Moving In Together - Financial Fairness

[mummytippy]

I’m looking for advice on moving in with my partner and we both want to do it fairly. We earn the same amount, have about the same amount of money and time (6 years) outstanding on our mortgages. My property is worth more than his. I have a will drawn up already where my property will be left to my only adult child should something happen to me. My partner knows this. My adult child lives with me and my partner has 3 adult children that do not live with him. I don’t know what his provision is for them if something were to happen to him (Will made etc). We have talked about his property being rented out when he moves in with me. I’m interested to know what is the fair way to move forwards as he will have a rental income that more than covers his mortgage payment and as he would be moving in to my home I obviously won’t. He also won’t have any outgoing bills either except for mobile phone and motoring and my bills will inevitably increase. Any advice on how to best to arrange things would be most welcome. TIA.

Thank you for all the comments

Please please get proper legal advice if you get married particularly as yiur property will be the marital home.
my advice is sort out separately all the bits you want from the marriage (NOK/POA) and get rid of the ones you dont

in terms of fairness he should pay you rent and a section of the bills

You both need to pay your own mortgage. Fix the rent of partner to you to 50% of the rental income.

Do not adjust for service charges or rental costs, as you must pay insurance and for any improvements to your house. All household (living) costs such as council tax, utilities, food etc at 50% each, unless DS costs a lot. If he does, maybe 60:40 while he lives with you.

Get any agreement checked by a solicitor.