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
  • Ames
    Re: What Are My Responsibilities Under Shared Ownership
    I bought a part rent part buy property in Kent, am I allowed to changed the locks on my front door
    9 July 2020
  • Dali
    Re: Buying Your Council House
    Hi, we are living in council bungalow for 9 years. This year we applied to buy it, have filled in application form, however our…
    4 July 2020
  • Dali
    Re: Buying Your Council House
    My husband and i are living in council bungaliw for 9 years. We have filled in application form to buy this property, however council…
    4 July 2020
  • K2017
    Re: The Right to Acquire Scheme
    Hi, Is this a monitored website? I posted on here a few weeks ago but I haven’t had a response to my query. Thanks
    29 June 2020
  • Steve
    Re: The Right to Acquire Scheme
    Hi, my question is like many others on this site; living in HA property for 27 years me and my wife wish to have the right to…
    26 June 2020
  • Mandy
    Re: Selling Your Shared Ownership Property
    When you sell a your share of the house what do you actually walk away with?
    22 June 2020
  • Ally
    Re: The Right to Acquire Scheme
    Hi I have been in my HA home for 26 years and am hanging on for voluntary right to buy Do you think this will happen this year. If…
    21 June 2020
  • K2017
    Re: The Right to Acquire Scheme
    Hi, I am interested in purchasing the house which I have been living in for 27 years, however due to the 1997 rule, I have been…
    9 June 2020
  • Rey
    Re: The Right to Acquire Scheme
    We want right to acquire our home which we have been in since 1990. But the 1997 rules doesn't satisfy the requirements. Why are we…
    16 May 2020
  • suzi
    Re: Are You Classed as a Key Worker?
    i work at student accommodation at reception, sales and services. I have a laptop to work from home. which we do 2 days a…
    1 May 2020