How can I invest into the flat we re moving in ?

BrassicWoman

I would not let "just a boyfriend" in financially, especially after 18 months. Also she has much more to lose than you.

It's too messy if there's a breakup.

getmore4less

PasturesNew wrote: »

Pay the rent into your own separate bank account. A new "savings" account.

Pay her half the bills.

That way, if you split up, you take your savings; if you don't, then you put that money into the property (or the next one) at some future point.

That will be the a test are you partner or lodger with benefits.

FBaby

You need to be honest with each other and come up with a compromise. She's clearly indicated to you that she isn't keen on you having a beneficial interest, which means that she really doesn't want you to. You are here asking advice about how you can do so, so this is only going to go pear shape if you don't start communicating with each other about how to move forward.

I agree that the only way you can make it work is how Xylophone is suggesting. You are accepting that you are not going to invest in the property that she wants to keep for herself, but in that case, you want an opportunity for your own investment.

You need to accept that your investment might not be as good as hers because you are not in a position in time to invest as she can. She needs to accept that she can't say her place is her investment, but then expect you to pay towards it.

I personally think that the best way forward is for her to pay the full-mortgage and you to pay half of the bills. You put your savings towards the investment of your choice. She could however argue that if you were not together, you would need to pay rent. However, if you were not there, how much rent could she get from a flatmate if anything? In this instance, you should agree on an amount, maybe between 1/3 and 1/4th of the mortgage.

Hopefully your relationship will progress by which all this will become redundant anyway.

lewishardwick

My partner had to sign a document for the lender agreeing to not have any financial interest in the property I am buying.

As he is (currently) unemployed he will pay no rent and only make small contributions to food and running costs. (mainly because there'll be someone in the property for most of the day, if he worked it'd be empty). If/When he seeks employment, then we'll have to discuss further and come to an arrangement. But it'll be significant less than 50% of mortgage+running costs.

Whilst I see the point of everything being 50/50, she has more to gain (and lose). You will get no benefit of property value increases, but are somewhat protected from decreases too.

Your proposals will require approval from the lender and the solicitor.

missbiggles1

lewishardwick wrote: »

My partner had to sign a document for the lender agreeing to not have any financial interest in the property I am buying.

As he is (currently) unemployed he will pay no rent and only make small contributions to food and running costs. (mainly because there'll be someone in the property for most of the day, if he worked it'd be empty). If/When he seeks employment, then we'll have to discuss further and come to an arrangement. But it'll be significant less than 50% of mortgage+running costs.

Whilst I see the point of everything being 50/50, she has more to gain (and lose). You will get no benefit of property value increases, but are somewhat protected from decreases too.

Your proposals will require approval from the lender and the solicitor.

Why only a small contribution, why not half?

lewishardwick

missbiggles1 wrote: »

Why only a small contribution, why not half?

If he paid half of everything, the chances of him being able to put money into savings would be slim (low earner).

If for some reason we were to split, it would not be unreasonable for him to pursue me for a 'share' of the property. Especially as I would have benefited from him paying 50% of the mortgage.

Of course, I could always put whatever he pays into saving for such an eventuality and then either repay it if we break up, or use it for a future mutual benefit such as a joint purchase.

Kynthia

Jointly owning a property is a big financial commitment. If there is a mortgage involved then it links your credit records, you are tied to a debt that lasts longer than most marriages and it's linked to an asset that is illiquid and can decrease in value. Sorry but I wouldn't do this with someone after 18 months. Perhaps after a while you can buy into the property if your relationship is serious.

You need an honest discussion with each other. Plus while I don't believe you should live their rent free while she has little money leftover each month, I also don't believe you should pay half tge mortgage while not benefiting from.any equity gained (although yiu aren't at risk of negative equity either). So I'd suggest something in between but it's for you two to discuss and agree.

missbiggles1

lewishardwick wrote: »

If he paid half of everything, the chances of him being able to put money into savings would be slim (low earner).

If for some reason we were to split, it would not be unreasonable for him to pursue me for a 'share' of the property. Especially as I would have benefited from him paying 50% of the mortgage.

Of course, I could always put whatever he pays into saving for such an eventuality and then either repay it if we break up, or use it for a future mutual benefit such as a joint purchase.

Why would he expect to be saving while he's unemployed? In fact, why would he expect to be saving if he's on a low income and not paying his share of the bills - to me that seems like it's your money he's saving?

(Apologies if I've misunderstood.)

Guest101

missbiggles1 wrote: »

Why would he expect to be saving while he's unemployed? In fact, why would he expect to be saving if he's on a low income and not paying his share of the bills - to me that seems like it's your money he's saving?

(Apologies if I've misunderstood.)

I think in many cases people pay proportionately to what they earn.


So if a bill is £100


And one person earning 10k and the other 20k (after tax), they split the bill £33 and £66.


It's not what everyone does, but it has benefits in the long term.

lewishardwick

missbiggles1 wrote: »

Why would he expect to be saving while he's unemployed? In fact, why would he expect to be saving if he's on a low income and not paying his share of the bills - to me that seems like it's your money he's saving?

(Apologies if I've misunderstood.)

He wont be saving anything whilst unemployed. He gets JSA only and has to bolster his living with his current savings (not very much).

But Guest101 has kindly clarified. It might not be perfect, but it'll work for us.