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cityguru
cityguru, Solicitor
Category: Property Law
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Experience:  solicitor
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Hello My son is going to be 18 next week, and is talking about

Resolved Question:

Hello
My son is going to be 18 next week, and is talking about buying a house with a friend (not a partner) who is perhaps 4 years older. As his parents we want to advise him, but are uncertain of all the pitfalls that this venture may include. My only suggestion to him at the moment was to forget house-buying for the moment, and concentrate on saving for the time being.
Submitted: 3 years ago.
Category: Property Law
Expert:  cityguru replied 3 years ago.
thank you for your question. If I may say so it is somewhat unusual for an 18 year old to have access to the income and capital to buy a property at least not with out significant outside assistance. If he is to proceed with the idea then the most important thing is to have a clear written agreement with his coowner about the terms of occupancy, contribution and share of the property and about sale. The biggest issue is what happens when one wants to sell and the other does not - there needs to be a clear agreement for example that the non seller has x months to agree to buy out the one wishing to sell or the property be sold. There should be agreement about who contributes what and what is deducted on sale. so if they agree to share the mortgage and one fails to pay then thats amount is paid back to other party from the proceeds.

The property solicitor should be able to help them prepare such an agreement.

Customer: replied 3 years ago.

Thanks for your reply.


I'm still not totally sure what to advise hime though, but I do see that there are potential problems with agreeing the issues you mentioned with his friend.


He is an unusually 'mature' 17 year-old at the moment, who has a steady job in the Leisure industry, although he doesn't have much in the way of savings.


On a more basic level, can you explain what 'capital is, and how much he would need? (I think they property they are looking at costs around £130,000)


For example, if he needs a deposit, does that have to be his own money, or can he borrow that? And if you had any idea what repayments might cost, that would be something I could tell him...


As you can perhaps tell... I really don't know where to start with the advice!


 


 

Expert:  cityguru replied 3 years ago.
He can borrow the deposit from you or other family. He needs 5% deposit under the government scheme otherwise 10%. Plus they need legal costs
cityguru, Solicitor
Category: Property Law
Satisfied Customers: 13325
Experience: solicitor
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