Selling my home to move in with Partner...how to deal with my house sale profit

[NZmum40]

Hi all
I had no idea what to even name this thread!

I'll summarise my situation below:

I own my own home (in my name) which I will be selling shortly. It will make quite a decent profit from what I owe on it so I'll have surplus money left over once the mortgage is cleared.

My fiancé and I (together 2 1/2 years with a baby on the way) fell in love with another property and bought it 12 months ago using his income to finance it (it's been rented since then)
This home was bought to be our 'together' family home as my home is smaller.
This new home was purchased under his name.

I am planning on putting my profit onto his mortgage to reduce that right down.
He is happy to leave all the sorting of it out up to me so I'm considering getting the new property put into a family trust with us both named as shareholders (or whatever it's called) rather than just getting my name put onto the mortgage / title.
Either scenario requires our solicitors involvement but I'm wondering if there are pros / cons for either scenario?
We will also want to purchase an investment property in the next few years using the equity we will have in the new home, and I am not sure if having the home in a trust will make it more difficult to access this equity?

Any help appreciated. We are so lucky to be in this situation and my next step will be discussing it with our solicitor but I would prefer some other input first before I do this

What's a family trust?

How about just renting out your own property?

Mortgage and deeds are separate things. You need to be added to the deeds as tenants in common to protect your interests as you are not married.

@WiseUpJanetWeiss

Mortgage and deeds are separate things. You need to be added to the deeds as tenants in common to protect your interests as you are not married.

I was going to say this. Absolutely!

Any solicitor worth their salt should steer things that way.

I really don't see why the property wasn't bought in joint names, no matter how it was being financed. You've left yourself a bit vulnerable there.

We have incentives here in nz for first home purchasers so if my name was on the sale and purchase we would have lost those.
It's my fiancé's first property.
We've always known we had some legal costs coming to us to redo the deed / mortgage to include me once we move there but now I'm just weighing up putting it in a trust vs just adding my name to it.

Ah OK I was answering as though you were in England & Wales. Speak to a solicitor - very few people on here can give you any relevant advice.

I don't understand what you're seeking to gain by putting it in a trust?

A trust could conceivably have some utility but this is strongly dependent on tax and inheritance laws. Currently in the UK it would be madness for all but a couple of highly specialised circumstances. You need to get local advice.

Don't do anything without knowing exactly why you are doing it, what is the purpose, and 'what happens if' for likely future scenarios.

I hadn't gained from your first post that you were in New Zealand.

In that case laws could well be different (most of us are in the UK, and not many of us are legal eagles anyway).

You need to look for proper legal advice where you live and are planning the purchase.