Not in any real Debt but need opinions if ok :)

ReadingTim

NewHouseMoveHelp wrote: »

This is all based on the house being owned outright by my partner. It's a slightly complicated situation with her family but if all goes to her fathers plan she gets the house.

She wants to move in immediately and I said I'm happy to pay all the bills considering she is basically paying for the house. So that's why I want to make sure I plan everything out and can afford it.

"she gets the house" doesn't quite sound the same as "she is basically paying for the house", and unless you're already married, I'd want to make sure I haven't been cleaned out of cash if the relationship goes sour - you seem to be paying for everything here, as by your own admission, her wages don't seem to cover much more than costs and a bit of pocket money. Meanwhile nearly every penny of your money is accounted for, albeit with a relatively generous entertainment and emergency fund budget.

Sorry if this sounds a little cynical, but on the assumption that the £145 of child-related expenses but no child mentioned in the SOA means maintenance payments to a former partner, then you should be all too aware that couples can split up. If that happens, you've paid all of her bills, she keeps her house, and you get nothing. How do you feel about that?

NewHouseMoveHelp

Thanks Smodlet and Reading Tim those are both good points for me to consider.

We don't currently live in the house and I have been there a few times and it has just had a new boiler fitted. There are no repairs that obviously need doing and it's in very good condition.

We have been discussing having the house in both out names considering I will be funding most of the bills and any furniture, maintenance etc atleast until her income improves. She said she is happy to do this because then she won't feel bad by having to rely so much on just my income. But her father will have to put the house entirely in her name, she will then have to give half to me separately. I'm not really sure how this works but it looks like two lots of visits to the solicitors and two lots of fees. I know her father is paying for it to go in her name. So I said I would pay the second time considering I will be getting half.
Like you said ReadingTim I think this is important because if our relationship does brake down at any point in the future I may not be in a very good financial position if I have nothing to show for all those years of maintaining her house.

zippygeorgeandben

£100 per month for a holiday fund? Is that because you save it each month so you have a pot for going away in say Summer?
£200 on holidays and entertainment each month sounds a little excessive by my own budgeting.
Also, £200 in groceries can definitely be curbed. What my partner and I do is at the first of each month we have our Ocado delivery (yes nice food, not budget I understand) but it's our challenge to spend this and only this for the month. So we buy milk in bulk and stick in the freezer for instance to stop any cheeky stops at the shops on the way home.
I don't know a person who doesn't nip into Marks' or the shops/off license on the way home from work. £15 here £20 there..
Person 1"BUT THE SALMON WAS HALF PRICE, £6 INSTEAD OF £12"
Person 2"But we didn't need it"

EssexHebridean

The second transaction relating to the house would be what is called a "Transfer of Equity" - and would be on the basis of "natural love & affection" - no money changes hands and the Land Registry fee for the registration is based on the value of the property but is usually somewhere between £20 - £100 if submitted electronically. You'd be unlikely to have to pay stamp duty as long as there is no mortgage involved. Solicitors fees for a TofE are usually lower than for a full conveyancing transfer but depend on whereabouts you are. Generally speaking a solicitor will advise that you should both seek independant advice on the matter - the focus will in particular be on ensuring that your OH understands fully what she's signing over. if the property is leasehold then there will also be a second lot of notice fees for formally notifying the freeholder of the change of ownership - this aren't usually that high though - can be anywhere from zero to £200.

another_casualty

I'm sorry, but imho there is no way I'd have the house in her name only.
If things get spiteful ( hopefully they never will), then you have extra hassle. Her father sounds a bit over powering .
Is it her family home or something ? A bit confused.
Good luck

Smodlet

NewHouseMoveHelp wrote: »

Thanks Smodlet and Reading Tim those are both good points for me to consider.

We don't currently live in the house and I have been there a few times and it has just had a new boiler fitted. There are no repairs that obviously need doing and it's in very good condition.

We have been discussing having the house in both out names considering I will be funding most of the bills and any furniture, maintenance etc atleast until her income improves. She said she is happy to do this because then she won't feel bad by having to rely so much on just my income. But her father will have to put the house entirely in her name, she will then have to give half to me separately. I'm not really sure how this works but it looks like two lots of visits to the solicitors and two lots of fees. I know her father is paying for it to go in her name. So I said I would pay the second time considering I will be getting half.
Like you said ReadingTim I think this is important because if our relationship does brake down at any point in the future I may not be in a very good financial position if I have nothing to show for all those years of maintaining her house.

A couple of things have just occurred to me; I sincerely hope you do not take offence as they are intended purely as practical points, not in any way to impugn your OH's father's integrity:

1) Do you think it might be worth getting a survey done on this house or are you really good at DIY/in the building trade so can see for yourself exactly what's what in this house? Might it be worth asking a builder you trust to look over it with you, rather than incurring the cost of a survey? You could always offer him a few quid/lunch...

2) Is there a legal reason why your "FIL" cannot put the house in your joint names, thus saving you legal fees? If this can only be done via a sale, could he perhaps sell you the house for £1? I don't know the legal or tax implications of doing so, if any, but maybe someone on here does. HTH.