Boyfriend moving in.

DebbieJ_3

In the near future my boyfriend will be moving into my house. We are going to alter the mortgage so that it is in joint names and take out extra money to extend the house. Can anybody tell me how to protect the value that I have in the house at the moment. I know I'm looking on the black side but I've worked hard for what I have got now and don't want to lose it if anything happened in this relationship.

elisebutt65

Well if you don't want him to have a claim on it, then don't put his name on the mortgage!! Otherwise you're letting yourself in for a whole world of trouble!!!!

divadee

I would say you need to get a very good solicitor and draw up a contract between you and your boyfriend saying which share of the property he would have. It could be something like if you ever sell it or split up he would only get 40% of the homes value. See an independant solictor to your boyfriend and see what they suggest.

If you really dont want that another way would be to keep the mortgage in your name and him just pay you rent as a lodger.

comping_cat

Ahhh, the big mistake i made!!!! When you add his name to the mortgage and the deeds, you will have to see a solicitor and he will ask about what will happen in the event of a split. (if he doesnt ask he will be breaking guidelines i believe!!!) Make sure you specify then, that in the event of a split, how much you want back before you split the rest of the equity. I didnt do this, and lost £23,000!!!!!!

Aletank

My GF of 12 months started to think about moving in with me in a few months time, then she started to think about getting put on my mortgage. Her and her Mother had the idea of paying half of what i paid for the house and any interest etc :rolleyes: When i explained to her that if she wanted half of my house it would be half of the current market value she didn't like it!! I said if you can't afford half of the market value maybe buy a 40% share or similar. I explained that if we split up, she would expect half the market value so its only fair she comes in at half the market value or at a certain %. She didn't like this and has now said she might as well buy a house of her own!! She started saying she wouldn't of had things done to house that i have, such as a garage built etc so why should she pay for that, I tried to explain that it all increases the value of the house and she'd want half of that if we split. I even tried to explain to her that if house prices had fell by 50% would she still want to pay for half of what i paid.
Really made me relise/think she just wanted to get on the property ladder cheaply and who knows what plans she had for the future. If anyone moves in with me in the future i wouldn't take any money from them, just let them buy food etc and If I got married well everything is each others then anyway.

black-saturn

If your unsure about giving him the rights to half your house dont do it.

jockettuk

im moving in with my oh in july, im selling my house (split half with ex hubby) and im willing to put my money into doing up what will be our home. we have talked long and hard abt this and we going to go and get my name on the deeds and morgage as this will be a protection on the event of his death as we wont be married. We have spoken to a solicitor and when we do move in we are going to get it all down in paper who owns what who has put what into it etc and in the event of a split who is entittled to what. my advice would be to sit down and talk with our partner abt this and get all the facts together then go see a solicitor, if your partner grumbles abt it or moans thats not fair then you have to look at the long term and ask do you want him to move in with you..

vixxen

My OH is moving in and we have agreed not to alter my mortgage. Our plan of action is to simply split the household bills (I will continue to pay the mortgage by myself) and he is then going to open a savings account and put a set amount away each month.

Option A - If it works it will pay for our loft conversion in a few years time

Option B - If it doesn't he's got money for a deposit for rent or mortgage (depending on how much he's saved)

Long-term prospects we're going to discuss after a few years of co-habiting

Jet

Could you not have a "tenants in common" agreement? So that you specify a percentage of the value of the house goes to you and a percentage to your BF in the event of a split or death?

Like other posters have said, I would think very carefully about this. If he loves you, he will not insist on anything other than being fair from the beginning.

The law is very vague on this (although set to change I believe) and you don't want to end up with huge legal costs should anything go wrong in the future.

Good luck.

Dora_the_Explorer_5

A salutory tale of warning :eek: .
One of my relatives said "The GF moved in, but an accountant moved out" which of course applies to BFs as well.

Aletank wrote:

My GF of 12 months started to think about moving in with me in a few months time, then she started to think about getting put on my mortgage. Her and her Mother had the idea of paying half of what i paid for the house and any interest etc :rolleyes: When i explained to her that if she wanted half of my house it would be half of the current market value she didn't like it!! I said if you can't afford half of the market value maybe buy a 40% share or similar. I explained that if we split up, she would expect half the market value so its only fair she comes in at half the market value or at a certain %. She didn't like this and has now said she might as well buy a house of her own!! She started saying she wouldn't of had things done to house that i have, such as a garage built etc so why should she pay for that, I tried to explain that it all increases the value of the house and she'd want half of that if we split. I even tried to explain to her that if house prices had fell by 50% would she still want to pay for half of what i paid.
Really made me relise/think she just wanted to get on the property ladder cheaply and who knows what plans she had for the future. If anyone moves in with me in the future i wouldn't take any money from them, just let them buy food etc and If I got married well everything is each others then anyway.

jockettuk

vixxen wrote:

My OH is moving in and we have agreed not to alter my mortgage. Our plan of action is to simply split the household bills (I will continue to pay the mortgage by myself) and he is then going to open a savings account and put a set amount away each month.

Option A - If it works it will pay for our loft conversion in a few years time

Option B - If it doesn't he's got money for a deposit for rent or mortgage (depending on how much he's saved)

Long-term prospects we're going to discuss after a few years of co-habiting

word of warning , friend of mine did something similar and after 5 yrs they split, she found out to late that as he had lived at the property for x amount of yrs he was entittled to some of the property and the money he had put away he kept.. so get the money put into a joint acct and check out common law laws so to speak