Is this true?

Natty082

Not sure if this is the correct place to post but...

I've just been chatting with a colleague who informs me that there is no such thing as 'common law' when living together anymore...... Is this true??

I'm slightly worried now as I am moving in with my partner - and as I can't sell my place, i'm renting it out. Therefore the new house will be motgaged in his name but I will be contributing half! What happens to the deeds? I assume my name won't be on there too?

If I pay half (i'll prob pay out more as I earn more) and then if he decides to kick me out am I now not entitled to anything!?

moneysavinmonkey

Natty082 wrote: »

Not sure if this is the correct place to post but...

I've just been chatting with a colleague who informs me that there is no such thing as 'common law' when living together anymore...... Is this true??

I'm slightly worried now as I am moving in with my partner - and as I can't sell my place, i'm renting it out. Therefore the new house will be motgaged in his name but I will be contributing half! What happens to the deeds? I assume my name won't be on there too?

If I pay half (i'll prob pay out more as I earn more) and then if he decides to kick me out am I now not entitled to anything!?

BIG thing in the news earlier this week about this...

links to bbc article + government advice
http://news.bbc.co.uk/1/hi/business/7563407.stm

http://www.justice.gov.uk/news/newsrelease150808b.htm

sdooley

There has not been such a thing as common law husband or wife for over a hundred years. But you can agree a contract between you as to what happens if you split up, how the profits or losses are split on the house, etc.

Are you sure it's a good idea to keep the old house? If you sell at a loss - at least you won't make more of a loss later.

Natty082

I'd love to sell the house - sorry apartment :eek:! but there are so many for sale near me and i've knocked 18K off so far and there are apartments on for 15K below mine that haven't had viewings so if they aren't going to go neither is mine!

Long posts about this on other threads lol!

count_rostov

When my bf and I bought our house I put in a £40,000 deposit but he put in nothing. We contribute roughly the same amount to the mortgage. Our lawyer drew up a contract clarifying what happens if we split up, if one of us dies, or if we both die. The money was a gift from my parents, so it's basically ring-fenced and will go back to my family before the estate is divided, if we both die, or if I die. Then, if we split up, it returns to me with the proportionate increase in equity.
As I recall, this was a pretty cheap and easy agreement to draw up, and the lawyer thought of eventualities which we wouldn't have considered so it was helpful for us to talk it through with them.

lkk88

id get your partner to ask the solicitors dealing with the purchase whether you can add someone to the deeds whose name isnt on the mortgage....or if you can add a name to the mortgage?
I know if u get a joint mortgage which I am doing now you can either go in with joint tenancy which means you own 50% each or tenants in common where you can allocate a % to each person. def worth finding out from the solicitors though if there is a way you can get your name on as well

Natty082

A campaign has been launched to stress to cohabiting partners that they do not have the same rights as married couples if they separate or one of them dies.

Just read this on one of those sites - better bring the wedding from 'within 3 years' to next week..!

JimmyTheWig

sdooley wrote: »

But you can agree a contract between you as to what happens if you split up, how the profits or losses are split on the house, etc.

Sounds sensible.

Are you sure it's a good idea to keep the old house? If you sell at a loss - at least you won't make more of a loss later.

Given that they haven't moved in together yet but are already considering what would happen if they split up, I think keeping a house is a good move. The OP may need somewhere to fall back on...

moneysavinmonkey

Natty082 wrote: »

A campaign has been launched to stress to cohabiting partners that they do not have the same rights as married couples if they separate or one of them dies.

Just read this on one of those sites - better bring the wedding from 'within 3 years' to next week..!

I don't believe it is as bad as all that, if you are contributing towards the mortgage you do have a 'financial' interest in the property - be complicated to sort out in the event you broke up or one of you died -and expensive if lawyers involved.

shelter have some advice on co-habiting with perhaps a less alarmist view!

http://england.shelter.org.uk/get_advice/advice_topics/families_and_relationships/living_with_family/living_with_a_partner_or_spouse

Natty082

JimmyTheWig wrote: »

Given that they haven't moved in together yet but are already considering what would happen if they split up, I think keeping a house is a good move. The OP may need somewhere to fall back on...

We have lived together for a year but in his house - very long complicated story which involves nut job ex girlfriend so we have to move.

I'm only thinking of the splitting up aspect as I feel I might end up in a difficult situation .... I'm covering myself for all aspects! Sensible in this day and age me thinks!

PasturesNew

If he's got a nut job ex, it might be that he causes exes to become nut jobs. So protect yourself ... it might not be her, it might be him.