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Living in partner's shared ownership home
WitchyGal1
Posts: 5 Forumite
My partner owns a flat through shared ownership with their brother. The brother's partner lives there too, and I will be moving in. As a form of rent, I am being asked to pay 1/4 of their monthly costs - mortgage + rent + service charge - and a small additional monthly sum on top 'to cover more costs'. Am I right to think this is not exactly fair on me (and the brother's partner) as we are in effect subsidising their mortgage and investment, without standing to see any of the benefit if the house is sold? Any advice would be really appreciated.
I will also be paying my equal share of bills (water, electric), food, council tax etc on top of this which I obviously have no issue with.
Thanks!
I will also be paying my equal share of bills (water, electric), food, council tax etc on top of this which I obviously have no issue with.
Thanks!
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Comments
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why do you think you won't be eligible for a benefit if the place is sold? just because you aren't married (presumably) doesn't mean you have no rights. Likely your partner and brother are not aware.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Well yes - but it's just like renting a property - you are in effect paying someone else's mortgage - it's just they have decided the work out the "rent" based on lower figures.
Is the relationship likely to be long term?
If so is there a understanding that when the property is eventually sold and the brothers go separate ways that any proceeds will go towards your "new house"?0 -
I don't know, they've never mentioned it and I assume they don't envision me having any benefit on a sale through this arrangement.Brie said:why do you think you won't be eligible for a benefit if the place is sold? just because you aren't married (presumably) doesn't mean you have no rights. Likely your partner and brother are not aware.
Obviously if we were to get married this all becomes a little irrelevant, but I don't like to assume the future so want to check worst case scenarios!0 -
Sorry, to be clear I would be paying the exact same contribution to their mortgage/rent/service charge as they will. Partner, brother, brother's partner and I are expected to split all costs of the property equally.DE_612183 said:Well yes - but it's just like renting a property - you are in effect paying someone else's mortgage - it's just they have decided the work out the "rent" based on lower figures.
Is the relationship likely to be long term?
If so is there a understanding that when the property is eventually sold and the brothers go separate ways that any proceeds will go towards your "new house"?
I suppose the proceeds would go towards our new house if they went separate ways as if we stay together our finances would join - but we aren't married currently and while I hope we would get there I don't want to assume!0 -
Is it any cheaper you living with them than you being on your own? Surely you would look at how much it is costing/ saving you as an individual rather than what others are getting out of it?1
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Suggest your partner and his brother take legal advice on charging other people a portion of the mortgage.
One safer option is that you save the equivalent amount into a separate account. Then if you and BF decide to buy you have a decent deposit.If you've have not made a mistake, you've made nothing1 -
Yes, because of the city we live in - but it's less about the actual cost and more about the principle of feeling like I'm being profited off. Which is admittedly a me problem I suppose.comeandgo said:Is it any cheaper you living with them than you being on your own? Surely you would look at how much it is costing/ saving you as an individual rather than what others are getting out of it?0 -
But then if we were to split up what happens to the savings, as I was in effect living with him for free - this option doesn't feel fair on him! Ahhh it's confusing.RAS said:Suggest your partner and his brother take legal advice on charging other people a portion of the mortgage.
One safer option is that you save the equivalent amount into a separate account. Then if you and BF decide to buy you have a decent deposit.0 -
The complication here is your relationship. If you were just moving in to a stranger's house you would be a lodger and paying rent - whatever purpose they put that rent to is irrelevant to you. The fact that your rent is 1/4 of the mortgage is neither here nor there.2
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The brothers may also have to bear in mind what effect this has on their agreement with their mortgage company and the HA.2
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