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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10459
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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Widowed 5 years ago, have 2 teenagers, house worth £700,000..steady

Customer Question

Widowed 5 years ago, have 2 teenagers, house worth £700,000..steady part-time job so financially secure but very lonely..met new partner 4 yrs ago..also widower..has 3 teenagers.. house worth £400,000..lost his business through caring for his wife..now earning very little as no qualifications
my heart says.. both sell up+buy a new 'home' together..cut the costs of running 2 houses..give the kids a 2 parent home..
But..worried about long-term financial+legal implications and very naive about these..
Please ..need advice.
K.
Submitted: 3 years ago.
Category: Law
Expert:  Aston Lawyer replied 3 years ago.
Hello and thanks for using Just Answer.

My name is Al and am happy to assist you with your enquiry.

The decision of course lies with you. If you were to live together in 1 property, you should be aware of the following;-

1. If the new house is to be in joint names, you should hold it as "Tenants in Common" which means you both hold a separate 50% share each, or you can both have varying percentage shares, depending on who puts what into the house. Whatever the percentage shares are, you will then be able to leave your respective share to whoever you nominate in your Wills (normally your children) with the proviso that the survivor can remain living in the house for so long as he/she wishes. This will safeguard your children's inheritance.

2. You should of course discuss the above with a local Wills Solicitor and he will also be able to advise you as to the Inheritance(Provision for family and Dependents Act) 1975 which in your instance may become an issue if you live together for more than 2 years or if you were to get married in the future or if your partner becomes financially dependent on you. Basically, in such circumstances, your partner would be able to make a claim against your Estate if reasonable financial provision had not been left for him in your Will.

I note he has little income, and therefore if you provide the income for him during his lifetime, you may face such a claim if reasonable financial provision is not given to him. Each case goes on its merits and I can't provide you with in depth advice on this subject, but hope this overview helps.

I hope this helps and please spare the time to discuss matters face to face with your Solicitor.

Kind Regards
AL
Expert:  Aston Lawyer replied 3 years ago.
Hi Kathy,

Can I be of any more assistance to you?

Kind Regards
AL
Expert:  Aston Lawyer replied 3 years ago.

Hi Kathy,

Is there any more information you require?

Kind Regards
AL