Buddy Up
We’re aware, from a recent national survey, that over two thirds (70%) of first-time buyers are not ready or able to buy on their own and over half (54%) want to buy their first home with a partner one day. We’re advocating for all independent and/or single people who are just as entitled to home ownership.
As the first-time* buyer developer of choice, we’ve launched an incentive to inspire young professionals to purchase their dream home with a friend**, and be part of the growing ‘Buddy Up’ trend.
For those that choose to ‘Buddy Up’ with us, we’ll cover the cost of legal fees and expert advice, up to the value of £2,000. In addition, buyers will benefit from exclusive monetary incentives at developments across London and the Home Counties.
First-time buyer nurse Dani, who bought with her friend and University Fashion Technician, Demonstrator, Danielle after renting together said: “I had been renting in London for three years, and I was fed up paying someone else’s mortgage, when I could be paying my own. I saved as much as I could, and worked really hard, picking up extra shifts in my role as a nurse throughout the Covid-19 pandemic, but I was still not eligible to buy on my own. Without each other, Danielle and I would not have been able to buy a home by ourselves in London.”
Dani added: “I had a huge amount of trust in our decision to invest in buying a place together as friends, especially after the legal advice we received which was great, and the whole process was very straightforward.”
Dani hopes to inspire others to purchase a home with a friend, if doing it alone isn’t possible: “If you cannot afford a property you love and have a very close and reliable friend, buy with them so you can both get you out of the renting cycle! If you’re unsure of the process, get trusted legal advice, and have every potential awkward conversation with your friend in advance, on all of the situations that could play out, to prevent trouble in the future.”
As more than one in 10 (12%) don’t know how to buy with a friend, we hope our ‘Buddy Up’ incentive helps first-time buyers understand the feasibility and benefits of buying this way; in recognition that 17% do not think it its sensible legally to buy with a friend, we’ve teamed up with PCS Legal, Property Lawyers regulated by the Council for Licensed Conveyancer, to offer expert advice giving friends the confidence and guidance they need to buy together
Daman Singh, Conveyancing Executive at PCS Legal, said: “Buying with a friend is largely no different to buying with a partner or a family member. We’d always advise parties buying together to get a Trust Deed, also known as a Declaration of Trust, a legally binding document which outlines how much money each person contributed and what happens in various scenarios such as the property being sold or one buying the other out. We advise buyers hold the property as Tenants in Common, so they can detail different shares and enter a Declaration of Trust.”
To top off the incentive, we’re also gifting experience vouchers^ which buyers can enjoy together to celebrate becoming joint homeowners. Buyers can choose from:
- ODEON memberships for two years
- £500 Westfield Shopping Centre voucher
- £500 for a Spa Pass and Afternoon Tea for two at ESPA Corinthia London