So if you were tenants in common and one of you died

[PermanentTemporary]

What did you do?

Background: I'm considering whether to move in with dp at some point. I'm really not sure. I love the idea of being with him more, and i have to say we'd cut our costs considerably. For the sake of our families we'd buy a house as tenants in common. But I'm not sure I'd ever be able to save enough to buy him out if he dies before me, leaving me to have to move immediately after bereavement.

It would be helpful if you provided some more background in relation to "for the sake of our families"? Presumably he would not be leaving his share of the property to you, and that is the issue? If that is the case you would be relying on his beneficiaries to sell their share to you in any case.

Or the beneficiaries to buy you out

Could you both have a discussion & perhaps jointly agree that the surviving person (should one of you sadly die) gets lifetime tenancy?

Get life insurance?

Get insurance so that the mortgage is paid off as soon as the first person dies. Then write mirror wills saying that the other person has the right to live in the property until they die or remarry.

The idea is we both sell our houses and buy mortgage free. I have life insurance but it stops at 65.

I wouldn't want my ds to have to wait eg 20 or 30 years for his inheritance if I die first - I'm his only living parent.

DP and I are tenants in common but with a life interest. So if one of us dies the surviving partner can live there until they die or buy a house with someone else and then the equity/house is split into two for the people we want to inherit our estate. We have both got life insurance so if it happens in the next 24 years, the mortgage is paid off so that the other partner isn't struggling to pay our huge mortgage. My DC are in my will. They will inherit my half of the house. DP gets my pension. DP would most likely move anyway because there's only one of him (no DC) and he's not from here. If I died I'd probably stick in the house as it is my home town and I have family living close by and 3 DC. I thought long and hard about it and couldn't come up with an alternative tbh.

I meant if *he died. I wouldn't be sticking around my house once I'm dead as that would be creepy AF

That's really helpful @Safemove thank you. It's just good to think about the risks.

@PermanentTemporary You have no choice in that case. If your DP dies you'd have to move. You can't expect him to free up his share if you die first for your DC, and expect his beneficiaries to wait if he dies first.

newsflash - if you need care he won't get inheritance & as mum of several children - they shouldn't count on getting money after your death anyway - as you might have to use it up for pension supplement (especially the way our gov our going - he will probably have to pay high inheritance tax - that, I afraid, is realism)
A friend of mine somehow managed to get loan on her departed parent's property while the surviving "step" parent lived there - would that help?
I think most of were concerned you might be the more vulnerable person in this (ie your step children inheriting the half of property) What does your solicitor say?

This is a bit of a wild card suggestion.

Would your budget stretch to two small terrace houses next door to each other. Perhaps you could open up a doorway to link the two houses or even just a gate between the gardens. You could be together more but perhaps not save as much on living costs.

However if one of you should die or need to cover care costs the properties could be very easily restored to two separate dwellings and one of them sold. The remaining partner would not be left homeless but care costs or inheritance could go ahead immediately.

Also in the event of you splitting up you would each still own your own home.

All really great points Frog, thank you.