Buying a house with partner

starchild85

Hello

I'm going to be buying a property outright and my partner will live there with me and for the time being (whilst I am a stay at home mum and have no income) will be paying for bills and living costs.

I have suggested he starts off with a 20% ownership of the property, but I'm not sure how to proceed from there?

Has anyone got any links or info on this sort of situation?

Guest101

I'd start with 0% - But look to add him in the future.


He might be paying all the bills but obviously no rent / mortgage.


Depends how long you've been together I suppose.

danslenoir

Why would you just give him 20% ownership if you have bought the property outright yourself? He could dump you tomorrow and you'd be forced to stump up that 20% again to buy him out. Seems like craziness.

As the other person suggested, far better and sensible for you to transfer equity to him over time depending on how much he contributes.

CathA

If you own it outright and there's no mortgage to pay, that will save both of you money for a start. If you were renting, he/you would have that bill so that's saving money.

If he was living on his own, he'd have to pay his own council tax, water, electric etc, so if he's living 'rent free' in your house or in his own place those bills would still need to be paid.

Admittedly, the bills will be a bit more in regard to heating/ water/ food etc for a family group rather than if he was living on his own, but he's quids in as he has no housing costs to pay.

I was in a similar situation and the agreement we had was that any improvements made and paid for by my chap (now my hubby) would be repaid if we split up, but nothing would be repaid regarding any bills, as he's have had to pay those items if we weren't living in the same house.

I'd leave his name off of any deeds for a while yet if I was you.

C_Mababejive

If i were a close friend of your partners and he asked my advice, i would advise him to go get his own house and not live in someone elses..

HappyMJ

C_Mababejive wrote: »

If i were a close friend of your partners and he asked my advice, i would advise him to go get his own house and not live in someone elses..

Same here.

OP you could buy a BTL property on your own for investment then find a rental property together that both of you would be equally liable for. You would increase your income and there would never be any chance of him getting a beneficial interest in your property....that is until you get married.

My advice never buy a house with someone unless you get married.

If I were advising him I would tell him 50/50 or nothing and don't move in. Sorry I've lived in my ex-partners house before and she had all the say in what happens with it. It wasn't a joint decision to replace the carpet. I couldn't do anything for fear that I would get a beneficial interest. It's not very nice when you're supposed to be a couple making joint financial decisions.

starchild85

We've been together for 13 years which is the same as marriage to me and we have a son together (3 months).

I do agree that he would be paying rent normally, but as I have been a student the last 3 years he has taken most of the financial responsibility and as he is a builder he will be doing any refurbs/upgrades to the property.

I will have a separate legal clause to say that he can't force me into selling to give his part of the property back.

Maybe I will change it to owning up to 20% over a period of time like 5 or 10 years?

starchild85

Also we live in London so buying his own house at the moment isn't an option as the market is too expensive.

Person_one

starchild85 wrote: »

We've been together for 13 years which is the same as marriage to me and we have a son together (3 months).

I do agree that he would be paying rent normally, but as I have been a student the last 3 years he has taken most of the financial responsibility and as he is a builder he will be doing any refurbs/upgrades to the property.

I will have a separate legal clause to say that he can't force me into selling to give his part of the property back.

Maybe I will change it to owning up to 20% over a period of time like 5 or 10 years?

I say make it 50/50.

You're a family, you're in it for the long haul, he's contributing plenty and has been for a while. He deserves some certainty and for that contribution to be counted, surely?

As an aside, long term co-habitation might feel the same as marriage, and you might be just as committed, but I hope you're aware of the many differences in legal status and the possible financial implications in the future of not getting married?

HappyMJ

starchild85 wrote: »

We've been together for 13 years which is the same as marriage to me and we have a son together (3 months).

I do agree that he would be paying rent normally, but as I have been a student the last 3 years he has taken most of the financial responsibility and as he is a builder he will be doing any refurbs/upgrades to the property.

I will have a separate legal clause to say that he can't force me into selling to give his part of the property back.

Maybe I will change it to owning up to 20% over a period of time like 5 or 10 years?

So why not 50/50? You've been together 13 years surely the money you have you've accumulated the majority of that while being together.

Or the big question now you have a baby together even just for your baby's sake why are you not getting married? It doesn't need to be anything fancy just a quick visit to the local registry office. Not being married upon your death your partner is entitled to nothing. Get married and he gets your pension along with a lot more. That pension will help him look after his baby without the need to work as hard as he has been.

Guest101

starchild85 wrote: »

We've been together for 13 years which is the same as marriage to me and we have a son together (3 months).

I do agree that he would be paying rent normally, but as I have been a student the last 3 years he has taken most of the financial responsibility and as he is a builder he will be doing any refurbs/upgrades to the property.

I will have a separate legal clause to say that he can't force me into selling to give his part of the property back. - Impossible. He either owns a share or he doesnt. The court would find it unfair that you prevent him from cashing in his asset

Maybe I will change it to owning up to 20% over a period of time like 5 or 10 years?

U should speak to a solicitor