Moving in with Girlfriend
Discussion
My girlfriend has just sold her current house. After the mortgage (not paid by her but her ex husband) has been paid off she is likely to have around £700k to spend. We don't currently live together but we're looking at the option of selling my apartment, currently valued at around £420k but with a £120k mortgage. It may sound like a lot of money but there are quite a few children to consider. I'd be looking at still having a mortgage but possibly half of what I've got at the moment. My current mortgage is around 1.49% so if I'd continued with the £120k at current mortgage rates there'd be a significant increase in monthly payments. My girlfriend wouldn't be able to take out a mortgage either due to employment situation.
She has 4 children but 1 is just in the process of moving out. Another is in the 2nd year of Uni. She then has 20 and 17 year old's who are likely to be at home for a number of years.
I have a 2 children, one who is also in the 2nd year of Uni and one that is 15 and lives with his Mum but spends every other weekend with me.
So as you can see, quite a few bedrooms would be required, albeit not always on a full time basis. Probably looking at a 5 or 6 bedroom house. I would also need an office as I work from home full time.
I'm not quite sure how this would be setup legally and after some general guidance really based on what others have done.
Presumably, an agreement would need to be drawn up based on what each of us put into the property. If the worse happened and one of us wanted to get out of the property, what arrangements are typically made for this?
Also when one of us dies, we'd really like our share of the house to go to our kids only. How would arrangements be made for this? House has to be sold within a number of years of death of one party?
She has 4 children but 1 is just in the process of moving out. Another is in the 2nd year of Uni. She then has 20 and 17 year old's who are likely to be at home for a number of years.
I have a 2 children, one who is also in the 2nd year of Uni and one that is 15 and lives with his Mum but spends every other weekend with me.
So as you can see, quite a few bedrooms would be required, albeit not always on a full time basis. Probably looking at a 5 or 6 bedroom house. I would also need an office as I work from home full time.
I'm not quite sure how this would be setup legally and after some general guidance really based on what others have done.
Presumably, an agreement would need to be drawn up based on what each of us put into the property. If the worse happened and one of us wanted to get out of the property, what arrangements are typically made for this?
Also when one of us dies, we'd really like our share of the house to go to our kids only. How would arrangements be made for this? House has to be sold within a number of years of death of one party?
You'd leave it in a trust, you will need a solicitor to draw that up as it needs more care than just a will, IIRC there are charges every so often in a trust.
if you want to protect what you put in you can draw up a tenants in common agreement.
Not a lawyer by the way, you really need one.
if you want to protect what you put in you can draw up a tenants in common agreement.
Not a lawyer by the way, you really need one.
Afternoon all,
As examples, you could be forcing the sale of the house soon after one partner dies or, if you want your beneficiaries to retain an interest in half the house, your girlfriend could have to be effectively their tenant for decades. That brings questions about rent or whether any party can force a sale.
HTH
TH
Powerkiter said:
Also when one of us dies, we'd really like our share of the house to go to our kids only. How would arrangements be made for this? House has to be sold within a number of years of death of one party?
To address just this point, I think you need to consider carefully here what you want, and what implications it could have. Wills can be drafted to stipulate most things, but the people will have to live with the consequences of that.As examples, you could be forcing the sale of the house soon after one partner dies or, if you want your beneficiaries to retain an interest in half the house, your girlfriend could have to be effectively their tenant for decades. That brings questions about rent or whether any party can force a sale.
HTH
TH
Potentially you could buy as tenants in common with the split being based on the amount of capital injected. If you need a mortgage you pay for it all, but then she would have to be party to the mortgage. So you'd need an arrangement to make sure your payments are covered should you not be able to. Plus life insurance.
Then then thorny issue of what happens if one of you snuffs it.
I think the technical term is "very complicated"
It is all possible though and if you can reach an agreement a competent solicitor will be able to paper it correctly.
Then then thorny issue of what happens if one of you snuffs it.
I think the technical term is "very complicated"
It is all possible though and if you can reach an agreement a competent solicitor will be able to paper it correctly.
Defcon5 said:
What is the benefit of that, given the lack of contribution to affordability?
Because the OP said she can't be on the mortgage because of employment issues, which isn't the case, lots of housewives are on mortgages, with no employment.The OP would would need to answer why her being on the mortgage would be of benefit, or not, to the situation..........
oneandone said:
irc said:
Very complicated. Could your girlfriend buy an apartment very close like walking distance, to you. Keep finances and wills completely separate while being easily able to spend most of the time together.
Seeing as she has 3 children living at home…One for the females with bunk beds.
One for the males with bunk beds.
They also need 2 sitting rooms. One of which is for quiet contemplating and the other for watching what nobody wants to watch on the telly.
Seriously too much of this decision making relates to kids. I'm just redecorating my grown up daughters room, after a leak, and am bring advised on wallpaper by her. Erm no. This is a guest room. You are welcome to use it if you come to stay. I chopped up the bed in my son's room, the day he bought a house. And turned it into my study.
I think you need 2 properties, which work well if unmarried. One buys a house in town, and the other buys a weekend get away. There's no need to pay for any second home council tax s
t either. In three years they are all adults....
If you insist on buying a single property together, then then wills might be complicated.
Powerkiter said:
My girlfriend has just sold her current house. After the mortgage (not paid by her but her ex husband) has been paid off she is likely to have around £700k to spend. We don't currently live together but we're looking at the option of selling my apartment, currently valued at around £420k but with a £120k mortgage. It may sound like a lot of money but there are quite a few children to consider. I'd be looking at still having a mortgage but possibly half of what I've got at the moment. My current mortgage is around 1.49% so if I'd continued with the £120k at current mortgage rates there'd be a significant increase in monthly payments. My girlfriend wouldn't be able to take out a mortgage either due to employment situation.
She has 4 children but 1 is just in the process of moving out. Another is in the 2nd year of Uni. She then has 20 and 17 year old's who are likely to be at home for a number of years.
I have a 2 children, one who is also in the 2nd year of Uni and one that is 15 and lives with his Mum but spends every other weekend with me.
So as you can see, quite a few bedrooms would be required, albeit not always on a full time basis. Probably looking at a 5 or 6 bedroom house. I would also need an office as I work from home full time.
I'm not quite sure how this would be setup legally and after some general guidance really based on what others have done.
Presumably, an agreement would need to be drawn up based on what each of us put into the property. If the worse happened and one of us wanted to get out of the property, what arrangements are typically made for this?
Also when one of us dies, we'd really like our share of the house to go to our kids only. How would arrangements be made for this? House has to be sold within a number of years of death of one party?
How long have you and the girlfriend been together? Any plans to marry?She has 4 children but 1 is just in the process of moving out. Another is in the 2nd year of Uni. She then has 20 and 17 year old's who are likely to be at home for a number of years.
I have a 2 children, one who is also in the 2nd year of Uni and one that is 15 and lives with his Mum but spends every other weekend with me.
So as you can see, quite a few bedrooms would be required, albeit not always on a full time basis. Probably looking at a 5 or 6 bedroom house. I would also need an office as I work from home full time.
I'm not quite sure how this would be setup legally and after some general guidance really based on what others have done.
Presumably, an agreement would need to be drawn up based on what each of us put into the property. If the worse happened and one of us wanted to get out of the property, what arrangements are typically made for this?
Also when one of us dies, we'd really like our share of the house to go to our kids only. How would arrangements be made for this? House has to be sold within a number of years of death of one party?
Sounds hugely complex, why not just rent yours out, move in to hers?
Combining money and you paying a mortgage seems fraught with potential what if scenarios.
Gassing Station | Finance | Top of Page | What's New | My Stuff