Do you own? Rent? Other?

Max_Headroom_3

mjdh1957 wrote: »

I ticked other...

I moved in with my partner nearly 4 years ago, house is in his name but I wouldn't class myself as a 'lodger'

He bought 12 years ago, and we are aiming to have paid off the mortgage in 5 or 6 years.

mjdh, just a note of caution if I may. I see the property is in partners name but it sounds like you're both paying off the mortgage.

Please be very aware that should the worst happen (you split up) then you will have absolutely no claim or rights over the property you helped pay for.

ALso in the event of his death, unless he's made a specific will, you have no claim at all.

I only mention it because I'm constantly staggered by the amount of people who believe that they are "Common Law spouse" and have similar rights to married people because they've lived together for a certain number of years. There is in fact no such legal term in this country, even if you have kids together and therefore no rights.

Quite possibly you have this covered (civil partnership or whatever) but just in case, thought it worth mentioning.

Dithering_Dad

Own, with mortgage, equity

ad9898 wrote: »

After my divorce (2 months ago), I was going to rent, but my mum lives on her own (in an owned outright house), we get on well and she asked me to come and stay with her for as long as I want.

Considering after my divorce women are off my wish list for a while:D, I took up the offer. So saving like mad at the moment, will hopefully be able to buy a detached house in a year or two, either outright or with around a 20k mortgage tops.

Good luck with that AD. You've certainly seem to have taken all this in your stride, and I think you'll come out of it even stronger - both financially and emotionally. I always admire people who have set backs but instead of wallowing in it, they just roll up their sleeves and get on with sorting it out. Respect.

Max_Headroom_3

As to the original thread question, it won't let me vote for some reason but I bought a long time ago (in the last recession in fact, mainly because property was so cheap compared to a few years earlier) and had the place ever since. (Which is why I forsee property dropping an awful lot further, been here before and it's way worse this time around)

Mortgage so nearly paid off, just a few more months. Been overpaying furiously as I felt for some time we were running into financial difficulty (house prices made no logical sense, amount of debt people were taking on etc)

Just praying the job holds out long enough to get free and clear of it to be honest (and maybe a bit longer so's I can buy a huge telly for cash that I've promised myself on completion ).

Dithering_Dad

Own, with mortgage, equity

simpywimpy wrote: »

I won two properties one of which I rent out but I'm thinking that once the market picks up I'll sell both and rent myself. This has been a wake up call for me. If I had been renting I wouldn't have had all this worry.

Wow, all I've ever won was £10 on the lottery and few things in the raffle at my kid's schools!

Congrats!

Davesnave

Own outright, no mortgage

Own outright and hopefully soon to rent, but will still own some land with various kinds of 'hope' value. Don't expect to be out of ownership of house for more than a year.

Debt_Free_Chick

Own, with mortgage, equity

Max_Headroom wrote: »

mjdh, just a note of caution if I may. I see the property is in partners name but it sounds like you're both paying off the mortgage.

Please be very aware that should the worst happen (you split up) then you will have absolutely no claim or rights over the property you helped pay for.

Sorry Max, this is not true. OP can almost certainly demonstrate that her contributions have given her a "beneficial interest" in the property. Not as clean and clear as having one's name on the deeds and it might take a few hundred/thousand in legal fees to prove, but it's not the case that she has "absolutely no claim or rights".

ALso in the event of his death, unless he's made a specific will, you have no claim at all.

Very true and perhaps more worrying :eek:

Quite possibly you have this covered (civil partnership or whatever) but just in case, thought it worth mentioning.

Although, of course, a Civil Partnership is only available to same-sex couples. Marriage is the equivalent for couples of different gender

gingin_2

rent - private

We have been renting the same house, privately, for 4 1/2 years. Landlord has visited us once. For the first time, I am tempted to move, as I have seen the perfect rental house, in the perfect location.

mjdh1957

other (there's always one....)

Max_Headroom wrote: »

mjdh, just a note of caution if I may. I see the property is in partners name but it sounds like you're both paying off the mortgage.

Please be very aware that should the worst happen (you split up) then you will have absolutely no claim or rights over the property you helped pay for.

ALso in the event of his death, unless he's made a specific will, you have no claim at all.

I only mention it because I'm constantly staggered by the amount of people who believe that they are "Common Law spouse" and have similar rights to married people because they've lived together for a certain number of years. There is in fact no such legal term in this country, even if you have kids together and therefore no rights.

Quite possibly you have this covered (civil partnership or whatever) but just in case, thought it worth mentioning.

Actually, we are in a Civil Partnership so I am as protected as any spouse would be. We have also made wills.

I do agree though, lots of people are in very insecure situations. I know my partner's family and they would never do it, but I imagine a lot of families would play very rough if there was a dispute over property.

mjdh1957

other (there's always one....)

Debt_Free_Chick wrote: »

Sorry Max, this is not true. OP can almost certainly demonstrate that her contributions have given her a "beneficial interest" in the property. Not as clean and clear as having one's name on the deeds and it might take a few hundred/thousand in legal fees to prove, but it's not the case that she has "absolutely no claim or rights".

Although, of course, a Civil Partnership is only available to same-sex couples. Marriage is the equivalent for couples of different gender

I am a he not a her, and we are in a Civil Partnership so Max read the situation right! My Avatar might have given a clue though...

Debt_Free_Chick

Own, with mortgage, equity

mjdh1957 wrote: »

I am a he not a her, and we are in a Civil Partnership so Max read the situation right! My Avatar might have given a clue though...

Christ on a bike! Is that a photo of you!!! :rotfl: :rotfl:

Sorry .... I didn't pay attention, but glad to see you have your head screwed on, especially with the wills.