Buying a home with someone else — whether it’s a partner, friend, or family member — can be a smart way to split costs and get on the property ladder sooner. But it also requires more than just good intentions. In Cyprus, joint ownership is legally possible, but it’s crucial to be clear about how things will work from the start.
1. What are your financial situations?
Before entering a joint mortgage, you both need to be transparent about income, savings, existing debt, and credit history. Lenders in Cyprus assess the financial profiles of all co-applicants, and one person’s weak credit score could affect the approval or interest rate.
2. What ownership structure will you use?
Joint owners in Cyprus can typically choose between “joint tenancy” (equal ownership) or “tenancy in common” (split ownership, e.g., 60/40). It’s important to agree on this upfront and document it legally.
3. Who will pay what?
Be clear about how monthly mortgage payments, property taxes, utilities, and maintenance costs will be shared. Will it be 50/50? Proportional to income? Outline it in writing to prevent future confusion.
4. What happens if one person wants out?
Life happens — someone might want to sell, move abroad, or stop paying. Decide in advance how you’ll handle such situations. Will the remaining owner buy the other out? Will you sell the property? Having a written agreement (co-ownership contract) helps avoid disputes.
5. What if your relationship changes?
This is especially relevant for couples. Breakups or divorces can complicate joint ownership. Consider what happens to the home if your personal relationship changes — and if necessary, consult a lawyer in Cyprus for guidance.
6. Have you spoken to a lawyer?
Before signing anything, it’s wise to consult a legal advisor. They can help draft or review co-ownership agreements and make sure your interests are protected under Cypriot law.
Joint ownership can work brilliantly — but it works best when everyone knows what they’re signing up for. Ask the awkward questions now to avoid painful surprises later.