Adding partner to house deed and paying off the mortgage

Thrugelmir

Have you considered having mirror wills drawn up?  

Stan29101

Thrugelmir said:

Have you considered having mirror wills drawn up?  

Not thought about that no. But surely that only covers if one of us dies.  It doesn’t pay off the mortgage in the mean time…unless my partner pays it off without owning the house. A risk on his part if we were to break up…

canaldumidi

Stan29101 said:

Thrugelmir said:

Have you considered having mirror wills drawn up?  

Not thought about that no. But surely that only covers if one of us dies.  It doesn’t pay off the mortgage in the mean time…unless my partner pays it off without owning the house. A risk on his part if we were to break up…

Of course. The wills simply ensure what happens if one of you dies once the transfer is complete. Nothing to do with the mortgage or paying it off.

Stan29101

canaldumidi said:

Stan29101 said:

Thrugelmir said:

Have you considered having mirror wills drawn up?  

Not thought about that no. But surely that only covers if one of us dies.  It doesn’t pay off the mortgage in the mean time…unless my partner pays it off without owning the house. A risk on his part if we were to break up…

Of course. The wills simply ensure what happens if one of you dies once the transfer is complete. Nothing to do with the mortgage or paying it off.

Definitely something for us to think about!

TheJP

Stan29101 said:

canaldumidi said:

Stan29101 said:

Thrugelmir said:

Have you considered having mirror wills drawn up?  

Not thought about that no. But surely that only covers if one of us dies.  It doesn’t pay off the mortgage in the mean time…unless my partner pays it off without owning the house. A risk on his part if we were to break up…

Of course. The wills simply ensure what happens if one of you dies once the transfer is complete. Nothing to do with the mortgage or paying it off.

Definitely something for us to think about!

Don't bother because according to @SuseOrm crystal ball this relationship is doomed!

Stan29101

Yeah I understand someone feeling that way when they have had bad experiences themselves. I do have full faith in my relationship but I also understand it’s perhaps best to follow the safest process for both of us. Having said that, we had a conversation and have decided it’s probably best to follow the advise to pay off the mortgage and then add him to the house deeds ourselves. 

Murphybear

Stan29101 said:

SuseOrm said:

So somebody with a track record of broken relationships will be owning 50% of your current property is that correct at the price that you paid for it previously…. Can I be the 1st to suggest this is incredibly bad idea

I understand that - but if his (one, long term) relationship hadn’t ended then I don’t think he would be my partner now….

One divorce/separation is not really “a track record of broken relationships”, especially considering how many people get divorced these days.  

Stan29101

Haha yes agreed. I also had a previous long term relationship…and I certainly don’t see that as a history of broken relationships!

getmore4less

Stan29101 said:

canaldumidi said:

Stan29101 said:

Thrugelmir said:

Have you considered having mirror wills drawn up?  

Not thought about that no. But surely that only covers if one of us dies.  It doesn’t pay off the mortgage in the mean time…unless my partner pays it off without owning the house. A risk on his part if we were to break up…

Of course. The wills simply ensure what happens if one of you dies once the transfer is complete. Nothing to do with the mortgage or paying it off.

Definitely something for us to think about!

There are a couple of basic option that can drive the choices they apply to both of you..

Do you want the OH to have the property outright.
Do you want to have some control over your share once dead.

Remember that without marriage/civil partnership there are tax(IHT) considerations for the first option and the second should you choose something like a life interest for partner and then onto others when they pass. 

SuseOrm

Well all I can say in the world of HR is this a prior performance indicator of future success so yeah actually statistically you are more likely to get divorced the second and the third time than you are the first specifically as most people in the UK don’t address the issues that cause the first marriage to break up because we are all scared of therapy.
However my advice would apply whether it was the first marriage or the 12th you still need to protect yourself financially