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 can expose 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. These should be considered before completing the purchase, and you, your family and/or friends involved in the purchase need legal advice. Each of you have different needs and requirements to be met. We advise clients regularly on property sharing arrangements, providing guarantees and lending to family members.