WEBVTT - Moving in and break ups. Good to Know! 0:00:01.980 --> 0:00:04.620 Hey, this is Kia. Welcome to another episode of A 0:00:04.620 --> 0:00:06.690 Little Bit Richer, brought to you by my friends at 0:00:06.690 --> 0:00:09.869 Legal & General. Moving in with someone is a big decision. 0:00:10.080 --> 0:00:12.030 Whether you are renting or buying, there's a lot of 0:00:12.030 --> 0:00:14.580 things to think about. So today I'm joined by award- 0:00:14.580 --> 0:00:19.860 winning family lawyer Yasmin Khan- Gunns. Yasmin's clients range from 0:00:19.860 --> 0:00:24.930 successful business professionals, celebrities, and stay- at- home mothers to expats, couples moving 0:00:24.930 --> 0:00:27.720 in together, and couples getting married. Yasmin is also the 0:00:27.720 --> 0:00:31.620 woman behind the Instagram @ londonfamilysolicitor and shares guidance on some 0:00:31.620 --> 0:00:35.430 of the tricky issues that lawyers can help with. She's 0:00:35.430 --> 0:00:37.440 here today to talk us through what you should be 0:00:37.440 --> 0:00:40.470 thinking about before moving in with someone, and ways you 0:00:40.470 --> 0:00:43.349 can avoid getting into a sticky situation if the relationship 0:00:43.350 --> 0:00:46.470 breaks down. Welcome, Yasmin. 0:00:46.530 --> 0:00:47.790 Thank you. Great to be here. 0:00:48.090 --> 0:00:51.690 So we are talking about moving in together, people moving 0:00:51.690 --> 0:00:56.520 in, whether it's friends, family, or partners moving in. And 0:00:56.520 --> 0:00:58.560 it is a lovely time, it's a great time and 0:00:58.560 --> 0:01:00.990 people are happy and it's something that we should celebrate. 0:01:01.050 --> 0:01:01.110 Yeah. 0:01:01.140 --> 0:01:04.830 But there are things that we need to consider before 0:01:04.890 --> 0:01:05.459 moving in. 0:01:05.550 --> 0:01:08.220 Put it this way. You take out car insurance. You 0:01:08.220 --> 0:01:11.100 take out life insurance. You take out house insurance. All 0:01:11.100 --> 0:01:14.160 these things are important in case the worst happens. So 0:01:14.160 --> 0:01:16.770 it's always good to be aware now before you begin 0:01:16.770 --> 0:01:19.709 cohabiting, before you buy with someone, what could happen in 0:01:19.709 --> 0:01:22.020 the future. See it as your insurance. This knowledge is 0:01:22.020 --> 0:01:22.770 your insurance. 0:01:22.860 --> 0:01:25.830 I love this. So to start us off, if someone's 0:01:25.830 --> 0:01:28.620 planning on renting with someone, what should they be thinking 0:01:28.620 --> 0:01:30.360 about before moving in? 0:01:31.440 --> 0:01:33.150 First and foremost, I think they need to be thinking 0:01:33.150 --> 0:01:35.580 about affordability, because you want to make sure that the 0:01:35.580 --> 0:01:39.000 person that you are moving in with can afford their 0:01:39.000 --> 0:01:42.240 payments towards the rent and can afford their payments towards 0:01:42.240 --> 0:01:45.330 the outgoings. And that's particularly important if you're going to 0:01:45.330 --> 0:01:48.180 be sharing, for example, bank accounts with them, because their 0:01:48.180 --> 0:01:51.120 poor credit history could affect you. So that's the first 0:01:51.120 --> 0:01:54.960 thing I'd think about. Second thing is tenancy agreement. Make 0:01:54.960 --> 0:01:58.110 sure you read your tenancy agreement carefully. And also decide 0:01:58.110 --> 0:01:59.580 whose name's it going to be in. Is it going 0:01:59.580 --> 0:02:01.080 to be in one person's sole name or is it 0:02:01.080 --> 0:02:03.990 going to be in multiple people's names? So really have 0:02:03.990 --> 0:02:07.065 those discussions first and foremost, because that affects your rights 0:02:07.065 --> 0:02:10.680 and responsibilities under the tenancy agreement. Third thing is think 0:02:10.680 --> 0:02:13.350 about the deposit. Who is going to pay for the 0:02:13.350 --> 0:02:15.900 deposit? Where's it going to be held? And what should 0:02:15.900 --> 0:02:18.419 happen to the deposit in the event that the tenancy 0:02:18.419 --> 0:02:20.190 comes to an end or if one person just wants 0:02:20.190 --> 0:02:23.460 to leave the tenancy agreement early? And finally, I think 0:02:23.520 --> 0:02:26.850 importantly, is how you're going to split the costs. Talk 0:02:26.850 --> 0:02:29.609 about who's going to pay the rent, in what proportions 0:02:29.610 --> 0:02:32.040 you're going to pay the rent, who's going to pay 0:02:32.040 --> 0:02:36.000 the utilities, the council tax. So really, it's important to 0:02:36.000 --> 0:02:39.630 have those conversations at the outset, open, honest communications, and 0:02:39.630 --> 0:02:44.910 ideally have it written down somewhere, WhatsApp, email, written agreement, anywhere. 0:02:45.120 --> 0:02:47.400 I know that a lot of people listening have probably 0:02:47.400 --> 0:02:49.650 moved in with someone at some point and has not 0:02:49.830 --> 0:02:53.100 had these conversations, but it makes a lot of sense. 0:02:53.280 --> 0:02:55.919 But let's talk about after you've moved in, what are 0:02:55.919 --> 0:02:58.080 some of the things that you should consider to make 0:02:58.080 --> 0:03:00.690 sure that you're a little bit more protected? For example, 0:03:00.690 --> 0:03:03.330 what can you put into place to make sure that 0:03:03.450 --> 0:03:05.880 if there are any issues that arise, that are dealt 0:03:05.880 --> 0:03:06.540 with fairly? 0:03:07.680 --> 0:03:10.530 I'd start with household budgeting. Who is going to pay 0:03:10.530 --> 0:03:13.230 for the things that are every day? For example, the food 0:03:13.230 --> 0:03:16.950 shop, the cleaning supplies, and the communal items. You want 0:03:16.950 --> 0:03:19.440 to be thinking about having an emergency fund. Maybe you 0:03:19.919 --> 0:03:23.760 are contributing into a pot every month, maybe 20, 30 pounds, 0:03:23.760 --> 0:03:25.560 so that in the event that something breaks, such as 0:03:25.560 --> 0:03:28.290 a TV, who's going to pay for that? Then you 0:03:28.290 --> 0:03:30.990 should really be thinking about what happens if one of 0:03:30.990 --> 0:03:33.270 you, if you're renting with siblings or with friends, one 0:03:33.270 --> 0:03:35.460 of you gets a new partner and that girlfriend and 0:03:35.460 --> 0:03:38.130 boyfriend starts coming around more and more often. One day, 0:03:38.130 --> 0:03:39.780 two nights a week, three nights a week, and then 0:03:39.780 --> 0:03:43.140 eventually they're pretty much living with you. How's everyone going 0:03:43.140 --> 0:03:45.840 to feel about that, and should that new partner be 0:03:45.840 --> 0:03:49.020 contributing in any way? And I think finally, thinking about 0:03:49.020 --> 0:03:52.470 exit strategies. What's going to happen if one person wants 0:03:52.470 --> 0:03:55.560 to leave the tenancy early? What happens to their share 0:03:55.560 --> 0:03:57.870 of, say, the council tax from the part they were 0:03:57.870 --> 0:04:01.080 living there or they moved out. And should they get 0:04:01.080 --> 0:04:03.210 their deposit back? Or should they get it back now, 0:04:03.210 --> 0:04:05.640 later, or forfeit their deposit, and what's going to happen? 0:04:05.640 --> 0:04:07.740 So there's some key things to think about. And I 0:04:07.740 --> 0:04:11.370 think what really could help in the situation is if 0:04:11.400 --> 0:04:14.310 the people entering into the tenancy agreement consider having a 0:04:14.310 --> 0:04:18.270 cohabitation agreement. And that's a document that can set out 0:04:18.570 --> 0:04:21.210 the answers to all of these questions, essentially, making it 0:04:21.210 --> 0:04:24.029 really clear what should happen during the tenancy and in 0:04:24.029 --> 0:04:25.440 the event that tenancy ends. 0:04:25.860 --> 0:04:29.219 So a cohabitation agreement, you said it sets out what 0:04:29.220 --> 0:04:31.830 that would look like, but does it need to be 0:04:31.890 --> 0:04:33.630 formal? Do you need to go to a lawyer to 0:04:33.630 --> 0:04:35.580 do that? Can you have one written out yourself? Can 0:04:35.580 --> 0:04:37.860 you find a template online? What's the best way to 0:04:37.860 --> 0:04:39.360 go about actually setting that up? 0:04:39.630 --> 0:04:42.240 So just to clarify, a cohabitation agreement is an agreement 0:04:42.240 --> 0:04:46.650 between two people setting out the financial and practical arrangements 0:04:46.650 --> 0:04:49.830 during cohabitation and in the event that that cohabitation ends. 0:04:50.550 --> 0:04:52.080 So that can include... And I'll go back to your 0:04:52.080 --> 0:04:54.300 question in a second, but that can include things like, 0:04:54.990 --> 0:04:56.820 well, if you're buying a property with someone or if 0:04:56.820 --> 0:04:59.039 you're renting, how the rental payments will be dealt with, 0:04:59.040 --> 0:05:01.529 how the mortgage will be dealt with, what should happen 0:05:01.529 --> 0:05:03.960 to the sofa, the TV, the white goods? What should 0:05:03.960 --> 0:05:06.120 happen in the event of a sale or the tenancy 0:05:06.120 --> 0:05:07.950 coming to an end? It can include so many things, 0:05:07.950 --> 0:05:11.610 including pets. Usually you would go to a family lawyer to draft 0:05:11.610 --> 0:05:16.289 the cohabitation agreement. And the cost, it really depends. It 0:05:16.290 --> 0:05:19.800 depends on the hourly rate of the family solicitor, but 0:05:19.890 --> 0:05:24.900 it could be anywhere between 1,500 to 5, 000 upwards plus VAT, 0:05:25.410 --> 0:05:27.600 depends how simple or complex it is. But it's a 0:05:27.600 --> 0:05:30.719 really, really useful tool to have because it makes everything 0:05:30.720 --> 0:05:33.810 clear and it makes a separation process, if it gets 0:05:33.810 --> 0:05:34.680 to that, much easier. 0:05:35.279 --> 0:05:39.360 Definitely something to consider. So we've spoken a lot about 0:05:39.360 --> 0:05:43.620 renting then. If you're planning on buying with someone, is 0:05:43.620 --> 0:05:46.890 there anything else that you should specifically be thinking about 0:05:46.950 --> 0:05:48.089 before you move in? 0:05:48.630 --> 0:05:50.820 You need to really think about how the property is 0:05:50.820 --> 0:05:52.830 going to be held. Is it going to be held in 0:05:52.920 --> 0:05:54.479 one person's sole name or is it going to be 0:05:54.480 --> 0:05:57.180 held in joint names? You can hold the property in 0:05:57.180 --> 0:05:59.790 two ways in joint names. To make it really simple, 0:05:59.790 --> 0:06:01.890 you can hold it as tenants in common or joint 0:06:01.890 --> 0:06:05.190 tenants. Now, joint tenants is where you hold the property 0:06:05.220 --> 0:06:09.029 50-50, unless you have an agreement called a declaration of 0:06:09.029 --> 0:06:12.630 trust stating otherwise. And a tenants in commons is where 0:06:12.630 --> 0:06:15.210 you could hold the property in specified shares. So for 0:06:15.210 --> 0:06:20.279 example, X has 60%, Y has 40%. Or you can 0:06:20.279 --> 0:06:23.279 also hold it as 50-50. It's slightly complicated, but you 0:06:23.279 --> 0:06:25.080 can have it as 50-50 or you can have it as specified 0:06:25.080 --> 0:06:27.570 shares. Now the difference between joint tenants and tenants in 0:06:27.570 --> 0:06:30.240 common, and that's quite an important difference, is with joint 0:06:30.240 --> 0:06:32.760 tenants, if you sadly pass away, your share of the 0:06:32.760 --> 0:06:36.420 property automatically goes to the other co- owner. Whereas tenants 0:06:36.420 --> 0:06:39.000 in common, if you pass away, your share does not 0:06:39.000 --> 0:06:41.550 automatically go to the other owner, it goes and passes 0:06:41.550 --> 0:06:44.190 under whoever you've put in your will. Your parents, for 0:06:44.190 --> 0:06:46.919 example, or your siblings. That's the first thing you should 0:06:46.920 --> 0:06:50.610 consider, how you're holding the property. Secondly, how's the deposit 0:06:50.610 --> 0:06:52.980 going to be funded? Is one person paying the deposit? Are 0:06:53.130 --> 0:06:56.070 they both paying the deposit? And if they're both paying, 0:06:56.279 --> 0:06:59.880 equal contributions, not equal. If it's not equal, do you 0:06:59.880 --> 0:07:02.039 want some sort of an agreement to say that you 0:07:02.040 --> 0:07:05.160 get that money back if the property is sold, or are 0:07:05.160 --> 0:07:07.800 you happy for it just to be 50-50 and you kind of 0:07:07.800 --> 0:07:11.610 forfeit the bigger amount? So think about your deposit. You 0:07:11.610 --> 0:07:13.560 need to think about how the mortgage is going to 0:07:13.560 --> 0:07:17.190 be paid. Sometimes when one person is earning a greater 0:07:17.190 --> 0:07:20.160 income, they may contribute a bit more towards mortgage. And 0:07:20.160 --> 0:07:22.560 alongside that, how the utilities are going to be dealt 0:07:22.560 --> 0:07:25.920 with. You also need to think about what happens if 0:07:25.920 --> 0:07:28.920 one of you loses their job or there's an illness. 0:07:29.730 --> 0:07:32.490 Will one person take over the mortgage payments and utilities 0:07:32.490 --> 0:07:35.580 or not? To have these discussions really, really early on. 0:07:36.480 --> 0:07:39.810 And then you should be thinking about property maintenance, repairs. 0:07:39.840 --> 0:07:41.760 Are you going to have a fund to deal with 0:07:41.760 --> 0:07:45.030 that? You don't have the surplus income, it's a bit 0:07:45.030 --> 0:07:49.260 tricky. So, something to think about. And then what happens 0:07:49.650 --> 0:07:51.660 in the event that one person wants to sell and 0:07:51.660 --> 0:07:55.230 the other person doesn't? It happens. How would you calculate 0:07:55.290 --> 0:07:57.420 the buyout if one person was going to buy out 0:07:57.420 --> 0:08:00.000 the other? Lots to think about. And again, a cohabitation 0:08:00.000 --> 0:08:03.750 agreement can really, really help here, setting all these answers 0:08:03.750 --> 0:08:06.300 out in a clear agreement to make it super simple 0:08:06.300 --> 0:08:06.720 for everyone. 0:08:07.020 --> 0:08:08.850 There was a phrase that you mentioned earlier, and I want to 0:08:08.850 --> 0:08:11.760 come back to it, declaration of trust. So I want to ask 0:08:11.760 --> 0:08:13.680 you, what is a declaration of trust? 0:08:14.130 --> 0:08:17.400 Ideally, you would enter into one when you're about to 0:08:17.400 --> 0:08:20.220 purchase a property. And a declaration of trust is a 0:08:20.220 --> 0:08:24.390 specific legal document setting out how you and your partner hold 0:08:24.390 --> 0:08:26.700 that property. So it would set out the shares in 0:08:26.700 --> 0:08:30.390 which you hold it, whether it's 50-50, 60- 40. It would 0:08:30.390 --> 0:08:33.570 set out how the mortgage is being paid. So you 0:08:33.570 --> 0:08:35.939 could state this person's paying this amount in the mortgage 0:08:35.940 --> 0:08:37.439 a month and this person's paying this amount in the 0:08:37.440 --> 0:08:40.800 mortgage. It would set out who paid the deposit or in what 0:08:40.800 --> 0:08:44.280 proportions, and whether that deposit will be returned in the 0:08:44.280 --> 0:08:46.890 event of a sale or not. It can set out 0:08:46.890 --> 0:08:49.199 things like who's going to pay the outgoings, who's going 0:08:49.200 --> 0:08:52.590 to pay the utilities. And importantly, it can set out 0:08:52.590 --> 0:08:55.530 what happens in the event that the couple splits up 0:08:55.920 --> 0:08:59.010 and what happens in the event of a sale. So I'd say declaration 0:08:59.010 --> 0:09:00.929 of trust is really important when you buy a property. 0:09:01.020 --> 0:09:02.849 And if you want to add to the declaration of 0:09:02.850 --> 0:09:05.490 trust, then you enter into a cohabitation agreement. Because a 0:09:05.490 --> 0:09:08.820 cohabitation agreement goes further, it gives more flavor to the declaration 0:09:08.820 --> 0:09:09.120 of trust. 0:09:09.750 --> 0:09:11.729 Oh, this is a lot to take in. A lot 0:09:11.730 --> 0:09:15.030 of people, you don't really factor in everything. And it 0:09:15.030 --> 0:09:18.179 is sometimes difficult to talk about money, but I think 0:09:18.330 --> 0:09:21.090 here is highlighting some of the things that should be 0:09:21.090 --> 0:09:24.480 spoken about, especially before doing something so big as buying 0:09:24.480 --> 0:09:26.940 a property. It's a massive investment, so maybe having that laid 0:09:26.940 --> 0:09:31.620 out can give both parties peace of mind. What happens 0:09:31.740 --> 0:09:34.410 in the event that there is perhaps a couple who 0:09:34.410 --> 0:09:37.890 have bought property together, maybe thought they'd be together forever, 0:09:37.890 --> 0:09:40.980 but sometimes life happens and they end up splitting? What 0:09:41.010 --> 0:09:43.110 happens to the property in that event? 0:09:43.470 --> 0:09:47.190 So if it's being held in joint names, then the 0:09:47.190 --> 0:09:49.350 couple needs to look at how they hold the property. 0:09:49.350 --> 0:09:51.270 So going back to holding it as tenants in common 0:09:51.270 --> 0:09:54.570 or joint tenants. If they hold it as joint tenants, 0:09:54.750 --> 0:09:58.350 then the law presumes that the property will be split 0:09:58.350 --> 0:10:01.860 equally, 50-50. If they hold it as tenants in common, 0:10:01.890 --> 0:10:03.870 then the law will look at what's written in the 0:10:03.870 --> 0:10:08.069 conveyancing documents. If something's written, for example, 60-40 split, then 0:10:08.070 --> 0:10:09.959 that's how the property will be dealt with. If nothing's 0:10:09.960 --> 0:10:14.130 written, then the law will presume 50-50. So looking at 0:10:14.130 --> 0:10:17.070 that first determines what should happen. Then you need to 0:10:17.070 --> 0:10:20.280 discuss with your partner, do you want to sell or 0:10:20.520 --> 0:10:23.490 is one person keen to stay in the property? Going 0:10:23.490 --> 0:10:25.829 back to that, if one person is keen to stay 0:10:25.830 --> 0:10:28.380 in the property and the other person will agree to it, then 0:10:28.380 --> 0:10:30.960 you need to work out a buyout calculation for that 0:10:30.960 --> 0:10:33.209 person that's staying to buy out the person that's leaving. 0:10:33.809 --> 0:10:37.860 Working out that calculation differs. Usually you could go to 0:10:37.860 --> 0:10:40.530 three estate agents to try and find the average value 0:10:40.530 --> 0:10:42.720 of the property and then work out the calculation from 0:10:42.720 --> 0:10:45.120 that. Or you can go to a surveyor and get 0:10:45.120 --> 0:10:48.570 a more formal valuation of the property, which tends to 0:10:48.570 --> 0:10:51.000 be a bit lower than the estate agent value. Then 0:10:51.000 --> 0:10:52.920 what should happen in the interim? Should the person that's 0:10:52.920 --> 0:10:54.900 intending to stay in the property continue on the mortgage? 0:10:55.080 --> 0:10:58.469 So discussing those interim arrangements. If there is a sale, 0:10:58.470 --> 0:11:01.860 however, the parties need to consider who they're going to 0:11:01.860 --> 0:11:06.059 appoint as their lawyers, conveyancing lawyers, their estate agents. And 0:11:06.360 --> 0:11:08.700 eventually, the property will be sold or one person will 0:11:08.700 --> 0:11:11.849 buy out. But if it's sold and one person's actually like, " 0:11:11.910 --> 0:11:14.340 Well, I don't really want it to be split 50- 50 0:11:14.340 --> 0:11:17.100 because actually I've been contributing towards mortgage more than you. 0:11:17.460 --> 0:11:19.439 I want a greater share in the property." That can 0:11:19.440 --> 0:11:22.140 happen. So if one person is seeking a greater share 0:11:22.140 --> 0:11:25.650 in the property than the original purchasing documents, the burden of 0:11:25.650 --> 0:11:27.600 proof is on them to show why. 0:11:28.530 --> 0:11:31.530 And what does the law say then about how you 0:11:31.530 --> 0:11:33.959 should divide up the stuff that you've bought or acquired 0:11:33.960 --> 0:11:34.770 while you're together? 0:11:35.250 --> 0:11:38.130 So it's a bit wishy- washy, because actually it really 0:11:38.130 --> 0:11:41.190 depends on whether you can reach an agreement between yourselves. 0:11:41.190 --> 0:11:46.020 But generally speaking, personal possessions -- so that's your white goods, your 0:11:46.020 --> 0:11:49.770 fridge, your freezers, your TVs, your sofas, all your kind of belongings 0:11:49.770 --> 0:11:52.590 that are shared between you and the house -- if you 0:11:52.590 --> 0:11:55.050 can't deal with it by agreement, usually the person that 0:11:55.050 --> 0:11:58.590 purchased the item will keep the item. But ideally you 0:11:58.590 --> 0:12:02.070 would reach an agreement between yourself. In terms of gifts. 0:12:02.070 --> 0:12:05.339 So by the very nature of their name, if someone 0:12:05.340 --> 0:12:07.890 gifts you something, if your partner gifts you something, you're 0:12:07.980 --> 0:12:10.829 generally entitled to keep that because it's a gift. So 0:12:10.830 --> 0:12:12.900 jewelry, for example. If you're given a ring or something 0:12:12.900 --> 0:12:15.240 like that, you keep the ring. When it comes to 0:12:15.240 --> 0:12:20.160 pets, it's quite an emotional topic. Sadly, or maybe surprisingly, 0:12:20.160 --> 0:12:23.580 they're treated like property, like any other possession. So if 0:12:23.580 --> 0:12:25.800 you can't reach an agreement on the pets, then what 0:12:25.800 --> 0:12:28.950 happens is usually the person that the pet is registered 0:12:28.950 --> 0:12:32.490 in, microchipped in, for example, keeps the pet. But all 0:12:32.490 --> 0:12:34.229 of this could be put in the cohabitation agreement. You 0:12:34.230 --> 0:12:36.510 can deal with it all in the cohabitation agreement. So 0:12:36.870 --> 0:12:39.450 it would be advisable to look into that if you 0:12:39.450 --> 0:12:41.490 are thinking of living with someone. 0:12:42.690 --> 0:12:45.360 So if you move in with your partner and they own 0:12:45.360 --> 0:12:48.209 the place, where does that leave you if you were to 0:12:48.210 --> 0:12:48.990 split in the future? 0:12:49.140 --> 0:12:50.970 Not in a very good position, because if you are 0:12:50.970 --> 0:12:55.020 unmarried, then your rights is extremely limited. So you move 0:12:55.020 --> 0:12:57.120 into your partner's place and your partner's actually like, " Well, 0:12:57.120 --> 0:13:00.240 it's not working out. I want you to leave." Technically, 0:13:00.270 --> 0:13:02.160 you could be out the door the next day. You 0:13:02.160 --> 0:13:04.260 have no rights to live in that property because you're 0:13:04.260 --> 0:13:08.340 not married. In terms of any financial claims you can 0:13:08.340 --> 0:13:11.130 make over the property. Again, you have no financial interest 0:13:11.130 --> 0:13:13.860 in that property, even if you've been paying the outgoings, 0:13:13.890 --> 0:13:16.980 sharing the council tax, sharing the gas and electricity bills. 0:13:17.580 --> 0:13:21.360 There are some limited exceptions. They are limited and they 0:13:21.360 --> 0:13:24.270 are usually confined to if you make direct contributions towards the 0:13:24.270 --> 0:13:30.570 mortgage or direct contributions towards the deposit, or if you 0:13:30.600 --> 0:13:34.230 pay for renovation works for the property that substantially increase 0:13:34.230 --> 0:13:37.260 the property. Then you may be able to claim something. 0:13:37.860 --> 0:13:40.710 Difficult area of law. It's trust of land civil proceedings. 0:13:40.740 --> 0:13:43.320 Legal advice would need to be sought as soon as possible. 0:13:43.650 --> 0:13:46.380 So when you say direct contributions to the mortgage, that 0:13:46.380 --> 0:13:50.490 isn't paying your partner your contribution, that is actually direct 0:13:50.490 --> 0:13:51.929 to the mortgage company? 0:13:51.990 --> 0:13:54.480 Well, it's a bit unclear. You wouldn't pay direct to 0:13:54.480 --> 0:13:56.670 the mortgage company because the mortgage would presumably be in 0:13:56.670 --> 0:13:59.250 their name. But if you pay money to your partner 0:13:59.640 --> 0:14:03.690 and the reference, for example, is towards mortgage, then that's 0:14:03.690 --> 0:14:05.940 quite good evidence that you are paying towards mortgage. Whereas 0:14:05.940 --> 0:14:08.700 if your reference was rent, your partner could argue, " Well, 0:14:08.700 --> 0:14:11.309 you're not paying towards mortgage, you're paying me rent." So 0:14:11.309 --> 0:14:13.620 it all kind of depends on what you're labeling. 0:14:14.010 --> 0:14:17.910 Oh, such a gray area, isn't it? We've covered a 0:14:17.910 --> 0:14:20.940 lot in this episode, and it's good to know the 0:14:20.940 --> 0:14:23.640 things we should put in place to make sure that 0:14:23.640 --> 0:14:26.490 we're all protected. I almost don't want people to be 0:14:26.490 --> 0:14:28.320 scared. I feel like we've used a lot of big 0:14:28.320 --> 0:14:31.680 words. We're talking about if you separate what might happen. 0:14:32.010 --> 0:14:34.050 And I know that some people might be listening thinking, " 0:14:34.050 --> 0:14:35.760 Oh, but I'm with my partner. I want to move 0:14:35.760 --> 0:14:38.550 in." So we don't want to deter people and scare 0:14:38.550 --> 0:14:41.340 them. It's just being aware of what you can do 0:14:41.700 --> 0:14:43.800 to make sure that you're protected so then that blissful 0:14:43.800 --> 0:14:46.320 time lasts long, and if it doesn't last, you are 0:14:46.320 --> 0:14:49.710 still protected. But this has been really good, and I've 0:14:49.710 --> 0:14:52.620 learned so much. So before we wrap up, I want 0:14:52.620 --> 0:14:54.660 to ask you, what are your top three tips for 0:14:54.660 --> 0:14:56.940 people to think about before moving in together? 0:14:57.300 --> 0:15:00.630 Choose your partner wisely. You want to make sure that 0:15:00.630 --> 0:15:03.420 you fully trust your partner. You're going into a big 0:15:03.420 --> 0:15:06.000 thing with them, whether it's renting or whether it's purchasing 0:15:06.000 --> 0:15:09.750 property. It's a big financial responsibility. You want to ensure that 0:15:10.290 --> 0:15:13.380 you completely know them and you understand them and that 0:15:13.470 --> 0:15:15.450 you know about their finances. You do not want to 0:15:15.450 --> 0:15:18.210 be entering into something with someone who's financially reckless. So, 0:15:18.870 --> 0:15:21.840 trust your partner and choose your partner wisely. Secondly, you 0:15:21.840 --> 0:15:24.600 want to be thinking about having and being able to 0:15:24.600 --> 0:15:26.880 have open communication with your partner. If you can't have 0:15:26.880 --> 0:15:30.060 open communication with them, it's going to be very difficult. 0:15:30.450 --> 0:15:33.420 You want to have communications and talk about what will 0:15:33.420 --> 0:15:35.910 happen when you start living together and what should happen in 0:15:36.630 --> 0:15:39.870 the event that things might not work out. Have those discussions. 0:15:40.230 --> 0:15:44.460 And finally, I'd say be transparent about your finances. At 0:15:44.460 --> 0:15:46.590 the outset before you've even purchased property or start renting 0:15:46.590 --> 0:15:50.790 together, talk about your incomes, your liabilities, what credit cards 0:15:50.790 --> 0:15:53.489 you have, what debts you might be in, and your 0:15:53.490 --> 0:15:56.940 savings. Because you're being tied in financially with this person. 0:15:56.940 --> 0:16:00.090 You need to be aware, at least roughly, what their 0:16:00.090 --> 0:16:00.991 financial background is. 0:16:00.991 --> 0:16:04.170 That's some really good points. And we have learned a 0:16:04.170 --> 0:16:07.050 lot this episode. So Yasmin, thank you so much for 0:16:07.050 --> 0:16:09.150 joining us and imparting your incredible knowledge. 0:16:09.330 --> 0:16:09.750 Thank you. 0:16:12.120 --> 0:16:15.210 Lots to think about before moving in with someone. I'd 0:16:15.210 --> 0:16:17.370 love it if you could review the podcast, spread the 0:16:17.370 --> 0:16:19.650 word, and help others get A Little Bit Richer too. 0:16:20.250 --> 0:16:23.730 Keep up with the show on TikTok and Instagram @legalandgeneral. Thank you for 0:16:23.730 --> 0:16:24.930 listening. See you soon.