The heated market makes it even harder for first time buyers to secure their first property. Purchasing in a syndicate can be the answer and conjunctional ownership can make things happen sooner. Parents and children already commit to partnership agreements and agreed actions should circumstances change or issues arise.
Key matters that should be considered may include:
- What form of ownership will be employed: Individuals or a company
- Procedures if one party wants to sell before the rest
- Proportional investment needs to be addressed prior
- Distribution of maintenance costs
- Consideration of capital gains or losses and division thereof
- Structure of mortgage and repayments
Good planning can make it happen for first time buyers to get their foot on the property ladder.