Joint ownership or joint equity means clubbing together or co-buying with friends or family to buy a property. You share the deposit, joint ownership mortgage payments and house-hold bills. Joint ownership of a property can be a way onto the property ladder which may even mean leap-frogging the first rung or enabling you to live in your favoured area.
When you opt for a joint ownership house or a joint ownership property you will need a joint ownership mortgage and a joint ownership or co-habitation agreement. For a quote for a co-habitation or joint ownership agreement, or a trust deed, seek legal advice – the conveyancing solicitor will guide you through the buying process as well as helping you with agreements and wills etc.
If you are considering joint ownership of a property, you will need mortgage advice, so speak to a mortgage advisor who specialises in joint ownership mortgages.
Our guide to joint ownership is for you if you are considering investing with someone else – either a friend, family member or someone you might meet through one of the many joint ownership schemes where you can meet like-minded people looking for other joint ownership property investors to get onto the property ladder.