I currently own a property which is sold STC. Mortgage paid.
I am currently 49 and engaged, live in England about to move to Wales.
A new property has been offered on and that offer accepted, will be purchased outright from the sale proceeds in next 8 weeks.
I have two children aged 8 and 10, who live 50%-60% of time with me.
4 years ago I was in a relationship which broke down after 15 years, very difficult time and have a shared care agreement with the mother.
No legal claims against property.
3 years ago I met a new partner (Nikki also 49) and we are due to get married October 2019. Nikki does not have many assets or property.
It is very important to me that one day the children get the enjoyment of the money in the property to get them started in life and do not want to have a position where this can be challenged or eroded in anyway.
My new partner Nikki is very understanding in many respects but appears hurt that I would not simply just give her half of the property, especially as we are to be married. I have explained that in life many things can happen and this could result in the children maybe not getting what I wish them to have. Eg. I die new partner and they decide the children should not get proceeds.
It is important to me that Nikki can live in the property should I die first, until she dies but the proceeds in the property pass to the children.
Nikki is to be on the property deeds, which is important to her.
What worries me is that any will can be challenged or changed if circumstances change and I must protect the children, Nikki and myself.
My solution is to have shared ownership in the property 80% myself, 20% Nikki, us both named on the deeds.
Should I die, my will states that Nikki has use of my 80% of the property until she dies then it passes to the Children. I want her to have use of the money until she dies but ultimately it goes to the children.
Should Nikki die then the 20% is dealt with in the same way.
Should we both die the house goes to the children.
I do have other assets in cars and a limited company but I would expect these to be handled as if we are husband and wife. But it is important to me the house is protected for the children.
Nikki is hurt and cannot see why it is not simply 50:50 and I should trust her. I do not want to spend a fortune with a solicitor but will have this dealt with at the same time as the conveyancing by way of a will. Do not really want to use a trust as this takes ownership away and we will probably move again one day.
Can you please :
Make comment on my solution?
Maybe, propose a better solution?
If possible make comment as to my position and if you think I am being fair....