Buying a house with family or friends can be a great way of getting yourself on to the property ladder. Co-ownership or shared ownership is becoming increasingly common and can give each person a distinct share in the property that you couldn’t otherwise afford on your own. Choose the person/people wisely though and it’s critical that you get a property sharing agreement drawn up.
Until the proposed bright-line changes are passed into law, our advice to you is get legal advice before you put your property on the market, so you don’t get caught out.
