Just wondering, has anyone tried buying property with several partners?
Since I'm not a registered income earner (university student with side business), I thought it might be worthwhile.
Basically, the plan is to convince 3 of my friends to pitch in for a 2 bedroom property near the university, which would be leased out (not sure if home buyer's grant covers the fact that only 2 out of 4 purchasers will be living in property).
A contract would specify that the property can only be sold with the explicit agreement of all 4 parties. Otherwise, once paid off, the income from the property would be divided evenly amongst all 4 parties (and expenses).
Would this sort of agreement work, provided that it is possible to convince the other parties to do so? Also, can anyone point out any flaws that such a contract could have?
Thanks,
Lucas.
Since I'm not a registered income earner (university student with side business), I thought it might be worthwhile.
Basically, the plan is to convince 3 of my friends to pitch in for a 2 bedroom property near the university, which would be leased out (not sure if home buyer's grant covers the fact that only 2 out of 4 purchasers will be living in property).
A contract would specify that the property can only be sold with the explicit agreement of all 4 parties. Otherwise, once paid off, the income from the property would be divided evenly amongst all 4 parties (and expenses).
Would this sort of agreement work, provided that it is possible to convince the other parties to do so? Also, can anyone point out any flaws that such a contract could have?
Thanks,
Lucas.