The Wharf - - Property -

1. En­sure ev­ery­one has a full credit re­port, and that they set up bank­ing ar­range­ments to pay their share. Most lenders in­sist you set up a spe­cial bank ac­count for the loan – you all pay into this each month.

2. Re­mem­ber there’s more to buy­ing than the mort­gage. You’ll have to pay in­sur­ance and main­te­nance – set up a fund you pay into each month that will take help with break­downs and re­pairs.

3. Get le­gal points sorted be­fore buy­ing the prop­erty. A Dec­la­ra­tion of Trust (around £400) will set out how ev­ery­thing is shared, in­clud­ing own­er­ship, bills and other fees. Each per­son should make a will.

4. En­sure your le­gal po­si­tion is as “ten­ants in com­mon”. This al­lows each buyer to own a dif­fer­ent per­cent­age – and, even if all the shares are equal, sell their por­tion in­de­pen­dently.

5. Make a list of what each per­son owns and what is owned col­lec­tively to­gether with its value.

6. Al­ways keep pa­per­work filed tidily and ac­ces­si­ble to all.

7. Which? Mort­gage Ad­vis­ers 0117 911 1812 - can help with what is pos­si­ble and what is not.

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