We are thinking of a tenancy in common agreement as my partner would like to buy a share in my house (say 25%)
This would work well for us as we both have children from previous marriages and would mean their inheritance is safe.
if he paid me this money directly would it be taxable? or does it have to be paid off the mortgage?
Thank you for your question – there is actually quite a lot to cover off here! So, to do it properly, you should each get independent advice to protect your separate (and different) interests – odd as that sounds at a point at which you are committing to each other in a meaningful way!
Yes, you would need to hold as tenants in common, and you would need some sort of declaration setting out who owns what now, and then moving forward too.
Your mortgage lender is likely to have something to say, and you should contact them to ask what their processes are. They may simply consent to your partner being added to the title and mortgage, or they may even insist on a fresh mortgage application.
Yes, dependent upon the ‘numbers’ Stamp Duty Land Tax (SDLT) may be chargeable.
Lastly, if you want to secure future inheritances (you mentioned children from your respective previous relationships), then you MUST make wills. These are likely to need some form of will trust.
QLAW can potentially help with the above, so do shout if you would like to discuss it further. Meantime, do remember that our legal guides are just that, and they should not be taken as legal advice specific to you. Some further reading that you might find helpful:
Will Trusts
Second marriage and the family home
what is a life interest trust?
