House buying/ sharing question

[okgo]

Mods if you could leave this here just for a while..

Basically situation is this, I live in a rented place with a mate, he's joined the marines and will be away a lot from now on. He says he still wants his room here for when he comes back and will pay less for it.

However he also has 25k in the bank that he wants to put into a house, as opposed to paying rent on something he will not be in all that much.

He has asked me if I want to buy a place with him, I don't have any large lump sums to my name (at present) he has offered to use his money as deposit, and I'd just move in and pay the joint mortgage, he would have the small room and use it when he came home every now and again.

Is this worth considering? Obvious issues would be if he gets shot, if one of us wants out (although buying out I suppose would work).

He's a good guy and I've known and lived with him for nearly 3 years.

What do you guys think to it as a plan?

[bobfather]

The legal aspects of this need to be formally set down in a contract. Things to consider, right of occupancy in the event that one of you die, who is his next-of-kin and are you happy to be locked into this house with that person, long term may see one or both of you with spouses and even children, your rights change as this happens and so the contract of shared occupancy needs to be future-proof.

[Big Al.]

Duplicate thread running here

http://www.pistonheads.com/gassing/topic.asp?h=0&a...