default, the latter must be stipulated and the contract made by the solicitor who acts as the conveyencer.


Edited to say - If you do marry each other, you may wish to reconsider the legalities



[Edited by MattW - 3/25/2003 11:24:38 PM]