Conveyancing news: New homeowners given advice

Those who are thinking of moving home and purchasing a property with either family or friends have been given advice on how to do so.

The National Association of Estates Agents (NAEA) pointed out that people may find it easier to get onto the first rung of the property ladder by doing this.

"At a time when a lack of mortgage finance is hindering first time buyers, opting to buy with a friend or relative can represent a sensible way of getting into the market," Peter Bolton King, chief executive of the NAEA, said.

He also pointed out that those looking for conveyancing solicitors do not necessarily have to live in the property they co-purchase, but can reside elsewhere and rent out a room in the home they own.

According to Mr Bolton King, before someone buys a home with a loved one they should first think about the worst-case scenario and draw up a legal contract to protect both parties.

In addition, John Brown, partnership manager at Iammoving.com, said that now could be a good time to search for a property as many people choose to move home in this period, as there are plenty of bank holidays.

Published by Hannah Carr