Financial Support when Unmarried
How to protect yourself financially
If you're cohabiting, you have more rights if you are listed as a joint owner of the home. If you are ‘joint tenants’, you have equal rights to the property, regardless of who paid more. And on the death of one of the partners, their share in the property will pass to the survivor.
You can get a Cohabitation Contract or a 'living together agreement', which clearly states your share in the property to ensure your contributions are recognised and protected. This can stop you being forced out of your home and gives proof of financial interest in a property.
Write a will. You can choose to leave your estate and assets to your partner to save it going through probate. Unfortunately that inheritance tax above 325,000 still stands.
Advice for tackling the Singles Tax
A full council tax bill is based on two or more people living together. Singles can apply for a 25 per cent discount.
Many discounts are based on pairs rather than strictly romantic couples. For example the Two Together Railcard. You just have to start and end your journey together for the discount, so it could be a friend or family member that takes the same commute as you, or goes on regular daytrips together.
There is a growing trend of singletons buying their first home with a friend or sibling. And the good news is this isn't considered any riskier by mortgage lenders so you won't face higher interest rates or risk of rejection. As always consider the risks with this option - you're jointly liable for the whole mortgage so make sure you trust the person.
To keep your energy bill low when living alone, make sure you set up your heating so that it only comes on when you're at home and in the rooms you need it to.
Try and be smart with your cooking to keep costs low and avoid food waste. If your meat or veg comes in multi packs, batch cook and utilise your freezer.
Living Alone at an Older Age
Take advantage of all of the benefits and discounts on offer.
- To read more about Pension credit,
- To check if you're entitled to free prescriptions, .
- Disability living allowance,
- For more information on a free bus pass, .
Council Tax Reduction (also known as Council Tax Support) is a benefit available to pensioners. It depends on where you live, your savings, but you could actually get it fully paid for if you receive the Guarantee Credit part of Pension Credit. To find out more,
