Home > Questionnaires > Questionnaire: Are You Ready to Be a Co Owner?

Questionnaire: Are You Ready to Be a Co Owner?

By: Emma Eilbeck BA (hons) - Updated: 16 Sep 2012 | comments*Discuss
Co-ownership Property Buying Finances

The idea of co-owning a property with somebody may sound appealing in theory, but the actual practice is a lot different.

Whether it is your parents, your friends or even the government that you are sharing your property with you will need to make sure you are entering into the business agreement for the right reasons.

We have devised this questionnaire to test whether you are ready to take the leap into co-ownership.

Simply answer A, B or C to the questions and look at the answers below to decide whether co-ownership is for you.

1, How Well You Trust the Person

A) I have known them for years, I can trust them fully
B) They are a close friend and I feel I can trust them
C) I have doubts about their trustworthiness

2, What do You Know About Their Finances

A) They have a steady income and they have shown me bank records etc,
B) They have reassured me they are not in a lot of debt and have healthy finances
C) I have not spoken to them about their financial situation

3, Are You Prepared for the Worst

A) Yes, I have a back-up plan if they decide they want to sell
B) I haven’t thought about it, but I’m sure it would be ok
C) I have put no thought into it

4, Talking About the Future

A) We are both clear about how long the co-ownership will last
B) Neither of us know what is around the corner, but we’re sure we can work it out
C) We are just thinking about the present and not the future

5, Who You Are Buying With

A) A close family member such as a parent or a sibling
B) A best friend
C) Somebody I have known a short while

Are You Ready for Co-ownership

If you answered A to most of the above questions it sounds like you fully trust the person you are planning to co-own with. It appears you have your finances in order, but also theirs.It also sounds like you are both clear as to how you view the co-ownership and your future plans which is good as it could get tricky if one person wants out a couple of years down the line.

The better you know the person you are co-owning with the better. Your investment will be more secure with a family member and they will be more willing to help you should you get into financial difficulty.

If you answered B to the majority of questions above it sounds like you feel you can trust the person you plan to move in with but have doubts that you need to get cleared up before you enter into any financial agreement. You also need to check their finances.Money is often the main culprit when it comes to breaking up a friendship, so make sure you both know where you stand regarding your finances.

If your answer was C to the majority of the questions it sounds like you have strong doubts as to whether you can trust the person. It may be best to walk away from the co-ownership or you could be in for a nasty surprise further down the line, especially if you know little about their finances.You should also make sure that you know your co-owner’s intentions before you move in together.It is a bad idea to co-own with somebody you don’t know very well, unless you have evidence that they can be depended on.

Taking out a joint mortgage is becoming increasingly popular as people struggle to get on the housing ladder, but make sure you don’t enter into an agreement with your eyes wide shut and that you trust the co-owner.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
Why not be the first to leave a comment for discussion, ask for advice or share your story...

If you'd like to ask a question one of our experts (workload permitting) or a helpful reader hopefully can help you... We also love comments and interesting stories

(never shown)
(never shown)
(never shown)
(never shown)
Enter word:
Latest Comments
  • Richado
    Re: The Right to Acquire Scheme
    I have be living in a housing association for 18years I am currently looking into the right to acquire for our property from L&Q .…
    17 January 2020
  • Merissa
    Re: The Right to Acquire Scheme
    Do we know if the Housing Act will change to allow tenants of Housing Association properties to buy their which were bought before…
    11 January 2020
  • Alfonso
    Re: The Right to Acquire Scheme
    I am currently looking into the right to acquire for our property from ISHA. up to now they have said our property could be…
    11 January 2020
  • Mona
    Re: The Right to Acquire Scheme
    My housing association always said that I don't qualify to buy this property but they hae sent me an email that I am eligible for…
    8 January 2020
  • Vir
    Re: The Right to Acquire Scheme
    Last year I had been offered Voluntary right to buy pilot scheme of the flat which i was renting and living since 2008 from a…
    6 January 2020
  • Mortgages By James
    Re: Buying Your Council House
    Hi There, My Name is James and I am a Mortgage Adviser who takes great pride in providing right to buy mortgages. If you have any…
    6 January 2020
  • Winnie
    Re: Are You Classed as a Key Worker?
    I'm an agency nurse. Will I be legible for key worker housing?
    30 December 2019
  • Winnie
    Re: Are You Classed as a Key Worker?
    In an agency nurse. Will I be legible for key worker housing?
    30 December 2019
  • ste
    Re: The Right to Acquire Scheme
    right to acquire exempt from right to acquire rural area yet the have sold house to next door less then 2yrs agar
    6 December 2019
  • Shaz
    Re: Are You Classed as a Key Worker?
    I am a key worker in milton keynes, where can i find key workers properties and how can i apply for them?
    3 December 2019