How can I sign a house over to my son?
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My parents who are now both 86 have gone without luxuries (ie they didn't have central heating, run a car or go on holidays abroad etc etc) all their lives, to struggle to pay a mortgage, both working hard and paying tax & national insurance. Also they survived a war and their parents brought them up in poverty (real poverty). A lot of people of their generation saved for "old age" and went without themselves. Why shouldn't they choose where their hard earned cash goes ie to their children or grandchildren. It should be their choice.
Firstly, I can never understand why people assume that those who've had a mortgage have struggled more than those who've rented. Rent is frequently more expensive than mortgage payments and has to be paid forever (even in retirement) when mortgages tend to finish at some point.
Secondly, I wonder how you can miss the irony of what you have written. You talk of people saving for their old age and then, immediately follow that with wanting to leave money to their children. If someone has saved for their old age, why should they suddenly not want to spend it on this when the time has come?
Thirdly, you talk of "hard earned cash" when in fact at least 50% of the value of your parents' house (quite possibly far more) will have been achieved by no effort on their part but simply by the inflation of property prices.There are many people in their 80s living in houses worth £250,000 that were actually bought for less than 10 grand, 50 years ago. Not much of the "hard earned cash " about that, is there?0 -
Oldernotwiser wrote: »Firstly, I can never understand why people assume that those who've had a mortgage have struggled more than those who've rented. Rent is frequently more expensive than mortgage payments and has to be paid forever (even in retirement) when mortgages tend to finish at some point.
Secondly, I wonder how you can miss the irony of what you have written. You talk of people saving for their old age and then, immediately follow that with wanting to leave money to their children. If someone has saved for their old age, why should they suddenly not want to spend it on this when the time has come?
Thirdly, you talk of "hard earned cash" when in fact at least 50% of the value of your parents' house (quite possibly far more) will have been achieved by no effort on their part but simply by the inflation of property prices.There are many people in their 80s living in houses worth £250,000 that were actually bought for less than 10 grand, 50 years ago. Not much of the "hard earned cash " about that, is there?
Shame... my mum and dad should have spent all their savings and had good times years ago.
I myself spend spend spend..... hopefully my care will be paid for in my old age!!!
By the way this post should be moved!!! :eek:0 -
I don't think people clearly understand the difference between care that is provided by the state and care that is paid for by the user... I know which I'd rather have thankyou!!#6 of the SKI-ers Club :j
"All that is necessary for evil to triumph is for good men to do nothing" Edmund Burke0 -
Because people that have worked all their lives, have saved their money for years and years and have paid a mortgage, maybe sacrificing holidays etc., why shouldn't their well earned savings etc. go to whoever they want it to, ie their children, grandchildren etc. if they wish. Those of us who work hard and pay taxes and national insurance should have our care paid for by the State. Also don't forget this generation of elderly people have survived a war (my parents for instance)!! People that don't work get more help!! When you reach old age and perhaps if you have then got savings, where would you like it to be? sucked up in care (maybe nursing care) which is roughly £1,000 per week? I don't think so!! You will change your mind then!
I won't. My parents have paid taxes since they started work at 14 and 16 in the 1930s. They had very little money but worked very hard and were eventually able to get a mortgage but only because someone stood as a guarantee for them. At the moment they are having what care they need arranged at home and are entitled to benefits because their income in low but, if residential care is needed, they have the security of knowing that they can pay for what they need.
They have been very fortunate in that they have benefited from a massive increase in house prices. If that increase had not happened, they would no doubt be entitled to free care. Why should the current taxpayers pay for their care so that their children can inherit money that we haven't earned?0 -
We have an old thread, resurrected last year. And we have the regular debate about whether 'the state' should fund residential care for everyone, regardless of their circumstances, so that elderly parents can pass the family home / substantial savings on to their children as an inheritance. That rightly belongs on DT, especially as I suspect we are never going to agree.
Anyone who wants to 'protect' their assets or do forward planning for residential care should take proper advice, and consider the disadvantages of no longer having security in their own home etc.Signature removed for peace of mind0 -
Why should the current taxpayers pay for their care so that their children can inherit money that we haven't earned?
No idea, but people seem to go potty about both leaving and getting an inheritance. It always reminds me of characters in Dickens.
A couple who bought a house in West London for £4k in 1965 with mortgage payments of c£8 a week and mortgage paid off years ago, will find that now they are in their late 60's early 70's it's worth £200k, and all they've had to do is sit in it. They've done nothing to 'earn' a property of that value except live in it..................
....I'm smiling because I have no idea what's going on ...:)0 -
There are many different ways of looking at this. For myself I find myself looking back to the seventies and remembering how long it took to save the 10% deposit required, how we struggled to pay the mortgage, rates, etc, how a lot of us put off having children because we couldn't afford them, but we did it, safe in the knowledge that we were the first generation (within our family at least) to provide financially for our children after we were gone.
I look around now at the young people struggling to get on the housing ladder, can't afford a property, mortgages £700 plus and I wonder, maybe mortage lenders should advertise thus: YOU TOO CAN STRUGGLE FOR 20 + YEARS TO BUY A HOME SO THAT YOU MAY THEN GIVE IT TO THE GOVERNMENT TO FUND YOUR CARE NEEDS.
Is that what answer we are to give our children when they ask us why should they buy their own homes?
As I said, there are many ways of looking at this.0 -
Shame... my mum and dad should have spent all their savings and had good times years ago.
I myself spend spend spend..... hopefully my care will be paid for in my old age!!!
By the way this post should be moved!!! :eek:
I'm sorry you don't have the time or inclination to actually read my post but I wonder why you think it should be moved0 -
A couple who bought a house in West London for £4k in 1965 with mortgage payments of c£8 a week and mortgage paid off years ago, will find that now they are in their late 60's early 70's it's worth £200k, and all they've had to do is sit in it. They've done nothing to 'earn' a property of that value except live in it.
And their children even less so!0 -
There are many different ways of looking at this. For myself I find myself looking back to the seventies and remembering how long it took to save the 10% deposit required, how we struggled to pay the mortgage, rates, etc, how a lot of us put off having children because we couldn't afford them, but we did it, safe in the knowledge that we were the first generation (within our family at least) to provide financially for our children after we were gone.
I look around now at the young people struggling to g.
I don't know anyone who struggled to buy their first home because they wanted to leave it to their children - I certainly didn't!0
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