mortgage and co-habitation

Gwhiz

Worry_Wart wrote: »

We have no plans to have children so that shouldn't complicate matters.

Thanks!

The best laid plans of mice and men.

Prothet_of_Doom

A mate of mind is renting his spare room to his girlfriend, and she even has a rent book, and a written room rental agreement. It's the same room that I rented off him for the previous 11 months, so apart from the fact that I have never slept with him, could I have a 'benificial' claim to his house ?

Mojisola

Worry_Wart wrote: »

Okay, thanks for the advice. I think based on your suggestions then I will say we keep track of all household bills excluding anything that goes into upkeep of the house, and split those. I will suggest he opens up a savings account and puts the money he is saving by living with me into that every month, and this can go towards a future deposit, should he wish. Whether he does that or not is anybody's guess.

If he doesn't put the money away every month and isn't open with you how much is there and that he sees it as joint money, he's not going to be a keeper.

Pixie5740

Prothet_of_Doom wrote: »

A mate of mind is renting his spare room to his girlfriend, and she even has a rent book, and a written room rental agreement. It's the same room that I rented off him for the previous 11 months, so apart from the fact that I have never slept with him, could I have a 'benificial' claim to his house ?

Your friend sounds like a great boyfriend :eek:

Does his girlfriend actually use the spare room as her bedroom or does she share his bed?

If a boyfriend ever tried this arrangement with me I'd give him the old Spanish archer.

Worry_Wart

Mojisola wrote: »

If he doesn't put the money away every month and isn't open with you how much is there and that he sees it as joint money, he's not going to be a keeper.

Yes, good point. Oh well, lets see. Maybe he will put the money away every month, and then seeing it accrue will inspire him to sort his finances out, and make him motivated to join the house ownership bandwagon. That worked for me.

Errata

He can't co-buy a property with you because he's potless. Any thoughts of yours that he'll put the money he's saving by not paying rent is pure fantasy on your part - he won't. If he does, and that's pretty remote, he'll consider the savings are his because he's been able to leech on you.

BitterAndTwisted

Worry_Wart wrote: »

I think based on your suggestions then I will say we keep track of all household bills excluding anything that goes into upkeep of the house, and split those. I will suggest he opens up a savings account and puts the money he is saving by living with me into that every month, and this can go towards a future deposit, should he wish. Whether he does that or not is anybody's guess.

I think I'll get a lodger to contribute towards my monthly expenditures as I need to put some money away each month and it will be too difficult if I am paying £900/month (even before interest rates go up).

This sound like you were factoring in your partner's "rent" into the affordability-plan when you were contemplating buying this property. Not very sensible if you want to hang onto your deposit and your equity by not sharing it with him.

TBagpuss

Contributions alone are not enough to give him a claim against the house, there also has to be a joint agreement or understanding (which can be implied) that this will give him an interest in the house.

I would suggest that you draw up a formal cohabitation agreement. I persoanlly would come to an arrangemetns that he pays a sum which is less that his current share of the rent, but mean he is paying something - maybe £200 a month on the figures you give, on top of his half of the bills and food.

That would leave him in a position where he is paying far less for accommodation than he would anywhere else, so he is getting a good deal. You getsomething which can allow you to save while paying your mortgage, so you get a good deal, and you have a written agreement so you both know exactly where you stad.

If in the future you decide the relationship is permanent you can draw up a revised agreement, put the house into joint names and he can have a fixed share - obviously if at that stage he has been saving the extra £200 a month he will be in a position to put in a lump sum, if he hasn't, he can start contributing at that point.

Why does he see it as contributing to your mortgage rather than paying his own rent?

An alternative would be for him to have a formal agreement that he was your lodger.

xylophone

Let the boyfriend rent his own property?

You go off and buy your house and live in it, taking a lodger to help with the bills? https://www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme - make certain the mortgagee and insurer are happy with this?

You see the boyfriend as and when you wish?

When you and he are ready to make a commitment, he buys into your house on a tenants in common basis?

Halle71

TBagpuss wrote: »

Contributions alone are not enough to give him a claim against the house, there also has to be a joint agreement or understanding (which can be implied) that this will give him an interest in the house.

I would suggest that you draw up a formal cohabitation agreement. I persoanlly would come to an arrangemetns that he pays a sum which is less that his current share of the rent, but mean he is paying something - maybe £200 a month on the figures you give, on top of his half of the bills and food.

That would leave him in a position where he is paying far less for accommodation than he would anywhere else, so he is getting a good deal. You getsomething which can allow you to save while paying your mortgage, so you get a good deal, and you have a written agreement so you both know exactly where you stad.

If in the future you decide the relationship is permanent you can draw up a revised agreement, put the house into joint names and he can have a fixed share - obviously if at that stage he has been saving the extra £200 a month he will be in a position to put in a lump sum, if he hasn't, he can start contributing at that point.

Why does he see it as contributing to your mortgage rather than paying his own rent?

An alternative would be for him to have a formal agreement that he was your lodger.

Maybe not legally binding if we had split up, but this is what we did. My boyfriend was paying £600 rent inclusive of bills in a shared house and I was paying circa £900 inclusive of bills in a flat I owned. When he moved in I charged him £300 a month all in - we were both £300 a month better off which seemed a fair way of doing it. Six years, 2 children, a new house and a BTL property together and we are still on the same page financially