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Getting on the property ladder
Many first-time buyers are finding that they're not earning enough to get on to the property ladder. If that sounds familiar, don't worry. You do have options.
Buying with others
An increasingly popular choice is to pool resources with friends or family to boost spending power. Lenders typically give joint applicants up to 5 times their combined income, or possibly higher, depending on affordability and credit scoring.
It's important to remember that buying a house together is a business deal. Having the arrangements formalised by a solicitor means everyone understands exactly what's expected of them.
It's vital to note that if one of you defaults on your payments, the other purchasers will be liable for the outstanding amount, and may get a bad credit rating.
Entering into an agreement
There are two types of legally binding agreements available:
Joint tenancy agreements are particularly appropriate if you're in a stable cohabiting relationship. The property is owned in equal shares, including any profit made when you sell it. If one of the joint tenants dies, his or her interest in the land passes automatically to the others.
Your share of the property can't be transferred under will or intestacy.
Your share of the property can't be transferred under will or intestacy.
Tenancy in common is particularly appropriate for buyers who are friends or family, or are contributing unequal amounts to the purchase price. Each purchaser holds a fixed share of the property, which may or may not be equal. That share can be transferred under will or intestacy.
If one person moves out and the others decide to buy their share, they may be liable for stamp duty on the full value of the property.
If one person moves out and the others decide to buy their share, they may be liable for stamp duty on the full value of the property.
Other options
If you don't want to live with friends or family, there are a range of ways the Government can help your property dreams become a reality.
Key workers: If you have a 'key' occupation, such as nursing, teaching or policing, and you live in London, the south or east of England, the Key Worker Living Scheme offers a range of help to get you on the ladder.
Shared Ownership: If you can't afford to buy your own home, Shared Ownership schemes allow people to buy a property with a Housing Association. You pay a mortgage on your share of the property and pay rent to the Housing Association for their share.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
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