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Buying with partner, which costs are fair to share?
Emma2804
Posts: 6 Forumite
My partner & I live together in the home I own. My partner moved in with me 2 years ago & only pays half utility bills/council tax etc & so no rights to my home or mortgage. He has his own mortgaged property he rents to a friend. Due to him owning a property already it means we have to pay higher rate stamp duty. We have assumed it is fair to share this cost (£16,200 between us), when buying together, but had I bought alone under the current stamp duty holiday I wouldn’t have to pay a thing. That said, neither I nor my partner could afford to buy the place we’re buying on our own.
But, we had decided to share all costs, with the purchase & my sale. But now I’m wondering if it is fair to expect him to pay half the costs of selling my place (£4,800 between us) as it is my property. Again though, that said, without the equity (£210,000) from my property we wouldn’t stand a chance of affording the new place together (£515,000). We’d both assumed going forward any costs for maintenance etc on the property he owns he would bear. we’re going in circles as to what seems fair. Has anyone got any suggestions or thoughts on this? We need to fill in the solicitor forms this week on what our shares in the property will be, but we need to work the above out first. Thanks in advance.
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Comments
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If you buy another place on your own you will own 2 properties so pay the extra 3% stamp duty.
If you can buy a place together then you pay the same amount of stamp duty.0 -
I’m not buying a second property. I am selling my property to fund the property we are buying together. But it’s classed as a second property for him so we have a higher rate stamp duty to pay.My query relates to what’s considered fair with regards to costs for both the stamp duty & the cost to sell my place. Should I foot all the sales costs & still pay half the stamp duty? If I were buying with someone who didn’t have a second property & therefore no stamp duty to be paid then I would say I foot my sales costs on my own.0
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To be honest, it seems strange that you are stumping up all your equity for a 50% share while he will retain his entire property. If you are serious enough about the relationship to buy a property together then I think you should consider sharing the ownership of his other property as well. Pay half of the cost of everything and own half of everything.10
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As a committed couple, I would be pooling all resources and there would be none of the 'he pays this, i pay that'. I would be just paying the estate agent fees out of the house equity before it goes into the deposit.1
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To clarify, we we will be tenants in common in the new property with clearly defined percentages of ownership. So all my house sale equity will be recognised as my share & his share will be whatever cash deposit he has.0
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Your house count the net released as yours moving forward.
The one you buy include all cost to buy then work out the shares.
You could decide that the SDLT is a result of his beneficial interest so he covers that cost when working out the shares.
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Maybe an unpopular opinion but for me you get to a place in a relationship where finances should just be shared. If my I and my partner we're putting so much effort and consideration into the separation of our finances and what's 'fair' I would start questioning the longterm commitment, I say that as the person who came into my relationship with the most to lose.
It's probably more of a old school way of looking at it, but I just see it as joint finances and would sign everything over to 50/50.3 -
If I were you I'd just buy on your own again, and let him live there if you want to. Even if that means a different property.1
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Errr they covered that, can’t afford to get they want on their own and presume something in their price range would be a side step so not worth moving.....Aranyani said:If I were you I'd just buy on your own again, and let him live there if you want to. Even if that means a different property.0 -
If your relationship still sees things as "this is mine, that's yours", then buying together is the wrong move.8
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