Jump to content

Joint House Purchase - Opinions?


Guest

Recommended Posts

Hello, relative newcomer to this website, hope I have picked the right forum for this topic. 

Around a year or so back, I came to the conclusion that my future lay north of the border, and started making tentative plans for relocating, with a summer 2020 date in mind. Then a relative's hospitalisation and eventual move into residential care got in the way, and we shall speak no more of lockdowns........ 

I am still looking to move and am focussing on Ayrshire in particular, but with the uncertainty over employment and the economy as a whole, am looking at options to avoid mortgages. A joint-purchase, with one or two others who, like me, have saved a decent amount for a deposit, might be one way around this. 

I'm aware of the pitfalls of such an arrangement but short of waiting the whole Covid/recession thing out - which could take years - I am considering this as a serious option. 
Any thoughts, suggestions?  

Link to comment
Share on other sites

1 minute ago, IncomingExile said:

Hello, relative newcomer to this website, hope I have picked the right forum for this topic. 

Around a year or so back, I came to the conclusion that my future lay north of the border, and started making tentative plans for relocating, with a summer 2020 date in mind. Then a relative's hospitalisation and eventual move into residential care got in the way, and we shall speak no more of lockdowns........ 

I am still looking to move and am focussing on Ayrshire in particular, but with the uncertainty over employment and the economy as a whole, am looking at options to avoid mortgages. A joint-purchase, with one or two others who, like me, have saved a decent amount for a deposit, might be one way around this. 

I'm aware of the pitfalls of such an arrangement but short of waiting the whole Covid/recession thing out - which could take years - I am considering this as a serious option. 
Any thoughts, suggestions?  

The chances of more than one person moving willingly to Ayrshire seem vanishingly slim.

Anyway good luck with the scam, sorry, venture 

Link to comment
Share on other sites

Scam, Arab? I guess you've not heard of Joint Mortgages, 'Tenants in Common' legal contracts and the like.  Perhaps it's more of 'a London thing' to be fair. 

Definitely not my preferred solution to the problem but I'll leave it out there.  Buying a property outright with a third party, maybe building/converting an annex is better than being in hock to a bank at the moment..........

Link to comment
Share on other sites

22 hours ago, IncomingExile said:

Hello, relative newcomer to this website, hope I have picked the right forum for this topic. 

Around a year or so back, I came to the conclusion that my future lay north of the border, and started making tentative plans for relocating, with a summer 2020 date in mind. Then a relative's hospitalisation and eventual move into residential care got in the way, and we shall speak no more of lockdowns........ 

I am still looking to move and am focussing on Ayrshire in particular, but with the uncertainty over employment and the economy as a whole, am looking at options to avoid mortgages. A joint-purchase, with one or two others who, like me, have saved a decent amount for a deposit, might be one way around this. 

I'm aware of the pitfalls of such an arrangement but short of waiting the whole Covid/recession thing out - which could take years - I am considering this as a serious option. 
Any thoughts, suggestions?  

Have you considered Perthshire instead? 

Link to comment
Share on other sites

  • 1 year later...

Just realised it's two years tomorrow since I posted this.

And I thought 'it was better than being in hock to a bank' way back then.......  
 

Edited by IncomingExile
Link to comment
Share on other sites

25 minutes ago, IncomingExile said:

Just realised it's two years tomorrow since I posted this,.

And I thought 'it was better than being in hock to a bank' way back then.......  
 

If you're serious about this, there are deals you can do with housing associations where you can part buy/part rent, and gradually build up your ownership share. Probably best to wait for rising interest rates to hammer property prices though, obviously.

Link to comment
Share on other sites

27 minutes ago, strichener said:

Can't see how the OP can have a sizeable deposit and yet be unable to afford to buy a house in Ayrshire.

You can pick up a 2 bed flat in Largs for £20k

But then you'd be stuck with a 2 bed flat in Largs.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...