Some Questions & Answers
What about buying a property for investment purposes?
This Property Ownership Agreement works equally well for a group of up to four people getting together to venture into the investment and buy to let market. The newspapers have reported many stories of people making large sums of money out of property investment. With any investment comes a degree of risk ,therefore it is not surprising that while many people would like to get involved in property investment, they do not because they are concerned about potential losses. A possible solution to this is to buy with family or friends using a Property Ownership Agreement which will enable the risk, and the profits, to be shared. It is a good way for potential property investors to take the first steps into this highly lucrative market.
What if one of the buyers dies?
You will own the property as what is known legally as tenants in common under a Deed of Trust. This means that if you die your share will pass to your next of kin or if you have a will then in accordance with the terms of your will. If the buyers are a couple then they may well wish to leave their share in the property to each other by will. We always recommend that people have wills.
How much will it cost?
A typical Deed of Trust will cost £99.00 plus VAT. The cost of this will be shared equally between all parties to the purchase, so it provides peace of mind for a very cheap price!
BWAB Home