Partner and I moving together

sandyk01

Hi

My partner and I currently rent together. I have a house which I'm looking to sell and buy a 2 bedroom flat in London. I have about 250k equity which I will use for my deposit. My partner will move in with me but will not be on the deeds or anything as he is not contributing financially to the property. How do I ensure my property is safe say for example if things don't work out? I plan to pay the mortgage the service charge myself. We will go halves on the council tax , electric bill and food. He's currently doing a degree and working full time. I earn double what he does so I'd be ok paying that plus its my property anyway of course. He'll be paying me no rent. Just half's on the bills/food.

I think I read somewhere about getting a lawyer to draft a cohabitation agreement that the property is mine alone etc and he has no interest in it etc. Will this be enough? Am I safe? 

I'd rather live in my own home as currently I'm renting and being liable to pay tax on my rental income on the house I own so it just makes no sense. 

Thanks all

kaMelo

Doing as you suggested, you pay all costs related to the property but share household bills (and keep documentation to prove this) should be sufficient.
You could get a solicitor to draft an agreement or even write your own, only you know what his reaction will be when you present this document for him to sign.

PM22

Girl power!

MalMonroe

PM22 said:

Girl power!

Really? 

How do we know gender specifics? I mean, you may be right but then again, you may not be. And although the OP may be safe, I'd not be too happy if I were in his or her partner's shoes. 

Sarahspangles

sandyk01 said:

Hi

My partner and I currently rent together. I have a house which I'm looking to sell and buy a 2 bedroom flat in London. I have about 250k equity which I will use for my deposit. My partner will move in with me but will not be on the deeds or anything as he is not contributing financially to the property. How do I ensure my property is safe say for example if things don't work out? I plan to pay the mortgage the service charge myself. We will go halves on the council tax , electric bill and food. He's currently doing a degree and working full time. I earn double what he does so I'd be ok paying that plus its my property anyway of course. He'll be paying me no rent. Just half's on the bills/food.

I think I read somewhere about getting a lawyer to draft a cohabitation agreement that the property is mine alone etc and he has no interest in it etc. Will this be enough? Am I safe? 

I'd rather live in my own home as currently I'm renting and being liable to pay tax on my rental income on the house I own so it just makes no sense. 

Thanks all

If you’re using a solicitor for the house sale/flat purchase ask for their help with drawing up an agreement, they’re increasingly common. When OH moved in with me we had a full blown living together agreement. Be prepared for a slightly awkward conversation about what goes in it, but it’s got to be less painful than untangling arrangements if/when you’ve fallen out and emotions are running high. Or things can go well - what ours supposedly covered is a running joke between us nowadays.

If your partner isn’t going to contribute to the mortgage and you’re not going to charge rent that gives them an opportunity to save up either to get a place of their own, or if you stay together long term, to buy you out. That needs to be understood.

sheramber

MalMonroe said:

PM22 said:

Girl power!

Really? 

How do we know gender specifics? I mean, you may be right but then again, you may not be. And although the OP may be safe, I'd not be too happy if I were in his or her partner's shoes. 

PM22 is correct.

Why should partner have share of house when not paying anything towards it.

 if both partners are happy that is all that matters.

Pollycat

sheramber said:

MalMonroe said:

PM22 said:

Girl power!

Really? 

How do we know gender specifics? I mean, you may be right but then again, you may not be. And although the OP may be safe, I'd not be too happy if I were in his or her partner's shoes. 

PM22 is correct.

Why should partner have share of house when not paying anything towards it.

 if both partners are happy that is all that matters.

I agree.
To live rent free in London with just half the bills to pay should allow the OP's partner to save a lot.

Things are very different now.
When I first started work, people saved in a building society in the hope they'd give you a mortgage.
Buying a house on your own would have been unheard of 50 years ago.

sandyk01

Thank you all. Some really helpful suggestions. We both are happy and have been renting for about a year and a half now. I was married previously hence the house I own. I had to buy my ex out and took a financial step back so I don't really want to be burned again and want to protect what I've worked hard to build. 

The reason for this sudden push is a huge tax bill (6k) for this year for the house I own which is rented out. So really makes no financial sense for me to rent my own house out/pay tax on the rental income every year and then rent myself too! Its better to buy a new place and live in it. 

My partner won't have to pay anything towards my mortgage or rent etc so I really want to help him to save so he can also get on the property ladder too.

Appreciate everyone's thoughts and helpful advice.