Co-purchasing £1-1.2m Rural House in Barnsley/Sheffield/Peak District

[samwise-zambeezi]

Hi guys,


We're a late 30s child-free, professional couple, and have been looking for our next house move in the Barnsley/Sheffield area for over a year now, without having much luck finding exactly what we want.


We don't necessarily want a big house, but ideally it would be detached, rural or semi-rural, with garden and outdoor space, preferably surrounded by views and greenspace. Areas around the edge of the Peak District would be perfect.


We're looking to spend around £500-600k and, although we've found a couple of examples and made offers on them, in the end we've been unsuccessful, finding that they were undervalued/listed too low, and in the end, winning offers have been well out of our price range.


I'm wondering whether it might worth exploring the idea of finding a partner or partner couple who are in a similar position who might be interested in co-purchasing a bigger house in the £1m-1.2m range, that can then be split into two separate residences, effectively ending up with use living as neighbours in a big semi-detached.


I'm aware that this would be a somewhat more complicated process but I've seen a handful of stunning houses in this price range that tick all our boxes and that, without doing too deep a dive, look like both the house and the plot could be easily split into two, ending up with a house that's much nicer than what's available anywhere in the £500-600k price range.


Just wondered if anyone has any experience, thoughts/opinions or advice on the idea, and if anyone might be able to suggest where we might go about finding or looking for co-purchasing partners?


Thanks in advance


Sam

 

[johnny2007]

My friend did exactly that with his brother.
Now, family is family.
You're looking for someone you don't even know...

 

[jj4091]

Have you looked at any already semi- detached homes in your price range or just detached.

 

[samwise-zambeezi]

I have looked for semi-detached, and bungalows, open to full reno project or ready to move straight in... Just really hard to come across what we're after, but have found a couple of 'potentially shareable' houses which, if split, would offer so much more for the money.

Again, I appreciate the complications but, say we found a house with a co-purchase partner/s, couldn't we agree the split beforehand, draw up plans and red-line drawings, make planning applications and run in all through the conveyancing solicitors etc to protect ourselves?

 

[johnny2007]

Yes, you can do that.
You need to find a good solicitor that knows more than just filling forms.

 

[jj4091]

Yes I'm sure you could do that. Not sure if you would have any problems with financing though, ie B/Soc. mortages etc.. You would basiclly be being property developers. Only down side is there would be two lots of fees for solicitors. Initially it will be a multi owner single property when you purchase, as far as land registry would be concerned, then changed to 2 properties and re-registered after completion.

 

[johnny2007]

It can be done at same time as purchase

 

[pete01]

Sounds like a nightmare.

 

[freddiemercurystwin]

Yea good theory a whole heap of potential pitfalls though.

 

[jj4091]

It can be done at same time as purchase

Only if you knew what the exact boundries were going to be beforehand.

 

[yorksbuilder]

You're asking strangers on the internet about complex property law questions. My opinion is, live within your means, find something you can afford by yourselves, as the avoidance of trouble, stress and future issues will be well worth it. Save up and find your dream home when you can afford it.

 

[blup]

The problem with buying with another couple is the house gets sold if just one person default on the mortgage or simply wants to sell their share

 

[johnny2007]

Only if you knew what the exact boundries were going to be beforehand.

Really???
I would've thought that after the purchase you would throw a stick on the plans and mark the division boundary wherever it landed...

The problem with buying with another couple is the house gets sold if just one person default on the mortgage or simply wants to sell their share

The op wants to buy with another couple and legally separate the house in 2.
That's why it's usually done at same time as purchase.

 

[jj4091]

Really???
I would've thought that after the purchase you would throw a stick on the plans and mark the division boundary wherever it landed...

You said it could all be done during the purchase. The land registry would need exact boundries on a plan in order to divide the propery into two. That is why I said there would be more than one set of legal fees.

 

[johnny2007]

You said it could all be done during the purchase. The land registry would need exact boundries on a plan in order to divide the propery into two. That is why I said there would be more than one set of legal fees.

You said the boundaries will need to be set beforehand.
Of course, unless the op wants to get in a dispute after the purchase.
And of course there would be 2 sets of legal fees.
Solicitors don't work for free.