Hello all, I wonder if I can seek some advice. I'll try and keep this brief but hopefully including enough relevant details. I'm in my mid 50s, partner who has farmed all his life is in his mid 60s with some health issues.
I had my own house, sold in 2019. The small proceeds of that sale plus subsequent savings means I now have 80k saved and continue to save. I have been looking for a house since with no joy, outbid countless times etc. Live with partner of 10 years on his farm since 2019, he is in a registered farm partnership with his son. The son now has a family of his own and wants to move into the farmhouse with partner and two children. There isn't room for us all so my partner now is suggesting that he buys a house with me, with his half raised either against the farm (which is in the partnership's name) or against the farmhouse (which is in his sole name) and to step back somewhat from the workload.
I assume that there's no mechanism that will allow my partner to just take a lump sum (i.e.100k, with my 80k and likely another 50k personal loan taken out by me to purchase a house) against the farm when it's held in a partnership and therefore am I right in thinking that this would expose me to a significant risk as I would then co-own a house with a farm partnership in theory? Then if for some reason the farm didn't perform well over the coming years and the son/partnership couldn't meet the repayments then we could both find ourselves without a home. Without going into details I would have concerns re: the viability of the farm if the son becomes the main custodian and we're off site - but the current situation can't continue either.
Any advice welcome - many thanks.
I had my own house, sold in 2019. The small proceeds of that sale plus subsequent savings means I now have 80k saved and continue to save. I have been looking for a house since with no joy, outbid countless times etc. Live with partner of 10 years on his farm since 2019, he is in a registered farm partnership with his son. The son now has a family of his own and wants to move into the farmhouse with partner and two children. There isn't room for us all so my partner now is suggesting that he buys a house with me, with his half raised either against the farm (which is in the partnership's name) or against the farmhouse (which is in his sole name) and to step back somewhat from the workload.
I assume that there's no mechanism that will allow my partner to just take a lump sum (i.e.100k, with my 80k and likely another 50k personal loan taken out by me to purchase a house) against the farm when it's held in a partnership and therefore am I right in thinking that this would expose me to a significant risk as I would then co-own a house with a farm partnership in theory? Then if for some reason the farm didn't perform well over the coming years and the son/partnership couldn't meet the repayments then we could both find ourselves without a home. Without going into details I would have concerns re: the viability of the farm if the son becomes the main custodian and we're off site - but the current situation can't continue either.
Any advice welcome - many thanks.