Renting Partner Moving into my Mortgaged Property

LittleFawn · 22 June 2021 at 3:40PM

My partner rents their house, and I have a mortgage on mine (in my name alone I bought it before we met). If they move in with me we'll be in a very good financial situation.

However my Dad reminded me that even if we aren't married my partner would be legally entitled to 50% of my mortgage if we break up, even if I don't put them on my mortgage. I've lived in this property by my self for 4 years. I've been googling this and there is so much information. I was wondering what the best thing to do would be? Or if anyone else has experience of a renting partner moving into a mortgage.

I am unsure what to do? Put them on my mortgage and pay 50% everything?

Pay my mortgage alone and they help towards the bills?

Sign a prenup (which apparently isn't a legally binding document)?

We are planning the move for in a couple of months. I want to protect my mortgage because this is my first property and I worked very hard to get it.

MaryNB · 22 June 2021 at 4:04PM

They wouldn't be automatically be legally entitled to 50% of your property. They don't have near as many rights as a married partner would have.

What they could do is make a claim against you saying they have an interest in the property based on the money they put towards the mortgage and any renovations to the property.

Easiest way is for them to pay half of the bills, nothing towards the mortgage or upkeep of the house. Maybe suggest they put the equivalent of the mortgage into a savings account so they can buy into your property when you are ready to co-own it.

Prenup isn't legally binding but can be used in a court if it's considered fair to both parties. Doesn't help if you break up before you get married.

Perhaps look into a cohabitation agreement. I don't know the details but it may cover your case.