Boyfriend moving in - property ownership advice

bodmil

Errata wrote: »

If you take him in as a lodger he needs a contract and a rent book.

This isn't true. Lodgers have very few rights. It might be reccomended to have an agreement about house rules, but they have no right to a contract or notice.

BitterAndTwisted

sj77 wrote: »

My boyfriend has no savings or property to speak off but wants to pay my overpayments for the next 10 years (when the mortgage will be paid off) for a stake in the property whilst I pay the main mortgage. I am concerned about protecting my investment as am used to the idea that this is my property and do not want to jeopardise losing part/half of it.

As soon as you accept any sums of money from him which could later be construed as rent or a contribution towards your mortgage, that is precisely what you would be doing.

The safest way is to have proof that he's paid a fair share of the Council Tax, utilities and food costs. No money towards repairs or maintenance, no improvements, no bills in his name and no paid-for holidays in lieu of the above.

You've got 14 year's worth of mortgage-payments and equity to protect. He's got nothing. Not a ruddy bean. If you want him to come out of your relationship several years or decades down the line, his not having had any rent to pay and saved what it would have cost him would give him a substantial amount of savings.

Do not let your heart/libido rule your head! This could be your long-term financial security at stake.

Errata

bodmil wrote: »

This isn't true. Lodgers have very few rights. It might be reccomended to have an agreement about house rules, but they have no right to a contract or notice.

An agreement is a contract.

BitterAndTwisted

BitterAndTwisted wrote: »

As soon as you accept any sums of money from him which could later be construed as rent or a contribution towards your mortgage, that is precisely what you would be doing.

The safest way is to have proof that he's paid a fair share of the Council Tax, utilities and food costs. No money towards repairs or maintenance, no improvements, no bills in his name and no paid-for holidays in lieu of the above.

You've got 14 year's worth of mortgage-payments and equity to protect. He's got nothing. Not a ruddy bean. If you want him to come out of your relationship several years or decades down the line, his not having had any rent to pay and saved what it would have cost him would give him a substantial amount of savings.

Do not let your heart/libido rule your head! This could be your long-term financial security at stake.

Oh, and no joint-financial products or joint bank-accounts either!

Mojisola

bodmil wrote: »

What about if he pays half the bills making it very cheap rent for him so he should be happy and you get to keep your mortgage as is. Then he should put X aside in a savings acount for a year. He can then either put that on your mortgage when you're happy, or keep it as a deposit fund for a new house together later in ther future?

This is something I would consider asking him to do.

He has the chance to show that he can save and is serious about the relationship.

If you do eventually put his name on the deeds, look at the two ways of owning a property - joint tenants and tenants in common. If you use the second way, you wouldn't inherit from each other (as an unmarried couple) so get wills written as well.

Joons

Just what everyone else is saying, wait! Let him move in and pay half your bills and charge him rent too. He's bringing nothing to the table financially speaking so leave it as it is, don't go putting him on your mortgage etc just yet, wait and see how you get on living together first of all, there's no mad rush, he's not saved a bean so far so sure he can wait.

lika_86

Why not suggest that he puts the money into a joint savings account instead and then in 10 years or whatever that you use the money to put into another house together?

Errata

His money into a savings account is a sensible way forward, but solely in his name, not joint.

Mojisola

lika_86 wrote: »

Why not suggest that he puts the money into a joint savings account instead and then in 10 years or whatever that you use the money to put into another house together?

I think if a partner didn't want me to go on the house deeds but did want my savings in a joint account, I'd be questioning his motives!

HeadAboveWater

iwb100 wrote: »

Can you not start off with a sort of rent arrangement? He pays an agreed rent a month to cover bills/mortgage whatever you want. But initially at least it's done like renting so he isn't essentially building up any investment?

I mean he'd have to pay rent to live somewhere else presumably, so this would be no different. Then you can decide on mortgage etc when you're comfortable to do so!

Bingo. Exactly what me and OH are doing at the minute!!

OH has over 70% of his mortgage paid off, and understandably he doesn't want someone coming in and maybe claiming part of what he's put his blood, sweat and tears into.

I pay him 'rent' which he uses for whatever he wants, and I also pay half the bills.

Now that we've been together for a bit longer, we're discussing our options regarding buying a house together, be it now or a few years down the line.

Works for us!!