Shared Ownership/Deeds question

D

Darkhero

Guest
Hi there

I've had a look and havent found a thread that covers my question.

Given the rental prices in Dublin, a friend and I have decided to buy a house together. Fair enough except that my friend is a student and cannot afford a huge mortgage. Instead he has decided to use his inheritance to purchase the house.

We are both first time buyers.

Effectively, the purchase price of the house is €480k with approx €100k work needing to be done.
We have got an approved mortgage of €370k.
My friend's inheritance is €210k.

What we need is advice on how we structure the ownership of the house so that my friend can protect his €210k capital investment.

Thanks
 
You should consult a solicitor to have an agreement drawn up stating how much each party put into the house. The ownership of the property could be divided up rather than having equal or joint rights e.g 2/3 and 1/3 or whatever way the maths work out.

The agreement should also cover what happens if either of you want to sell, if one wants to buy the other out, proceeds from sale etc.
 
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