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Results: What should I ask for?

Trust her and just be a tenant paying rent

60.78% • 31 votes

Ask for equity in the house after paying a certain amount

15.69% • 8 votes

Ask for a Deed of Trust

23.53% • 12 votes

You may not vote on this poll

51 votes in total.

    • JJM236
    • By JJM236 4th Oct 17, 6:14 PM
    • 1Posts
    • 0Thanks
    Help! Girlfriend bought a house...
    • #1
    • 4th Oct 17, 6:14 PM
    Help! Girlfriend bought a house... 4th Oct 17 at 6:14 PM
    Hi guys,

    So my girlfriend of only one year who I do love has just bought a house in Central London.
    I currently pay £1200 a month rent and will be moving in with her next week when the purchase goes through.

    She has paid all of the deposit and the mortgage is £1450 a month meaning my rent goes all the way down to £725 PCM which I am of course happy about.

    The problems/ worries I have with it are:

    If I pay half of the mortgage for 10 years and then we break up/ she kicks me out I won't have any equity.
    I am the breadwinner so most likely will be paying for a lot of the repairs/ modifications to the house and back to the point above.

    I understand her side that I would be paying significantly more rent somewhere else and she has paid all of the deposit etc but I just wanted to get your guys opinion on it?

    One of my friends mentioned something like a deed of trust?

    Thank you so much!
Page 3
    • David Aston
    • By David Aston 5th Oct 17, 11:23 AM
    • 813 Posts
    • 542 Thanks
    David Aston
    Sorry, "hear".
    • mustafa786x
    • By mustafa786x 5th Oct 17, 12:20 PM
    • 10 Posts
    • 4 Thanks
    You would be paying much more rent if renting privately and would end up with no equity regardless,
    if you pay £1200 currently and it goes down to £725 you would save £475 a month,
    lets say £5,000 a year, if you are there for 10 years you would save £50,000 instead of paying rent elsewhere.
    • dannim12345
    • By dannim12345 5th Oct 17, 12:24 PM
    • 246 Posts
    • 111 Thanks
    At the stage she started looking for somewhere to purchase you probably had only been going out for 6 months (maybe less) so I think it’s completely fair she bought alone.

    As others have said save the extra money and you can use that in the furture for your own place or a joint purchase. Don’t pay for major renovations.
    • toc25
    • By toc25 5th Oct 17, 12:27 PM
    • 224 Posts
    • 222 Thanks
    She must have a decent income to get that kind of mortgage by her self. So why are you the bread winner?
    • x-caitlin-x
    • By x-caitlin-x 5th Oct 17, 1:06 PM
    • 249 Posts
    • 212 Thanks
    I'm not sure HMRC recognize lovers who pay rent, though I may be wrong!

    Giving money to an partner to help pay a mortgage could be considered rental income.

    £725 * 12 = £7800, a smidgen over the rent a room allowance (and if you set it against half the mortgage repayment, only the interest bit counts) and so the bit that goes over the threshold may be taxable.

    I know many mortgage companies are fine with subletting without them needing to know, but that's not all of them. Eg RBS charge a £100 fee.

    If someone is paying you half your mortgage that is rent if they are not on the mortgage deeeds i.e. then some of it is income from subletting which may need taxing and/or declaring to the mortgage company, even if it's just to help pay the mortgage off. Rent covering the whole of the repayment mortgage is not free of profit, as HMRC only recognizes the interest part of the repayment mortgage IIRC if you go over the rent a room allowance.

    Different if she lets him stay for free.
    Originally posted by Lysimache
    I realise this isn't really relevant to the thread, but I'm not sure what you mean by the bolded part. If you use the rent a room allowance you can't then also claim expenses against your income - it's one or the other.
    • Pullingmyhairout2
    • By Pullingmyhairout2 5th Oct 17, 1:43 PM
    • 9 Posts
    • 1 Thanks
    I'd be saving the difference between your rent and what you are going to be contributing towards household costs at your GF's to enable you both to buy together as tenants in common in the future. I think it is too early in your relationship to demand equity in a property that you have not contributed a deposit to. If you had been together a lot longer or had other reasons for her to be buying on her own I might hold a different opinion (regardless of sex).

    Also I would like to point out that you state you are the 'breadwinner'. Do you mean you earn more than your GF? If so it is irrelevant. Only your GF's income would have been taken into account when the lender checked affordability.
    • Lysimache
    • By Lysimache 5th Oct 17, 2:10 PM
    • 162 Posts
    • 52 Thanks
    I realise this isn't really relevant to the thread, but I'm not sure what you mean by the bolded part. If you use the rent a room allowance you can't then also claim expenses against your income - it's one or the other.
    Originally posted by x-caitlin-x
    Yup, was just mentioning it in case the girlfriend was earning a lot more in rent in future and wanted to deduct rental income from interest expenses.
    • cloo
    • By cloo 6th Oct 17, 9:37 AM
    • 1,055 Posts
    • 1,043 Thanks
    I put the deposit down for both the homes my husband and I have owned, though he is the larger earner. We agreed in both cases for a deed in trust that he owns 30% and I own 70% - I would have been happy to give him more, certainly the second time around but he insisted he was comfortable with that split.
    • C_Mababejive
    • By C_Mababejive 13th Oct 17, 7:12 PM
    • 10,459 Posts
    • 9,429 Thanks
    C_Mababejive opposed to her saving him a significant amount a month in rent, council tax and bills.....
    Originally posted by HampshireH
    I guess so but for how long will she "help" him in this way? and all the while time is passing. Time in which he could have acquired an interest in his own property or a share of another prospective partners property to which he contributes as a joint owner in some capacity.
    Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
    • csgohan4
    • By csgohan4 14th Oct 17, 9:52 PM
    • 4,540 Posts
    • 2,835 Thanks
    OP you sound great to be with, good luck
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • JP1978
    • By JP1978 14th Oct 17, 10:54 PM
    • 412 Posts
    • 287 Thanks
    The trouble here is you've moved in with a new girlfriend and it could go either way ...... best thing is for you to just pay her some money each month and thank your lucky stars you've saved on rent and getting to/from hers to visit her.

    Meanwhile, bank the difference in a savings account. If you decide it's not working out you've got your "walking fund" - and if you decide to move/buy together you've got money to bring to the party.

    If she chucks you out in 10 years and you've not married her .... then you'll have saved yourself all the insecurity of renting, fees, moving, etc for 10 years.... so just shuffle off with your "walking money" and think "I should've worked harder at that and/or walked myself 7 years ago".
    Originally posted by PasturesNew
    This is pretty much what I was going to say - pay the rent but if shes assuming that you will be moving in and paying rent then dont pay any of the maintenance of the house that you wont ever get back.
    • bitsandpieces
    • By bitsandpieces 14th Oct 17, 11:17 PM
    • 1,685 Posts
    • 1,116 Thanks
    This is pretty much what I was going to say - pay the rent but if shes assuming that you will be moving in and paying rent then dont pay any of the maintenance of the house that you wont ever get back.
    Originally posted by JP1978
    Though if it's an OK house in an OK part of central London, that rent seems a total bargain. You'll want to think about what to do longer term (saving money each month is a good start, and if it looks like you'll be together for the very long term then discuss what to do about equity) but it might not be in your interest to quibble about fairly small amounts early on. If you're talking about tens of thousands for new windows then absolutely ask about equity then...but if you're getting half a central London house for that price I wouldn't argue about chipping in a couple of hundred a year for redecorating!
    • About-time
    • By About-time 14th Oct 17, 11:19 PM
    • 52 Posts
    • 48 Thanks
    I would say if she chucks you in ten years' time, you'll have had ten years of paying £400+ a month less rent, which hopefully you'll have banked to save up for your own deposit. In that scenario, you're already better off than you were had you continued to rent yourself.

    Putting a brighter spin on it, if you stay together, odds are within a few years you'll use her property and your savings to buy something else together and you'll both be happy ever after.

    I wouldn't worry about protecting your interests and trying to grab a slice of the property at this stage - just relax, enjoy the relationship and see where it goes. After only a year together, it could go either way - it's still early days
    • Pixie5740
    • By Pixie5740 15th Oct 17, 10:25 AM
    • 12,171 Posts
    • 17,189 Thanks
    The OP hasn't been back since he started the thread. However, my tuppance worth is that he just shouldn't move in. They've been together a year and I wonder if living together is only on the cards because she's just bought somewhere.
    Last edited by Pixie5740; 15-10-2017 at 10:27 AM.
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