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  • Kayalana99
    Kayalana99 Posts: 3,626 Forumite
    First Anniversary First Post Combo Breaker I've been Money Tipped!
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    han_nah95 wrote: »
    Mortgage is in buy to let so we would have to "buy it" from my dad minus the £50,000 and the profit the house makes me and my bf receives. Dad just wants his £50,000 back.
    The benefit is me buying a house off my dad at a lot cheaper rate - me currently paying £750 for rent is nothing to do with my dad and what he is making. That was both of our decisions to rent it for that cost to cover the mortgage.


    Luckily your not my boyfriend if I'm impossible to talk to! However this is typing not talking and communication is something I find hard to do over a computer :)

    I think there is a difference between not being clear and them not agreeing with the situation and scrutinising it.

    I agree my Dad worked very very hard to be in the position he is in today and he has helped me out through the years given me the odd 1k gift here and bought me a car when I first past my test etc, he also has rental properties but I'd never dream of asking him to live in one at a discounted rate as these are his investments.

    Money is a funny thing and people have strong views about it unf, but I still don't understand this view of parents should just hand out to their kids like that. Only result would be spoil kids who don't want to work! :beer:
    People don't know what they want until you show them.
  • han_nah95_2
    han_nah95_2 Posts: 68 Forumite
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    Kayalana99 wrote: »
    I think there is a difference between not being clear and them not agreeing with the situation and scrutinising it.

    I agree my Dad worked very very hard to be in the position he is in today and he has helped me out through the years given me the odd 1k gift here and bought me a car when I first past my test etc, he also has rental properties but I'd never dream of asking him to live in one at a discounted rate as these are his investments.

    Money is a funny thing and people have strong views about it unf, but I still don't understand this view of parents should just hand out to their kids like that. Only result would be spoil kids who don't want to work! :beer:


    I didn't want to come across rude towards "Guest" but I wasn't sure how to respond :/


    Essentially it would have been a lot simpler if we just bought it last year, mortgaged further down the line for his £50,000 given it back and sorted :) However my bf freaked didn't want to go through with it so here we are renting a property to save for another property. Just so happens to be my fathers.


    Maybe the alarm bells should have been ringing when he freaked initially.


    Thank you xx
    Viewed House: 29/02/2020
    Offer made: 29/02/2020
    Offer accepted: 01/03/2020
    Exchanged contracts: 13/05/2020
    Completed: 13/05/2020
  • Guest101
    Guest101 Posts: 15,764 Forumite
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    han_nah95 wrote: »
    Mortgage is in buy to let so we would have to "buy it" from my dad minus the £50,000 and the profit the house makes me and my bf receives. Dad just wants his £50,000 back. - But he still needs to pay off the mortgage

    The benefit is me buying a house off my dad at a lot cheaper rate - me currently paying £750 for rent is nothing to do with my dad and what he is making. That was both of our decisions to rent it for that cost to cover the mortgage.


    Luckily your not my boyfriend if I'm impossible to talk to! However this is typing not talking and communication is something I find hard to do over a computer :)
    Fair enough, but the numbers just don't seem to add up.


    If the house was £200,000, you would still need a mortgage for £150,000 for your dad to pay off the loan.
  • pearl123
    pearl123 Posts: 2,056 Forumite
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    So if you split who gets the house once it is paid off? Is it in both you and your boyfriends names? If not then I'm not surprised you partner is not contributing.

    It sounds a right mess and I'm not surprised its as muddle as a result.
  • han_nah95_2
    han_nah95_2 Posts: 68 Forumite
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    pearl123 wrote: »
    So if you split who gets the house once it is paid off? Is it in both you and your boyfriends names? If not then I'm not surprised you partner is not contributing.

    It sounds a right mess and I'm not surprised its as muddle as a result.


    If we split now then my dad gets the house (as it is his and nothing has been paid back) if we split once we have given back the £50,000 but we haven't mortgaged it will be dads and we get our money back. If we have mortgaged the house and paid dad back and we split then we sell and get half each.


    Why should it be in both my and my bf's names? Dad bought it and we haven't paid anything back. If it was in our names and we split he is entitled to half but not spent anything towards it?
    Viewed House: 29/02/2020
    Offer made: 29/02/2020
    Offer accepted: 01/03/2020
    Exchanged contracts: 13/05/2020
    Completed: 13/05/2020
  • han_nah95_2
    han_nah95_2 Posts: 68 Forumite
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    pearl123 wrote: »
    So if you split who gets the house once it is paid off? Is it in both you and your boyfriends names? If not then I'm not surprised you partner is not contributing.

    It sounds a right mess and I'm not surprised its as muddle as a result.
    Is it in both you and your boyfriends names? If you were renting and saving to buy a property (regardless of if it was the one your tenants in atm) would you request for the house to be put in your names? This is essentially all our situation is..?!
    Viewed House: 29/02/2020
    Offer made: 29/02/2020
    Offer accepted: 01/03/2020
    Exchanged contracts: 13/05/2020
    Completed: 13/05/2020
  • Ames
    Ames Posts: 18,459 Forumite
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    I think I'm as confused as everyone else!

    If you're living there and paying rent to cover the mortgage repayments, who is getting the benefit of the mortgage going down and therefore equity going up?

    You keep saying you haven't paid anything towards it, but then you say you're paying rent to cover his mortgage. While you're doing that the value of your dad's asset is increasing.
    Unless I say otherwise 'you' means the general you not you specifically.
  • han_nah95_2
    han_nah95_2 Posts: 68 Forumite
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    Ames wrote: »
    I think I'm as confused as everyone else!

    If you're living there and paying rent to cover the mortgage repayments, who is getting the benefit of the mortgage going down and therefore equity going up?

    You keep saying you haven't paid anything towards it, but then you say you're paying rent to cover his mortgage. While you're doing that the value of your dad's asset is increasing.


    It is on a buy to let interest only mortgage - so the mortgage won't be going down monthly.
    Were paying the £750 rent just like any other tenants.
    As long as the £50,000 is paid back whatever "profit" is made is for me and my bf.
    Viewed House: 29/02/2020
    Offer made: 29/02/2020
    Offer accepted: 01/03/2020
    Exchanged contracts: 13/05/2020
    Completed: 13/05/2020
  • pearl123
    pearl123 Posts: 2,056 Forumite
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    Why would your boyfriend want to help you pay of a deposit if there is nothing legally in name?
    I certainly wouldn't.
  • pearl123
    pearl123 Posts: 2,056 Forumite
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    han_nah95 wrote: »
    As long as the £50,000 is paid back whatever "profit" is made is for me and my bf.

    Is this real world or monopoly. I sorry but this does not sound right. ?????
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