How much should i charge my partner rent?

Mumsy3

My partner will probably move into my house when my daughter moves out in the next few months. I am wondering how we should work out how much he should pay towards the costs of living with me?

He will rent out his own house when he moves in with me. We both earn similar amounts but he does have additional income too from extra work he does in his spare time.

Neither of us have dependent children.

We both have our own separate mortgages.

TIA

Guest101

If he pays you rent, it's likely he will gain an interest in your property.


I'd suggest he pays just bills and food (split 50/50).

HappyMJ

Mumsy3 wrote: »

My partner will probably move into my house when my daughter moves out in the next few months. I am wondering how we should work out how much he should pay towards the costs of living with me?

He will rent out his own house when he moves in with me. We both earn similar amounts but he does have additional income too from extra work he does in his spare time.

Neither of us have dependent children.

We both have our own separate mortgages.

TIA

Either you combine finances partially or fully or you just split the bills in whatever proportion you believe is fair - excluding the mortgage as he will get a beneficial interest in the property if he pays that....unless of course you don't mind that.

I would never charge a partner "rent" to sleep with me.

He should use his income to contribute to the household expenses but if he has no income as his rental income will be used to cover the mortgage on the property he is leaving will you be asking him for money that he does not have.

It's a question that comes up quite often here. If you're going to live with someone in a relationship akin to marriage then you should share everything including your income, your assets and your expenses. You can still have separate bank accounts and have your income credited to your own account but you have to make sure each person in the relationship has exactly the same amount of money to spend as they please each month.

Mumsy3

Whilst i don't particularly want him to pay towards my mortgage, he will be gaining financially from the rent he will be charging on his property so would it be fair for him only to split food and bills?

I'd be interested to hear how other couples manage a similar situation and whether there are other things i need to consider. I hadn't realised that he could gain an interest in my property! Thanks for that insight :-)

Homeownertobe

Mumsy3 wrote: »

Whilst i don't particularly want him to pay towards my mortgage, he will be gaining financially from the rent he will be charging on his property so would it be fair for him only to split food and bills?

I'd be interested to hear how other couples manage a similar situation and whether there are other things i need to consider. I hadn't realised that he could gain an interest in my property! Thanks for that insight :-)

So will you by splitting your bills by 50%.

If you're so intent on him not 'gaining financially' then it's simple - rent out your house and you can both rent a house together that neither of you own.

Guest101

Mumsy3 wrote: »

Whilst i don't particularly want him to pay towards my mortgage, he will be gaining financially from the rent he will be charging on his property so would it be fair for him only to split food and bills?

I'd be interested to hear how other couples manage a similar situation and whether there are other things i need to consider. I hadn't realised that he could gain an interest in my property! Thanks for that insight :-)

You'll be gaining by splitting all your bills 50/50


Cheaper council tax, cheaper standing charges, cheaper fixed rate water, tv licence etc.

Mumsy3

My daughter currently pays half the bills (apart from mortgage).

If for example my bf rents out his house for £500 a month and pays this towards his mortgage he will be saving a lot more by not having any bills to pay for in his house apart from his mortgage. Then he'll only be paying half of our joint bills. I have spent thousands over the last year getting my house decorated and paying for new items that he will essentially be benefiting from in the future. This includes new white goods, an expensive new bed and bedding, new settees etc and bathroom and dining room furniture.

As I write this I realise that it sounds as though i am being greedy but i work hard for the material things that he will be sharing whereas he tends to spend his money on his hobbies such as expensive bikes and fishing gear and trips with his mates (which i don't mind him doing) but it doesn't really seem fair.

Guest101

Mumsy3 wrote: »

My daughter currently pays half the bills (apart from mortgage).

If for example my bf rents out his house for £500 a month and pays this towards his mortgage he will be saving a lot more by not having any bills to pay for in his house apart from his mortgage. Then he'll only be paying half of our joint bills. I have spent thousands over the last year getting my house decorated and paying for new items that he will essentially be benefiting from in the future. This includes new white goods, an expensive new bed and bedding, new settees etc and bathroom and dining room furniture.

As I write this I realise that it sounds as though i am being greedy but i work hard for the material things that he will be sharing whereas he tends to spend his money on his hobbies such as expensive bikes and fishing gear and trips with his mates (which i don't mind him doing) but it doesn't really seem fair.

It sounds like you aren't ready to live together.

Do you want half the value of your household goods?

Perhaps you both renting somewhere and each part furnishing would resolve this?

Well when your daughter moves out you'll have extra expense, he'll cover that?

You can't have him pay your mortgage and not gain anything, that's just the way it is.

A common method is he puts aside an equal amount with which to later buy into your home?

cyantist

I know it's a hassle but I think the idea of renting out your house as well, and then renting somewhere together is fairest.

Most of the things you've spent lots of money on you can take with you so you'll still benefit from them. It really isn't fair that he gets all the rental income from his house, plus cheap living costs as everything is shared with you, and he gains a beneficial interest in the property. But it doesn't always come down to what is fair and you should protect yourself from that.

HappyMJ

Mumsy3 wrote: »

My daughter currently pays half the bills (apart from mortgage).

If for example my bf rents out his house for £500 a month and pays this towards his mortgage he will be saving a lot more by not having any bills to pay for in his house apart from his mortgage. Then he'll only be paying half of our joint bills. I have spent thousands over the last year getting my house decorated and paying for new items that he will essentially be benefiting from in the future. This includes new white goods, an expensive new bed and bedding, new settees etc and bathroom and dining room furniture.

As I write this I realise that it sounds as though i am being greedy but i work hard for the material things that he will be sharing whereas he tends to spend his money on his hobbies such as expensive bikes and fishing gear and trips with his mates (which i don't mind him doing) but it doesn't really seem fair.

Why don't you offer half of "your" house to him for a share in "his" house?

At the end of the day your net worth will be the same and you'll own 2 houses between you. The profit after the mortgage and expenses have been paid on the BTL property will then be legally equally shared between you....or are you not ready for that just yet?

DavidF

Mumsy3 wrote: »

My daughter currently pays half the bills (apart from mortgage).

If for example my bf rents out his house for £500 a month and pays this towards his mortgage he will be saving a lot more by not having any bills to pay for in his house apart from his mortgage. Then he'll only be paying half of our joint bills. I have spent thousands over the last year getting my house decorated and paying for new items that he will essentially be benefiting from in the future. This includes new white goods, an expensive new bed and bedding, new settees etc and bathroom and dining room furniture.

As I write this I realise that it sounds as though i am being greedy but i work hard for the material things that he will be sharing whereas he tends to spend his money on his hobbies such as expensive bikes and fishing gear and trips with his mates (which i don't mind him doing) but it doesn't really seem fair.

Just show him this thread and that will solve your problem lol. What you have spent/worked hard for is immaterial if you are ready to commit to a relationship and do the moving in together bit.
If you are not ready to "share" everything then just do not let him move in ....explain that you like your home comforts and like things just the way they are.(Home ownership apart as major asset and I would think if you were at that stage you would both be either selling/renting and investing in a place both of you could call home)
But im being totally honest - If my OH showed me this thread at the time before we moved in together then I would have been off like a shot.