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Yeah, they'll only use 2 incomes with the mortgages we're applying for. But we're not borrowing to the highest levels we can and, between the four of us, the repayments are so low that we'll be able to save a lot towards the next place.
Agreed on all the bullet points. We need to sit down with a solicitor.
All the info is with the mortgage broker. Looks like we're going ahead. There's a double garage and, as three of us are musicians, it's going to get converted into a studio (rehearsal rather than recording) and bike workshop. I may have to start a current project thread. Getting ahead of myself now. Squeaky bums all round.
Thoma-
I may have to start a current project thread.
Yes please - I want to convert mine into something similar too so would make for interesting reading.
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Oh you're musicians? You should have said.
It'll be fine, musicians never fall out ;)
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We need to sit down with a solicitor.
That is definitely the best thing.
Just remember they usually charge by the hour. Having an agreement agreed in principle between you all in the key points will speed things up, and hopefully reduce cost. That said an independent 3rd party presenting options can feel less adversarial.
The Solicitor should have proformas for all this stuff, but it's always negotiations/amendements that take time and cost. The writing part tends to be easy. I'd make sure you all go prepared.
pifko
Fox
hugo7
Depending on your mortgage requirements you may find the lender effectively ignores the one or two lowest incomes, so in effect as a group you can't borrow more. This happened to some friends recently.
I would 100% recommend drawing up a contract to cover what the exit plan is and as many eventualities as possible.
One of the key advantages to doing this is you all discuss, understand and agree what outcome you are happy with collectively. And more to the point it's agreed now while you like each other.
Things to think about: