5.0 Property
Property Sharing and Guarantees
With rising house prices and restrictions on lending, many people are turning to friends and family to bridge the gap.
Family can provide guarantees for lending if you need a bit extra for your deposit. Buying a property with friends can lighten the burden of saving for the full deposit and servicing the lending. Providing a guarantee for your children is helping them step up into the property market, but you expose can your own property if they fail to meet their obligations.
When purchasing property as a group, many questions should be considered before completing the purchase, such as who pays what outgoings or what happens if one party wants to move out, renovate or sell their share. Sweetman Law will help you navigate these issues in tandem with completing the purchase to find a solution that best suits your unique situation.