step family/commonlaw relationship

[maggieww]

My B/F wants to live together and for us to buy a house.

I would have �100k deposit and I dont think he would have a deposit.

My children are 6+8 and I said if I were to die I would need them to have my money back plus half of what the house had risen by and my share of what the mortgage had been paid.

He is not happy about this and said but he would be homeless.

What would be the solution to this and presumably if we split up we would have alegal agreement for this to happen so death is not much different ?

[carmalee]

I'm not a solicitor but I would advise caution on this - spend a few bob on a session with a legal expert who specialises in this field, it will give you peace of mind and ensure your children are protected. Have a cast iron legal document drawn up clearly stating the terms of the agreement - believe me its worth every penny and I'm speaking from bitter experience. Good luck

[ummmm]

As above and I'm speaking from bitter experience also.

[Ethel]

Firstly, unless you are married he will not be a step-father, just their mum's boyfriend.
You could buy the house as 'tenants in common' so each of you owns a defined portion of the equity - say 80/20

You do seem to want it all ways though. I can understand you wanting your �100k and half of the equity - but to expect your mortgage payments back as well is too much.

That would mean that if you die 20 years down the line, your boyfriend has paid all the mortgage for 20 years and gets nothing to reflect that. You would in effect have lived in the house rent and mortgage free.

What if you split up in three years and the house is in serious negative equity?

As advised, pay for proper legal advice, but above all, be fair.

[maggieww]

I meant that if we had then paid half the mortgage each and �50k had been paid off we would get �25k each.

[redcrx]

if youd both paid �50k of the mortgage but house value had dropped by �50k then how could you expect �25k back?

[HJT40]

My brother and his ex did a similar thing. They had a legal document drawn up that she would be entitled to the amount that she had paid as a deposit and the rest would be split 50/50.

Tenants in common sounds a good thing. But get some legal advice first.

[maggieww]

well i guess i would just get my �100k back - crikey house peivces havent dropped so much that I would lose �100k plus paying off some mortgage on a house that might only cost �250k to start wiith

[ummmm]

You still need to see a solicitor to secure your 100k

[redcrx]

if you set it up correctly you would get your first �100k from any equity (not if there isnt any equity) and then the rest would be split.

If the value dropped considerably, and whos to say it wouldnt, then you could lose some of your �100k