Buying A House With A Partner Or Friends – All You Need To Know
August 6, 2021

Buying a house with a partner or friends – all you need to know

Buying a house can feel like a pipe dream for a single person in the present day because collecting enough money for a deposit and finding a suitable property can be very challenging. However, if you choose to purchase property with a partner or a friend, these challenges can be somewhat mitigated. If you think that buying a house with a friend or buying a house with a partner could be the right option for you, there are some considerations you should think about before making your final decision.

List Priorities

Before you begin searching for a property with a friend or partner, you should each write down your priorities. Consider things that you would call your must-haves, what you may be able to compromise on and things that you definitely would not want in a property. Consider the location of your potential new home, amenities, and the building itself.

Think About Ownership

If you’re wondering, ‘which is better, joint tenants or tenants in common?’, this depends on your situation.

The term ‘joint tenants’ refers to a situation where you will both share equal rights to the property, and in the case of the death of one owner, the entire property defaults to the other.

‘Tenants in common’, by contrast, allows for different shares of the property to be owned, and you can leave your share to someone external to the property. If you are buying a house with a partner, different deposits may be preferable.

Applying For A Mortgage

Applying for a mortgage might feel overwhelming, but there are some simple steps you can take towards it. Beforehand, you should make any relevant improvements to your credit score. Keep in mind that up to four people can legally take out a joint mortgage, but the mortgage lender will only take into account the income of the two highest-paid applicants.


Before looking to buy, you should reflect on your budget, both personally and as a household overall. You should think about the expense of the home itself, but also the related expenses, such as bills, insurance and other fees associated with both purchasing a home and homeownership.

Make A Living Together Agreement

One of the most vital steps you should take is creating a living together agreement. This should be a legally binding document that gives each homeowner certain protections. The agreement will state the contributions that each homeowner makes to the house, and should include personal finances, endowment policies, ownership of property contents, and an exit plan for if you no longer wish to live together. The agreement will need to be independently witnessed.

Get In Touch

Are you considering purchasing property with a friend or partner? Get in touch with Bowsers Solicitors for all the appropriate legal advice and support through this exciting and challenging process.

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