I wonder if anyone can help. I am buying property at the moment. Deposit from my divorce settlement and the rest with a mortgage. My question is that my new partner who will be moving in with me and will be contributing to the payments (but his name will not be on the mortgage or deeds) is paying off a mortgage he had with his previous partner who left him in debt (the house he had with her was prepossessed) . Can this company have any claim on my house once he has moved in? If we get married? Any advice very welcome.
If the new house is in your sole name and you do not get married, then no, your house is safe. If you do get married then I''m not sure but it would certainly complicate things. And if you get married then divorced again, that''s a whole new can of worms.
By financially linking yourself to your new partner (ie. cohabiting or marrying) then your credit rating will be linked to his. With a house repossession I imagine his credit rating is pretty bad. If you want to apply for any credit cards in the next 6 years, I would do it now!!!
I''d have a pre-nup drawn up. Not sure if these things are still legally binding.
Part of my divorce settlement gives me the luxury of having half my mortgage paid off. My sol did advise me that if I wanted to cohab to protect what I''d fought so hard to get she suggested getting an agreement drawn up beforehand to protect that 50%.
then if I do cohab and split he can only actually have a claim on 25% (dependant)
We are planning on setting up a Deed of Trust so half the property is his to pass onto his son as he will be contributing to the mortgage by paying me a fixed amount each month. I just want to know weather the house will be safe from this company he is paying money to.