Selling my house to move into my boyfriends??

silvercar

https://forums.moneysavingexpert.com/discussion/comment/81901612#Comment_81901612

the numbers don’t work like that on a mortgaged property. Say the LTV was 75%, if house prices rise 3% this year, you gain 12% of the equity in the property as you gain the increase on the total property value not just the equity that you would be putting in a savings account if you sold.

goldengirl29

Thank you for this! This was one of the factors pushing me to go ahead with the sale…it’s a great time at the minute for selling and my house has been valued 30/40k more than what i bought it for 4 years ago despite only doing 1 bathroom and a few tweaks (paint, carpets etc) and the equity i use can be used to save. The house sale will have to happen eventually to be able to buy a bigger house in the future so its just a matter of when..

Herzlos

Why not put both houses up for sale and start looking for the house you want together?

Then when the first one sells, move into the other one until it sells and you can move. Because in the current market you don't know which will sell first and it means you've both got a similar amount of skin in the game.

MarthaKL

Why not both move into your house and sell the other one? If you love it and it’s only for a year or so the fact that it’s less spacious shouldn’t be an issue, and it sounds as though it’ll keep appreciating in value. We did exactly this and are still happily together more than thirty years on.

WIAWSNB

Hi GG29.

Is there one answer to this? I don't think so!

I totally accept what you say about your relationship - 😍

There have been too many 'similar' tales on here, tho', where there have been warning signs, and one partner's caution well based, but they were often reluctant to acknowledge this and clearly in denial (another warning sign...). So, some posters will rightly advise caution for that reason. (Most of the other examples have one partner asking if the amount they were 'expected' to contribute to the shared house was fair - 'what about broadband!', kind of stuff...)

I don't think it's at all the case here, and you've gone to some pains to explain this - sounds like you have a wonderful and balanced relationship.

But, you should still consider the worst-case scenarios. Call it due diligence or whatevs.

Even here, tho', you should still be ok - you'd have the full proceeds from your wee hoosie, so could go back to how you were before if needed, albeit in not the exact same place.

Think through the pros and cons of each option. You selling now will mean less hassle when you both agree on the new shared house to buy - your money will already be in the bank. And, um, that's it?

I'm going to suggest that the two of you finding your dream big home in a year is unlikely, and if you sell your house now so you 100% move in, then your new wonderful life together will take over, and likely delay this even more - unless, of course, you both make a very concerted effort to move again quickly...

So, I'd suggest it'll more likely be two years or so before you buy your dream home together?

In which case, why not rent out your place until you both decide you are going to start looking seriously for the 'big one'?

Totally understand the reasons why you don't want to rent it out - the hassle of being a LL (give it to an agent), potential damage (that's why you have a deposit), and the 'thought' of someone being in 'your' home, but the chances are it won't be your home any more - you will be selling it later. Meanwhile, its value will (likely) keep going up, and it'll be earning you extra £ks each year to add to your savings - how much would it rent for?

And, it will hopefully remove the other, completely rational and understandable, 'concern'. Which ain't going to happen.

Yes, you'd need to be ready for the dreaded eviction, but that's just part of the deal.

sheramber

Why is it more important to buy a house together than to show your commitment to each other by getting married?

It doesn’t cost a lot to nip down to the registry office and say I do.

You then have some security.

You do not sound as if you feel secure about your future.

Plans to buy a house together in 12-18 months are well and good but life happens and plans get disrupted.
What if you can’t afford that ideal house as the costs keep going up and the gap between the value of the one you live in and your ideal house gets bigger?

Emmia

I think there are three levels of significant commitment in a relationship, from least to most significant...

Level 1 marriage, ultimately you can get divorced.

Level 2 property purchase, a significant financial outlay, yes you can sell but once enmeshed your finances can be hard to disentangle.

Level 3 children, that's a lifetime commitment to at least try to have a relationship with someone.

BikingBud

https://forums.moneysavingexpert.com/discussion/comment/81902213#Comment_81902213

I'm with this, you appear to have the ideal location and you can assess if the partnership is sound whilst retaining your position.

saajan_12

https://forums.moneysavingexpert.com/discussion/comment/81901052#Comment_81901052

I absolutely think its fair to say no buying at least until there's a ring / marriage.

Jointly owning a house is IMO a bigger commitment as its legally harder to force a sale etc than it is to get divorced. So if you're solid but not quite ready for a marriage commitment then you're not ready to buy a house together.

Maybe you could move in but be very clear on what that means for the money you're saving on rent/bills, plus any money you contribute to capital improvements on the house.

However, as much as i look forward to the next chapter together im so scared to let go of my safety net…my house

I know that it’s something i need to do to move onto the next chapter but i can’t help but feel scared. I’m terrified something goes wrong and then I’m left without my biggest asset. some may suggest renting but that comes with issues…emotionally i hate the thought of someone else living in my house that is mine and potentially trashing it or causing issues. i worry about all the usual issues that would arise from renting it out and the things i would have to sort (even with using an agency) and then i wouldnt want renting my house out affecting me getting a second mortgage on a new house or delaying that process and part of me thinks its easier to let go of it altogether….

I'd think of it as your safety net is the amount of capital, not the physical house. If something were to happen, then you have that money to fall back on to cover moving costs + rental deposit to rent somewhere for the short term, and then longer term put down as a mortgage deposit. Plus in the meantime you can invest it and gain the interest.

Agree I wouldn't let out the property you own, its not a useful backup plan if it takes months to evict the tenants if you ever need to move in.