Protecting your new house investment

craigybhoy

Hi all, Not sure if this topic belongs here? But basically im buying a new 2 bed house for 98k and i am myself putting down 30k, I am moving in with my partner of 7 years. But she has no savings and earns a lot less than me, Thats not the problem, I just want to protect myself that say we broke up in a year or whenever and i am worried that i will lose what i have worked hard for, Can you get something drawn up to protect yourself? The mortgage is in my name and i will be paying it, All i have asked from is my partner is pay a couple of the household bills which i think is fair enough, I love my partner and belive i will possibly pop the question soon, But it is me who is more keen on having our own pad while she would be happy living with mum rent free?? So can anyone shed any ideas, I was thinking i could type something up myself for both of us to sign along with a witness but not sure if that would be binding or not?? Please Help

Trying_to_be_good

One option is for the house to be yours (your deposit, your mortgage, you on the title deeds), and for her to pay you rent as a lodger - tax-free if it's up to £4,250 per year - instead of paying a couple of household bills.

Then, if you do take the relationship further, you can review this as the law will look differently on the separation of a married couple as oppose to an unmarried couple (not that you will separate, of course!).

MissPrissy

If you do not marry then your property rights are far greater than if married. If you marry the courts will look at whats fair not 'who bought what' as in co habiting. (UK law).

For instance if you marry, have children, she doesnt work at all - and you split up - she can stay in your house, you will have to maintain your children until 18 (if attending college) you will have to pay her maintainance if she has young children and you have a good salary for a time. She will have a part share in your pension, and any assets you have, business /second home may be split 50/50. To fight all the above you will pour thousands into solicitors pockets!

My brother in law is splitting up but never married, his situation is so much better because of it, he keeps his business and a 50/50 share of the house.

PS Pre nups are not legal in the UK and can be overturned. Your DIY paperwork falls into that category if you marry.

My advice: Live as a couple as long as possible (6-8 years) before you tie the knot!

KiKi

MissPrissy, I'm sure your advice is very helpful, but you keep replying to threads that are 1, 2, 3, 4 years old! You might want to check the dates before you post...!

KiKi

JQ.

They're probably either split-up or married by now.