4 Apr

Joint ownership: An ideal way to buy houses for sale in Bath?

Joint ownership: An ideal way to buy houses for sale in Bath?

First-time buyers looking to invest in houses for sale in Bath could find a joint ownership arrangement with friends and family to be beneficial.

Property for sale in Bath and north east Somerset have seen annual price growth of 3.6 per cent, with the average house price now £226,383.

Increased prices could mean that people trying to get onto the property ladder could struggle to afford houses for sale in Bath.

However, the National Association of Estate Agents (NAEA) suggests buying a home in partnership with a friend of family member could be more affordable.

According to the NAEA, joint ownership can be a useful solution and a "sensible way" of getting onto the ladder.

The association is now offering helpful advice to those planning to look for houses for sale in Bath, afforded by a joint ownership agreement.

Peter Bolton King, chief executive of the NAEA, said: "For anyone considering entering into a joint ownership I would stress the importance of a transparent, open relationship between all parties involved to ensure a smooth purchase and ownership process."

Sharing housing costs such as bills and maintenance also makes "real financial sense", he added.

Buying a new home is a serious investment – and the NAEA has some basic tips to ensure both parties are able to benefit from a joint ownership arrangement.

A co-ownership contract drawn up by lawyers can help determine a plan of action should circumstances change for either one of the owners. In addition, a specialist mortgage, aimed at this type of arrangement, can help to clarify things financially.

The association advices that documents associated with the purchase of the house should be accessible to both parties and should also feature both names. A joint bank account can also help to ensure payments associated with the property are made on time, as well as involving both co-buyers in all financial transactions.

Finally, when moving into a new property, an inventory of non-shared items can help avoid disputes about what belongs to whom and ensure, should one buyer move out, that there are no ownership disputes.

With house prices in the area rising, buying houses for sale in Bath and north east Somerset can be difficult as a lone first-time buyer – but joining with a friend or family member could help to make property for sale more affordable.ADNFCR-1222-ID-800486535-ADNFCR

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