Sharing advice
The first thing you must do when entering into sharing any property with others is be honest with everyone – be honest with yourself and do not tell lies to others as they will catch up with you eventually!
Get to know potential co-buyers by taking advantage of SharingProperty's anonymous emailing system – do not give potential co-buyers your personal email address or personal details such as your telephone number or address, straight away.
Once you have got to know your potential co-buyer a little better through the SharingProperty network, you may feel there is a possibility you are going to be well matched in your plans and that you want to speak to them. It is best to do this by mobile phone, as it is harder to track your personal details and easier for you to change this number should you feel you need to.
If this all goes well you may decide you want to meet up. This is not a date! It is perfectly acceptable to take someone who knows you well, to give an honest second opinion of your potential co-buyer. Invite your sharer to do the same when arranging the first meeting.
Meet for a coffee or a drink first, in a mutually convenient place. If it becomes clear to you that this is not going to be a successful property partnership, be honest and say so. If it is worth pursuing, arrange another meeting, perhaps to do with the type of property you want to share – for example, if you are arranging to share the ownership of a car, visit a car showroom or go to a racing meeting.
If you are going to meet someone on your own, follow these guidelines to keep yourself safe.
Guidelines for meeting someone:
- Do this in a public place in sociable hours.
- Meet them at the meeting place – not at your home.
- Make sure someone knows where you are going and what time you are expected to be back.
- You could request that this person rings on you on your mobile at a set time to check everything is going well.
- Take a mobile that works, has enough credit to use it and is fully charged.
Most importantly, use your common sense and intuition about the person you are meeting. Get to know them as much as possible before meeting, by email or phone and be honest with yourself about your suitability for sharing property with them. They will be assessing the same things about you. Don't feel pressured into doing something with someone you are unsure of and similarly, don't be disappointed if they decide that you are not for them – there are lots of other people out there to meet!
Tips for when you have found your ideal Property Partner or Co-buyer!
- Make sure all parties know what they are looking for in a property – make list of mutually agreed wants and don't wants. Be prepared to compromise, and be realistic about what you can buy within your budget.
- Set clear objectives from the start to make sure all parties know where they stand, i.e. how long you intend to keep the property, how much you will each contribute to the purchase price.
- Have agreements (Declaration of Trust / Co-Habitation) written up between all parties that state clearly what happens when the property is to be sold, or in the event of death of a co-buyer.
- Be honest and open with each other at all times – good communication will be the key to a successful property partnership.
- Make sure you have a mortgage or loan agreed so that you can buy your property promptly when you find it.
- If it is shared ownership of a house you are intending to live in, consider renting together with your co-buyers for 6 months whilst you search for a suitable property, to see if you are truly compatible.
- Make sure all parties pull their weight in the search for your chosen property, otherwise resentment may rear its ugly head and your partnership may be doomed.
