Joint ownership is a good way to buy a property for people who cannot afford to buy a place on their own. The idea is that people club together to share the costs, and live together in the property.

People who buy a property together tend to be family members, friends or work colleagues. They form a consortium to do so because they may not be able to afford to get on the property ladder on their own. For people that either do not wish to team up with people they know, or do not have suitable candidates among people they know, there are joint ownership organizations which can match people looking to join up with others to buy a place to live.

To buy a property this way, you will need to arrange a joint ownership mortgage. The legal situation will also need to be addressed, with a joint ownership agreement being put in place, and once you have done this you will be in a position to find and buy a property.

Joint ownership of a property can be a very good idea, and there are many positives associated with it. Communal living works on many different levels. All things being equal, two or more people living together is always going to be a more cost effective scenario than a single person living on their own. The space can be shared, so all the costs of buying and maintaining the property can be shared. Housemates can provide convivial company for each other, so there may be less need to go out socializing, which also saves money.

Many people use this route to buy a property that is larger than usual, so that a larger number of people can benefit from having larger living amenities like big living rooms, extensive gardens, swimming pools and so on. A larger group of people results in more practical and professional skills and a wider variety of personality types, from which all members of the group can benefit.

Joint ownership is not always plain sailing, however. Buying a property through joint ownership can have its downsides. Extra legal documents, such as wills, are needed. One or more of the group may wish to sell up and move on before the rest of the group are ready to. If one of the members of the group does not pay their share of the mortgage one month, the others will have to make up the difference, so there is more administration to do each month than is usually the case with a single ownership situation. One of the group members may turn out to be less convivial than was initially thought, which could cause problems for the whole group.

But although it may have potential pitfalls, joint ownership is certainly worth considering as a way to buy a property. More people are doing it these days, and if it is planned correctly it can work on many different levels, not just the property ownership one.