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Original poster

My partner buying into my property

33 replies

starlight431 · 02/10/2024 20:25

I called a solicitor today and spoke to an admin lady who said they would email me but I never got the email.
My partner is selling his home and wanting to buy into mine at a percentage he can afford. Ie it won't be 59/50. We want this to be legally drawn up. Would this be a tenants in common or a trust order? Any help and advice welcome x

OP posts:
OhcantthInkofaname · 02/10/2024 20:29

No! Just dont.

JudgieJudie · 02/10/2024 20:30

You've spent a lifetime paying for your home and he comes along and takes half? Really? Can I have some please?

PosiePerkinPootleFlump · 02/10/2024 20:31

Why? Why don’t you both just keep your own homes and he rents his out?

AgreeableDragon · 02/10/2024 20:32

Yup, all of the above ^

whiskeyarmadillo · 02/10/2024 20:34

Nope. It's your house and stays your house. Why on Earth do this?

LittleBrenda · 02/10/2024 20:55

Are you getting married?

parietal · 02/10/2024 20:55

So will he give you the value he is buying in cash? And how will you invest the money? Will there still be a mortgage to pay and how will that be split. All these things just have to be worked out.

If the first lawyer hasn't got back to you, just call another one.

MounjaroUser · 02/10/2024 20:58

No, don't do it. You're not married to him. It's your home and it must have been a struggle to hold onto it at times. Don't let him have any share of it. What would you do with the money he gave you?

The older I get the more I realise how vital it is for women to have financial independence.

Changingplace · 02/10/2024 21:01

What would be the benefit of doing this? Do you still have a mortgage on your property or do you own outright?

You say partner so I assume you’re not married? Why make this complicated financial arrangement when you’re not married?

What’s the reason for him selling his property? Why can’t he buy another or rent it out?

TwoeightTwoeightTwoOhhhh · 02/10/2024 21:04

On the info given…. Don’t do it!
Keep your financial independence, you never know what the future holds but surely this is no benefit to you?

Another2Cats · 02/10/2024 21:12

"tenants in common or a trust order"

Both. You would be tenants in common and a deed of trust would outline how the ownership is split and what happens if one person doesn't keep their side of the agreement.

It might say something like he purchases 30% of the equity in the house and will pay 30% of the monthly mortgage.

But what happens if he doesn't pay his share of the mortgage? That should be written in the deed of trust as well

But what happens when/if your relationship breaks down? He can force you to buy him out at the current value of the home (which will presumably be more than it is worth now) or if you cannot afford to do that then he can go to court and get an order for your home to be sold to pay him back.

I would suggest that you keep the house in your own name. If you did want to formalise things in any way, then it would be a lodger agreement with him as a lodger sharing a house with his landlady (you).

Chowtime · 02/10/2024 21:14

Fuck No!

Why can't you just date? Why oh why oh why do you have to live together?

Chowtime · 02/10/2024 21:15

It's very possible that you've actually been targeted, for the sole purpose of getting himself on the housing ladder, have you thought of that?

Knittedfairies2 · 02/10/2024 21:17

Don't do it OP.

Patienceinshortsupply · 02/10/2024 21:21

Blimey, why on earth would you want to do this? You have an asset that you've worked hard and paid for - protect it at all costs.

TizerorFizz · 02/10/2024 22:10

You could sell up and buy jointly. Loads of people do this to get a better house. Always have an agreement drawn up regarding how the property will be divided if you split. If you are not married it’s enforceable.

Maplelady · 02/10/2024 22:20

Don’t let someone buy into a property you can already comfortably afford yourself. Only do it if it’s a step up. Seriously, I learned this the hard way. Once someone has a share in your property you pay a premium to buy them out if the relationship fails and you want to get your full ownership back

unsync · 02/10/2024 22:26

Why on earth would you do this?

Original poster
starlight431 · 03/10/2024 00:03

So many questions and I get it. So he would in theory be paying off my mortgage. We would be £1500 per month better off. I would never rent not now after a nasty experience. Yes my property would increase in value over the years but there is a ceiling price. I would have a very good amount of savings and it would be written in that I would buy him out on the first instance. Which I could comfortably do. We've faced some scary medical situations over the years and this is a much better ideal than getting married, which would totally fuck myself over if we said and got divorced.
I do get all the questions.

OP posts:
badgerpatrol · 03/10/2024 00:05

Are you aware there will be a stamp duty bill as you are changing the deeds?

Not sure why everyone else on this thread is against him buying into your place, but I feel the same. Unless you are buying a new place together which would be unaffordable to buy alone what's the point?

I think if you aren't married and decide to split and one of you buy out the other's share you'll have to pay ANOTHER stamp duty bill.

SoNiceToComeHomeTo · 03/10/2024 00:21

Why, OP? Is there any significant benefit to either of you as long as you are together? Probably not, but if you split up you will lose your home. Find another way to make sure things are fair between you.

Acornsoup · 03/10/2024 02:07

Don't do it OP.

Acornsoup · 03/10/2024 02:08

Especially if you are not getting married.

TwoeightTwoeightTwoOhhhh · 03/10/2024 13:59

Can you afford the mortgage payments currently?
If things being ‘fair’ then get him to invest his money and keep it in his name, and you keep your investment in your name.
if you split up in 10 years you will need to remortgage for the % of the equity he has not the original investment. If your house goes up significantly you could be stuck with a massive bill plus legal costs to get him out of YOUR house.
nobody wants to think their relationship will ever go down the pan but you only need to head over to the relationships board to see countless examples of lives turned upside down.
It’s your security and your future. Don’t give it away as a romantic gesture.

LittleBrenda · 03/10/2024 14:12

If you have medical issues isn't that more of a reason to get married?

This is somewhat macabre but my closest friend died unexpected when she was in her late thirties. She wasn't married to her partner so her brother, who she did not get on with, was able to arrange for her body to be taken from the hospital to a funeral directors and none of us knew where it was and arrange a funeral for her without input from any of us. It all happened so fast and it was truly horrible.