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Practically a saint aren't you, bravely self-sacrificing to buy your mother a house that can later be sold at great profit :rotfl:charlesworth82 wrote: »This is a lot of work for me to make hardly any money - in possibly years and years time.0 -
charlesworth82 wrote: »
This is a lot of work for me to make hardly any money - in possibly years and years time.
It is an investment, and you know it.
Reasons to not do this:-
You appear to be using your mother for your own gain- a get rich scheme for you off the back of an old lady. If your mum wanted to be a home owner, she would have made this happen herself, years ago
Lack of social conscious - further depleting the already low council house stock, in order to cash in. Your own family has benefitted MASSIVELY for decades, of lower priced rent, in council housing, now you want to remove the option for other people, don't seem fair does it?The opposite of what you know...is also true0 -
charlesworth82 wrote: »Of course it's in her best interest. A house that she doesn't have to pay for in a few years (saving her £350 a month). Nobody has put across any negative that would be worth not buying it in my opinion. (broken boiler etc.)
This is a lot of work for me to make hardly any money - in possibly years and years time.
A house that you own mortgage free is categorically not 'a house that she doesn't have to pay for'.
If your main motivation is to save her that rent payment, why don't you just give her £350 a month then she gets to keep all her security and doesn't have to take any risks.0 -
fairy_lights wrote: »Practically a saint aren't you, bravely self-sacrificing to buy your mother a house that can later be sold at great profit :rotfl:
What great profit? how much do you think these council houses are worth! ooo yeah lets split this 30k profit between the 4 kids .....
she's lived in the place over 40 years - don't think she's in this to make some quick cash!‘It ain’t over 'til it's over’0 -
Red-Squirrel wrote: »A house that you own mortgage free is categorically not 'a house that she doesn't have to pay for'.
If your main motivation is to save her that rent payment, why don't you just give her £350 a month then she gets to keep all her security and doesn't have to take any risks.
She doesn't have to pay any mortgage/rent - which you know is what I meant.
So I can pay £350 a month until she dies (maybe 30 years) or £350 for 7 years..... yeah makes sense paying over 100k more. The house could fall down and be built twice for almost that.‘It ain’t over 'til it's over’0 -
charlesworth82 wrote: »She doesn't have to pay any mortgage/rent - which you know is what I meant.
So I can pay £350 a month until she dies (maybe 30 years) or £350 for 7 years..... yeah makes sense paying over 100k more. The house could fall down and be built twice for almost that.
Why are you ignoring the most valuable parts of what she has now? She has a secure home for life! She will never have to worry about any maintenance! She will never have to worry about how she'll manage as she gets older or if she has special health or mobility needs, she will not need to be dependent on you for every need!
If you really have your mother's best interests at heart, you won't assist her in throwing all that away for a few quid.0 -
It is an investment, and you know it.
Reasons to not do this:-
You appear to be using your mother for your own gain- a get rich scheme for you off the back of an old lady. If your mum wanted to be a home owner, she would have made this happen herself, years ago
Lack of social conscious - further depleting the already low council house stock, in order to cash in. Your own family has benefitted MASSIVELY for decades, of lower priced rent, in council housing, now you want to remove the option for other people, don't seem fair does it?
I agree on the social conscious which is really my only reason I don't want to do this - money wise if i did benefit it really is for hardly any money (especially between 4 children). She's 100% going to do it and I was trying to actually help out! I'm sure without my help she will still find a way‘It ain’t over 'til it's over’0 -
Red-Squirrel wrote: »Why are you ignoring the most valuable parts of what she has now? She has a secure home for life! She will never have to worry about any maintenance! She will never have to worry about how she'll manage as she gets older or if she has special health or mobility needs, she will not need to be dependent on you for every need!
If you really have your mother's best interests at heart, you won't assist her in throwing all that away for a few quid.
My mother will 100% live with me when she is unable to live alone - although we're both hoping this is a long way off
‘It ain’t over 'til it's over’0 -
I didn't actually come to debate about this (as I have no clue on council housing) but has opened my eyes on a few things, all of which I'll feed back.
She's been in the house a long time and has been thinking this over for a few years but only recently mentioned it to me.‘It ain’t over 'til it's over’0 -
In addition to the points raised above concerning what would happen if you lost your job, got sick or died, there's also the issue of divorce. Your share of the property would be an asset of the marriage and your wife/husband would be entitled to their share.
With so much uncertainty financially, model the repayments on an interest rate at 7% or higher and see how that looks.
A few things to ponder:
Are you going to hold the property as tenants in common or joint tenants? If tic, you need to have a think about mum's will, as well as your own, to figure out what shares you each own and where it would go on either your or her death.
If you're paying maintenance costs for mum, does this impact on the share of the property you own?
If the neighbour starts an expensive boundary dispute, will you pay or mum?
You may be at a disadvantage in years to come when you try to re-mortgage your own property because of your obligations to mum's mortgage - is this okay?
If mum moves a partner in to the house who devalues it with his DIY or redecoration efforts, what will you do?
Check the rules on selling within 5 years of purchase, just in case mum changes her mind, moves in with a partner or passes away - would you have an obligation to make up the shortfall if mum doesn't?0
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