IN AREAS where property prices are high, a lot of young people decide to buy a home with a friend, who is not a partner, in order to get on the ownership ladder.

But, this can be fraught with problems unless you know each other very well, warns Andrew Benn, managing director of Mann Countrywide.

You must be certain that you are compatible, so test the relationship by sharing a rented home for six months.

Teaming up with a friend means pooling resources and not just deposits. Mortgage payments, insurance and running costs, including utilities and telephone, kitchen equipment and furnishings for shared living space all add up and it is sensible to have a joint account, requiring joint signatures, with each paying in an agreed and equal sum to meet the commitments.

A contract needs to be drawn up with a solicitor so that neither party is tied into the property for longer than they wish; agree when to sell (after two years gives time for the capital investment to grow) and how to divide costs/profit (and any potential loss).

Buy a property with two double bedrooms so you each have privacy and preferably one with two bathrooms, or at least two WCs and a good sized living room.

Before buying any property which requires a lot of work, ensure that you are both fully committed to what this may involve. Are you both prepared to spend a lot of free time decorating and refurbishing?

Agree responsibility for cleaning, shopping, gardening, as well as whether smoking is to be permitted and stick to it. Avoid unpleasant confrontations in the early hours by agreeing a cut off hour for playing music and a time when friends should leave.

Mr Benn said: “There are some specifically designed mortgage products to suit friends who want to buy; once they have taken the decision and are confident that it is the right thing to do, we can advise on the most appropriate properties and assist with finance arrangements.”

If you need further information, phone Andrew Benn on 0208 850 5566.