Moving in

[Lisa000]

I'm just after some feedback from those who have walked this path. My partner and I are planning on living together next year. He'll be moving into my place with my kids and I and renting out his own place. What do people do in regard to financial matters? His mortgage will be paid by their rent. Do I get him to contribute to mine or just share bills or both?

If he contributes to your mortgage he could in the future have a claim on it.

Personally I wouldn’t all move / live in your house. It will always be your house and he will feel like a guest. It’s best to get your own place.

With regards to living costs - my OH and I calculated what our living costs would be and pay a proportion of our net salary in.

I wouldn't ask for rent/mortgage contribution because in the event of a breakup he could claim a percentage.

I would buy my next house with him but I'd expect him to sell his house and for his percentage range to be recorded into the ownership documents.

Don't forget to sort out wills just in case.

You’re moving this chap in with your children, I imagine that means you trust that this relationship is going to work 😊

So it makes sense that you are financially entwined as well, no? See a solicitor for a 30min free consultation on both your rights once you are cohabiting, and action a new will on that advice.

I would suggest he pays a contribution to the household bills, particularly the increase in the council tax since you won’t get it discounted any more, and food.

You might also want to discuss what happens to the equity in his house once he moves into your place-ie, you are enabling his mortgage to be paid off by tenants, should some of the capital, therefore, be considered a joint asset?? Again, cover off in wills 😊

Congratulations and good luck x