| f the ways for people to purchase a property | | | | If you and your co-owners pay for your property |
| abroad is by combining funds with family or | | | | abroad by taking out a mortgage, you will need to |
| friends. | | | | agree what percentage of the mortgage each |
| It sounds like a great way to get what you want: | | | | party will be responsible for. You need to be |
| get together with good friends or close family | | | | aware that if one party defaults on the |
| members and buy a property abroad that you | | | | mortgage, the other party is liable for the |
| can share. It’s a plan that can work if you | | | | payments. |
| pay attention to details and make sure that | | | | Cash buying |
| everyone’s working towards the same | | | | If you can buy your property abroad with cash, |
| goal. | | | | then you will need to draw up an agreement with |
| If you want to buy a property abroad, but | | | | your friends or family that agrees on the |
| don’t have the funds to do it by yourself, | | | | percentage of the property owned by each party. |
| then clubbing together with friends or family is a | | | | This helps to prevent any difficulties if one party |
| good way to raise the cash. It’s easy to | | | | decides to sell their share. |
| work out when to use the property between you | | | | Co-ownership agreement |
| and if you have a property that’s big | | | | However you choose to buy your property |
| enough, you can all go at the same time for a | | | | abroad, it is wise to draw up a co-ownership |
| special occasion, or just to get away from the | | | | document. This doesn’t need to be |
| English weather for a while. Whoever you choose | | | | complicated, but should set out ground rules for |
| to buy your property abroad with, there are | | | | use and rental of the property and what happens |
| some things you should consider: | | | | when one party wants to sell. |
| Mortgage payments | | | | |