31 March 2010

 

By Michelle Crowhurst, Conveyancing Manager

 

With the challenges of today's property market, many first time buyers are struggling to get on the property ladder, with cash for the deposit often being the first major stumbling block.  Then follows the additional costs; surveyors, solicitors, stamp duty, not to mention the costs incurred once you move in, such as for furniture, repairs or general maintenance.

 

Buying your first home will be one of the biggest decisions you'll ever make. It can be exciting, yet at the same time frustrating.

 

Many first time buyers are now considering the option of shared ownership, either with family, friends or a partner.  But such arrangements can and do have complications down the line.  The solution of shared ownership offers many advantages, but doing it right from the outset will ensure that the solution remains a winning proposition. 

 

In order to protect the individual shares in the property you will need a Declaration of Trust. This sets out whether the property is to be held in equal or unequal shares. It should set out the contributions that each person has made to the purchase of the property, who owns what and what happens in the event of someone wishing to move on. In addition it could set out details of how the property expenses will be paid, responsibility for insurance, repairs, mortgage and maintenance and also provide a mechanism for:

The parties are bound by the terms of the declaration, providing security and certainty. Agreements can be as simple or as complex as required. As circumstances change the deed can be updated by agreement.

 

If you have any query about buying for the first time, our Residential Team has many years of experience and can provide more information through an informal chat.

 

Contact us via email or call 01423 502211