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Buyers must consider worst case scenario when “buddying up” on property ladder
Home-buyers who "buddy up" with a friend or relative in order to afford their first home must factor in all worst case scenarios before buying, says Rosalind Watchorn Solicitors in
Rosalind Watchorn Solicitors, which earlier this year secured membership to the Law Society’s prestigious Conveyancing Quality Scheme, which recognises high standards in home-buying, is warning those looking to buy their first home with a friend or relative that there is more to consider. Rosalind Watchorn Solicitors says failing to plan for all eventualities, even death, could leave you in difficulty in future.
Rebecca Linsell, Partner says: “With home loans less accessible than a few years ago joining up with a friend or relative to buy a home is a good alternative. However, there is much more to consider when buying this way. There is a high possibility that one party to the joint ownership’s circumstances could change, so it is vital to consult your solicitor early on to cater for every possible change in circumstance.
“Sometimes a co-ownership contract might be necessary, but at the very least Rosalind Watchorn Solicitors can highlight all the options and possible scenarios to both owners. We can also advise on the type of mortgage which might be suitable and how joint ownership fits into your estate and will. There may also be tax implications that we can advise on.
“Circumstances when buying jointly are more likely to change. If you buy with a friend and they subsequently marry or change jobs they might want to move on and not be tied down anymore by the property they jointly own with you. Or if you buy with a family member who doesn’t reside there, but who dies and leaves their share to someone else you may need to factor that into any initial agreement."
“It does sound daunting, but far from put anyone off it is important that you seek legal advice on joint ownership. When it is difficult, as now, to raise a deposit and secure a mortgage on your own buddying up is an excellent way to get a foot on the property ladder, but it needs to be done with legal advice from a CQS accredited firm.”
Rosalind Watchorn Solicitors underwent a rigorous application and assessment by the national Law Society to become part of CQS initiative, which recognises high quality in residential conveyancing. CQS has the support of the Council of Mortgage Lenders, the Building Societies Association, Legal Ombudsman and the Association of British Insurers.
Rosalind Watchorn Solicitors
10 Kenwood Park Road
Sheffield
S7 1NF
Tel: 0114 229 0160 Email:
Rosalind Watchorn Solicitors secures Law Society's new conveyancing quality mark
Rosalind Watchorn Solicitors in Sheffield has become one of the first practices in the country to secure membership to the Law Society's Conveyancing Quality Scheme - the mark of excellence for the home buying process.
Rosalind Watchorn Solicitors underwent rigorous assessment by the Law Society in order to secure CQS status, which marks the firm out as meeting high standards in the residential conveyancing process. They are the first firm in Sheffield to be given the mark.
Law Society President Linda Lee said that the Law Society introduced CQS to help to recognise high standards in the home buying process and deter fraud in the residential property market.
“CQS improves efficiency with common, consistent standards and service levels and enables consumers to recognise practices, such as Rosalind Watchorn Solicitors, that provide a quality residential conveyancing service.
"Buying a home is one of the largest purchases anyone will make in their lifetime, so it is essential that it is done to the highest standard by a solicitor. There are many different conveyancing service providers out there, making it difficult for home buyers to identify those which can ensure a safe and efficient level of service.”
Rebecca Linsell, Partner says: "Rosalind Watchorn Solicitors is delighted to have secured CQS status. It is recognition of the high standards we provide to our residential property clients and is a signal to future home buyers of the excellent service level we provide at what is often a stressful time for many people.
The overall beneficiaries will be clients who use Rosalind Watchorn Solicitors when buying a home. They will receive a reliable, efficient service as recognised by the CQS standard."
The scheme requires practices to undergo a strict assessment, compulsory training, self reporting, random audits and annual reviews in order to maintain CQS status. It is open only to members of the Law Society and to those who meet the demanding standards the scheme will set and has the support of the Council of Mortgage Lenders, the Building Societies Association, and the Association of British Insurers.
For more information on the Law Society's Conveyancing Quality Scheme visit www.lawsociety.org.uk/cqs
Or contact the CQS Unit on 020 7316 5550 or
Rosalind Watchorn Solicitors
10 Kenwood Park Road
Sheffield
S7 1NF
Tel: 0114 229 0160 Email: