Buying a Property together as tenants in common with friends, family members or others

 

Buying a home on your own is no small feat in itself.

 

Buying a home with others only increases the amount of planning and co-ordination that is required to ensure everything goes smoothly.

 

The pitfalls are numerous and can be very costly if you don’t have the right help along the way. 

To put it simply, we will help you with everything you need to buy a home with others as quickly and as cheaply as possible.

 

We have brought together a network of experienced, licensed and registered specialists to help you with everything you could possibly need to make home ownership a reality at a fraction of the usual cost.

 

There are a number of ways that 2 or more people can share the ownership of property.

 

PodProperty’s initiative makes use of a legal relationship between co-owners known as tenancy in common. This means that the co-owners (the “tenants in common”) each get an individual share in the same piece of property.

 

Tenants in common can sell their share to their other co-owners or anyone else they like, (subject to whatever restrictions the co-owners agree should apply when one person wants to sell their share).

 

Tenants in common are usually also responsible for the entire property and any financial obligations (such as a mortgage) which attach to it.

 

Groups of people who purchase property together as tenants in common often sign what is called a “co-ownership agreement”.

 

It is important that you understand your Co-ownership Agreement before you sign it so we can arrange for a lawyer to explain its provisions to you and your co-owners to ensure that you each have your questions answered before you purchase together.