Need some help -complicated set up

freaksaver

Hi all

I think I need a financial advisor but not entirely sure if that is the right person to help. Can someone please advise.

I have a house on BTL. I live with my partner in his house. We are buying another BTL house between us (price agreed yesterday so if anyone on here can help find a mortgage that'sa would be great).... Anyway my issue is that as I live in his house, if anything were to happen to him I would be left having to uproot the children and find somewhere else to live.

We are wanting to avoid this by trying to split what equity we have across the 3 properties I.e say he has £100k equity in his property but I only have £50k in mine then that split would still be kept but I would have a % ownership in his and he in mine.

It all gets a bit complicated for us and was wondering if a financial advisor would be useful in this situation or would it be a different type of advisor.

We also need to review our pension situations and need to review our existing 2 mortgages and get a deal agreed for the 3rd property.

Do I need different people who can help with all this or is there one person who can help.

Don't really want to just walk into a local estate agents and get a mortgage advisor in cSe they can't deal with the Equity split issue above.

Maybe we are over complicating it and it can be done another way?

Any help would be greatly appreciated ?!

masonic

freaksaver wrote: »

Maybe we are over complicating it and it can be done another way?

Get married?

kangoora

You are going to need a minimum of 2

Solicitor to draw up legal agreements on split of ownership of property

IFA to work through pensions and income (may be able to advise on mortgages but my IFA uses a 3rd party) - so maybe 3

jimjames

masonic wrote: »

Get married?

Seems to be by far the easiest way especially when there are kids involved. Register office, job done for few hundred quid. Cheaper and simpler than solicitors being involved.

enthusiasticsaver

I think to avoid overcomplicating things I would go to your existing mortgage provider first to get the mortgage if you already have at least one btl mortgage. You can draw up deeds of trust for the 3 properties through a solicitor which declares the amount each of you have put in. That is not really a financial advisors' domain but one of those would be able to help you with a mortgage or pension so my advice would be to see a solicitor re deeds of trust and a financial advisor re mortgage (if you don't want to use your existing provider) and pension. Is your partner the father of your children?

freaksaver

No, he has a son of 24 and I have 2 sons age 10 and 12,

We are both wanting to protect what we have built up for our children. It's not as easy as splitting everything 3 ways as he has more equity in his property than I have in mine