#FinancialDisparity #RelationshipAdvice #MoneyMatters
Hey everyone! So, I’ve been grappling with this situation involving the financial disparity between me and my boyfriend. I come from a more privileged background with some savings, while he has less saved up. We both want to live together and I’m considering buying a place, but I have some questions:
– Can I buy a place and have him live there while he saves up?
– Is he entitled to some of the flat if we were to break up?
– Can he contribute by paying me rent?
Here’s what I think might be a possible solution:
– Consider talking to a lawyer to discuss a cohabitation agreement to protect both your rights and obligations.
– Have an honest and open conversation with your boyfriend about how you both envision the living situation and finances moving forward.
– Maybe consider having a separate legal document outlining any contributions he makes towards the property in case of a breakup.
Has anyone else been in a similar situation or have any advice to offer? Let’s chat! 💬💰 #FinancialPlanning #RelationshipGoals
Buy together and get a deed of trust so that if you ever split up, both of you will get your original contribution back.
You should also agree how to split the mortgage too. My partner earns a lot more than me so we split the mortgage 60:40, and that’s in the deed of trust too, so if we break up he gets 60% of the sale of the house and I get 40%.
There are things you can do like declaration of trusts or tenants in common to protect where one person has a far larger deposit so in the event you sell, things don’t just get done 50/50.
I’ve saved some money for my son to buy somewhere and if they split up, I want him to have a future where he can still get another place if needed. But how they work out the split on any gain in equity or how they split contributions to the mortgage is up to them.
All I’d say to you is you can protect yourself to a certain degree but if there’s no point where he catches up with your contribution then you need to reconcile that it isn’t going to be 50/50 ever and factor that into your relationship. I’ve put more in than my partner and I earn loads more. But they deserve to have security in life and the longer we are together the more I just think “it’s both ours”. I hope we never split but if we do then 20 years down the line it would be cruel to let her loose with £50k of equity while I sit in the lions share of the growth.
I would also suggest, if you choose to buy alone, drawing up a tenancy/lodger contract with him where everything is clear that he pays rent/lodgings and has no interest in the property
If you buy the flat in your name and get a solo mortgage then he is not entitled to it if you break up.
If you put down all the deposit and you share the mortgage he will be entitled to 50% of the flat unless you put a special agreement in place.
You need to speak to a solicitor about this as there is an extra charge document they can do which specifies how much of the flat is owned by each person in the event of a breakup/flat sale.
If you charge him rent but own the flat fully and the mortgage is only in your name and you don’t have things like shared bank accounts then you should be fine
Your question is more of a relationship one and legal one.
If someone is living as a partner and contributing to mortgage they have an interest in the property, so you’d need to make it clear that the money is rent money. Seek legal advice.
For the relationship side, it doesn’t sound like a partnership.
Financially you’ll need to pull off the purchase yourself without assistance from partner. Bank will require they sign paperwork to state they will leave when required (repossession).
I agree with others, rent first together or if you are commited to each other purchase together.