"A lot of people have approached us looking to sell down part of their investment property," said Pod Property co-director Jeremy Levitt. "More people have asked us since the rate rise because they have over-extended themselves. We advise them to sell down 50% in their interest and form a co-ownership arrangement as a tenant in common," added Levitt. The co-ownership arrangement, drawn up by lawyers, may be worded to contain a clause that the investment itself will be reviewed after a period of say, five years. It also contains clauses providing for a course of action in certain contingencies such as one party losing their job or otherwise not being able to repay the mortgage. "A lot of people got comfortable with the state of the economy, and the property buying craze and were encouraged by lenders to borrow as much money as they could. There are ways of getting access to money that wasn't available a few years ago." The agreement also provides for a proportionate sharing in any capital gains that materialise during the co-ownership period, and each party has an equal say in deciding to whom the property should be rented out.