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Co-habitation - advice please!
Comments
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anotherginger wrote: »House prices in NI aren't falling solely because of the crash in the RoI. They are crashing faster because they rose faster and it was a completely unsustainable situation.
They rose faster because of the overflow from rising prices in the RoI.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
The cohabitation agreement you're thinking of is probably a declaration of trust, you can state in it who owns what percentage of the house etc and what would happen if either of you wanted to sell the house. Definitely a good idea
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The cohabitation agreement you're thinking of is probably a declaration of trust, you can state in it who owns what percentage of the house etc and what would happen if either of you wanted to sell the house. Definitely a good idea
Not if you are in -ve.
Only worth it if you are in +ve.
The OP is better of getting the boyfriend be a lodger and getting rent money of him. That way you get a contribution to your mortgage which is interest only and he pays for his living accommodation.
This way you keep his credit record clear in case you need another mortgage.
Plus don't allow him to pay for anything that needs fixing around the property as that's not fair.
If you are buying things such as a TV or a new fridge then one of you should pay for it in full. That way if you split up then there is no arguments about who owns what.
Also don't combine your finances again to keep your credit record clean.
If you get married then obviously the situation changes.I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0 -
MadnessOfHPC wrote: »She wanted her dream home and was no doubt sick of paying another persons mortgage. This isn't in the realms of rocket science thinking.
Madness, do you work selling SO properties? I only ever see you pop up to defend them...0 -
MadnessOfHPC wrote: »She wanted her dream home and was no doubt sick of paying another persons mortgage.
Duh, but she hasn't even been paying her OWN mortgage! Only the interest! That's even worse than an endowment mortgage!0 -
House prices are currently falling accross the UK and are expecting to continue falling for at least the near future, possibly indefinately.
This is especially so in Northern Ireland where they are falling faster than anywhere else in the UK. This is because of the massive falls just over the border in the Republic or Irelend, where house prices have fallen more than 50%.
The OP wold be wise to keep her BF off the mortgage to keep his credit history clean.
I'm well aware of the falls, I'm just surprised at suggesting the OP should declare bankruptcy and walk away from their obligations.0 -
Is was always apparent that shared ownership schemes were going to carry some risk.
In a falling market they can be disastrous..
If it was not for the insane bubble in HPI they would never have been required anyway.
Just another example of the previous Governments attempts to fix a problem they should never have allowed to happen in the first place.
I suspect the next few years will see the schemes go the same way as Endowment mortgages where they were converted to repayment products here we will see shared ownerships being encouraged to purchase the shared element of the purchase.0 -
You are not a homeowner. You are an exotic renter.0
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OP - I feel genuinely sorry for the situation you find yourself in. You seem to have been suckered by the 'property only ever goes up in value' and 'you cannot go wrong with bricks and mortar' brigade.
I would try to extract yourself from this deal and leave your new partner out of it. Like the others have said, just treat this like you have rented for three years and put it behind you.
Just out of interest - has the 50% owned by the government (or HA) lost some of the value or has the drop come solely out of your half? If the value went to zero would 50% still be outstanding?0 -
Your OH should not get involved in your financial situation.
Do not have any joint finances.
This in your OP shows you do not understand your situation.(2) If we arrange for his name to be placed on the deeds, how can we acknowledge the 3yrs of payments i have put down?
You need a reality check, you have put down nothing as others have said you have just been renting money.
By having him move in it will cut your costs and give you a chance of digging yourself out of your mess.
But keep the official finances seperate so no joint accounts0
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