Snobby Homes has launched the ‘Club Together’ scheme, a shared ownership structure designed for people buying with individuals they already know, with each sharing an equal fraction of the property.

Taking advantage of the property laws in Crete, the scheme allows any number of purchasers to buy a freehold property, with each investor named on the title deeds and able to sell their ‘portion’ of the property should they decide to sell up at a later date. The size of the fraction therefore depends on the number of parties purchasing the property.

The company is currently marketing a development of seven traditionally styled homes, set in an olive grove with sea views, due to be built in the village of Drapanias, in western Crete. Priced at approximately £110,000, the two-storey houses draw on solar energy and come with a spacious courtyard.

The Club Together scheme takes advantage of existing Greek law, with property contracts in Crete specifically naming each purchaser, who then legally own an equal, individual, percentage of the house. Joint purchasers are not, therefore, required to set up a company to make the purchase - the title deed legally shows the freehold property is being equally owned by the named owners.

Mike Saunders, marketing director at Snobby Homes, explains: “Whilst we sell most of our homes with ‘normal’ ownership, it is important that those interested in purchasing abroad, but with limited funds, are aware of this joint ownership facility within the Greek legal system. It means that friends, work colleagues or family members could club together and buy a home for just a few thousand pounds each. They all benefit as the house value increases and running costs per individual are low. If one party wishes at some future date to sell their percentage ownership, the Greek legal system allows this to be carried out simply and without major cost.”