Buying a Property Abroad

Buying a Holiday Property or Holiday Home Abroad with Friends.

One of the ways that people can purchase a property abroad is by combining funds with family or friends.

It sounds like a great way to get what you want: get together with good friends or close family members and buy a property abroad that you can share. It's a plan that can work if you pay attention to details and make sure that everyone's working towards the same goal.

If you want to buy a property abroad, but don't have the funds to do it by yourself, then clubbing together with friends or family imay be one way to raise the cash. It's easy to work out when to use the property between you and if you have a property that's big enough, you can all go at the same time for a special occasion, or just to get away from the English weather for a while. Whoever you choose to buy your property abroad with, there are some things you should consider:

Mortgage payments

If you and your co-owners pay for your property abroad by taking out a mortgage, you will need to agree what percentage of the mortgage each party will be responsible for. You need to be aware that if one party defaults on the mortgage, the other party is liable for the payments.

Cash buying

If you can buy your property abroad with cash, then you will need to draw up an agreement with your friends or family that agrees on the percentage of the property owned by each party. This helps to prevent any difficulties if one party decides to sell their share.

Co-ownership agreement

However you choose to buy your property abroad, it is wise to draw up a co-ownership document. This doesn't need to be complicated, but should set out ground rules for use and rental of the property and what happens when one party wants to sell. A UK property solicitor can help you draw up such an agreement.

More information on buying property abroad:

Researching buying a property abroad  Why buy a property abroad?  Points to Consider when buying a property abroad  How to finance your property abroad – various options and likely costs  Building a property abroad  General tips for buying a property abroad  Choosing your new property  Could buying a property abroad secure your future  Insuring your property abroad  Buying property abroad as an investment  Living permanently in your property abroad  Maintaining your property  Property abroad - don't stop at Europe  Property abroad - FAQs  Renting your property abroad  Tax and your property abroad  The responsibilities of owning a property abroad  The true costs of an overseas property  Viewing your property abroad  Legal considerations when buying a property abroad

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