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Buying my parents flat
Comments
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poppysarah wrote: »
Don't "buy" your dad's flat - he needs it to live in.
He would be living in it rent free for life, regardless of whether we gave him the money to pay it off or whether we bought it.
Same result either way.0 -
lizzielondon wrote: »why don't you help him with his mortgage payments instead?
Over the years (20) my father has been in and out of work. During each time I have paid the mortgage. Starting when I was 15 and had to leave school and get a job to ensure we did not lose the house. As you get older, married and have kids yourself, this can cause huge strain on a relationship when you have your own commitments and financial obligations.
I can assure you, I am not taking advantage of my dad. He knows the level of assistance I have given to him.0 -
carjack001 wrote: »He would be living in it rent free for life, regardless of whether we gave him the money to pay it off or whether we bought it.
Same result either way.
Not really, if he owns it he retains control. If you own it he's essentially at the mercy of you changing your mind. I'm sure you don't think you will now, but what if you fall on hard times years down the line and the equity tied up in the flat looks tempting?0 -
For the sake of arguement, things go pear-shaped in your life; your marriage breaks down or you lose your job and end up bankrupt. or you need to go on benefits.
In all those circumstances (and a few others) the fact that you own your father's house complicates matters as they form part of your estate.
Add to this the depravation of assets rules if your father has to go into care and it is not worth it.
You might consider giving him the £8k and asking for a charge against the property (so that when it is sold, you get your money back).If you've have not made a mistake, you've made nothing0 -
carjack001 wrote: »He would be living in it rent free for life, regardless of whether we gave him the money to pay it off or whether we bought it.
Same result either way.
No - huge difference.
One he owns his own home. The other his kids do.
Now as long as you never fall out, or need to cash it in that's fine.0
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