cohabiting - what would you do?

Mojisola

If you're a couple, she can't be a lodger and anything she gives you towards paying the mortgage (whether you call it that or not) will give her some rights to a share of the property.

Some couples have the person owning the house pay the mortgage while the partner puts the equivalent of half the mortgage payment into a savings account in their name.

If the relationship fails, there is enough money in savings for the non-owner to pay a deposit and the other costs involved in renting their own place. If you stay strong as a couple, the savings become joint and are there for a rainy day, a holiday, etc.

It's worth reading through https://www.advicenow.org.uk/living-together/

Errata

Don't forget the old story - you don't know 'em until you live with 'em.

Toadeh

Could you not do a deed of trust to start with? so the first 200k is yours, anything after that is shared?

Beige

Could you not do a deed of trust to start with? so the first 200k is yours, anything after that is shared?

I don't think the mortgage company would allow the partner to have an ownership claim on the property, since the mortgage is only in the name of the OP.

Beige

But I can use her rent to pay some of the mortgage?

So she would just be regarded as a lodger?

Mojisola's advice sounds better than mine.

I've just been through making similar arrangements, but simpler than yours since both names on deed and mortgage.

theGrinch

If its the first time you have lived together, you must protect your interest as stated before.

If things work out, then the next property you can buy together.

Errata

If she loves you, she'll do everything in her power to ensure your interests are fully protected.

bobcratchit

Thankyou so much for all your advice. I'm still trying to work out the best way ahead as I do want everything to be equitable but I suppose it's not an exact science. My gut feeling is that if she paid a suitable amount that went to paying part of the mortgage (through rent or whatever) then I think she would be rightly entitled to any increase in the house value (if it did go up) but then how would that be divided if we split and one of us stayed in the flat. Or maybe that's way too complicated!!

Errata

Very complicated. She wouldn't expect her landlord to give her a share of the profit if he sold up.

Mojisola

bobcratchit wrote: »

My gut feeling is that if she paid a suitable amount that went to paying part of the mortgage (through rent or whatever) then I think she would be rightly entitled to any increase in the house value (if it did go up) but then how would that be divided if we split and one of us stayed in the flat.

It would depend on how long you lived together before any split happened but, if she had built up an entitlement, it wouldn't just be any increase in the value, she would be able to claim a percentage of the value of the property.