This factsheet is designed to inform and assist individuals who wish to co-own a house or flat with one or more other people (also known as fractional ownership), so that the arrangement operates legally, fairly and smoothly.

It is very common for people to own property jointly. Most married couples will co-own their property, as will many unmarried couples.

It is also becoming more and more common for people to purchase a property with a friend or relative in order to be able to afford to own a house or flat rather than to rent. The owners might not be able to afford to purchase a property alone at all, or they may prefer to buy a larger property with a relative or friend than the size that they could buy alone.

Although joint purchase allows many people to become home owners who otherwise would be unable to do so, such a relationship with a friend or relative should be entered into cautiously. The co-owners will be sharing financial burdens together and important decisions must be made, so it is important that people who intend to buy together have a full and frank discussion in advance about their budget, income and expectations.

This factsheet explains the situation where two or more people co-own a property either for them all to live in together, or as a holiday home.