Partner Paying Off My Mortgage - What am I asking for?

pimento

There is one in our village (just the one) and a few people have said he's slow and expensive. Am I safe just having a ring around locally, do you think? I mean, I don't think it's a particularly complicated transaction.

My will might be, though... Hm. Might need advice on that as well.

pimento

getmore4less wrote: »

No stamp duty on the £45k(assume he does not have another place).

if that's it then a 10% share nice round number.


if you want to keep a fixed share then don't forget that refurb/improvement costs should be split 90:10 as well.

That's great, thanks. He has no property. The reason he can afford to pay off the mortgage is that he recently sold his house to move in with me.

I know we could just get married but he's not keen and I have no pressing need to re-join the patriarchy after my husband died three years ago. He has no children but I have a grown up son so I'm unsure what effects my marriage might have on anything he is due to inherit (assuming I haven't spent it all..)

Pixie5740

I think you need to use a solicitor when redeeming your mortgage. Your mortgage lender's list of approved solicitors would be a good place to start.

pimento

Just spoke to C&G, no solicitor required by them. I can just write them a cheque.

Might call the solicitor who did my will to see if they do conveyancing.

Thanks all.

macman

If you marry your partner then your existing will is revoked, and your estate will be distributed according to the intestacy rules, unless you make a new one. Without marriage or a valid will, your surviving partner would not be entitled to a share of your estate: your son would inherit 100%. If you marry but remain intestate, then he will get: your personal possessions, the first £250K, and half the remainder. Your son gets the other half remaining.
The major advantage of marriage in your case will be the IHT allowance of £325K available to the surviving partner.
You really need to take proper advice for inheritance and efficient tax mitigation of your estate.

tlc678910

Hi,
In your circumstances I think it is vital that you do make a will ASAP.

One scenario of having no will is that your partner may be forced to sell to give your son his inheritance and with only 10% equity in your shared property he may be unable to buy anywhere to live again and be forced into rented accommodation.

In your will you will need to consider what % of the property or amount of money would allow your partner to be adequately housed, or whether you would like them to have a lifelong right to reside in the property before it is sold to settle your estate. I think you need specialist advice to make your will.

My friend lived with her partner for 10 years (in his mortgaged house) helping to pay bills and diy etc. When he died she had to vacate it for his next of kin to inherit (not her as not married) and start again from scratch. Quite sad and at least with a will his wishes would have been made clear.

Tlc

pimento

Yes, one of the deal breakers is that he will have to make a will. He currently doesn't.

I've had a will since 2001 and it was updated on my husband's death in 2014.

I think I'd like to give my partner the right to reside in the house until he either dies or wants to sell.

He will have to make a will because if he doesn't and he dies, his sister will get his share of the house and we don't get along very well.

gettingtheresometime

pimento wrote: »

Yes, one of the deal breakers is that he will have to make a will. He currently doesn't.

I've had a will since 2001 and it was updated on my husband's death in 2014.

I think I'd like to give my partner the right to reside in the house until he either dies or wants to sell.

He will have to make a will because if he doesn't and he dies, his sister will get his share of the house and we don't get along very well.

The only problem with this is wills can be changed without your knowledge and whilst this is underhand, there are people around who would agree to a will be written in one way only to change on the quiet afterwards.


In addition the will would need to be carefully worded - would you be happy say that if you were to pre-decease him, for him to live there with a new partner? Would there be a timescale for him to move out for example.

xylophone

I would suggest that you and your partner consult a firm with STEP qualified partners - they will be able to deal with conveyancing and wills and any interest in possession trust.

http://www.step.org/for-the-public

Gigervamp

You need to have a discussion about what happens to his share if you split up.
Would you be able to pay it to him without having to sell the house?