Buying parents house £100k under value

Emmzi

There must be *some* income because you need more than £40k (less interest) to keep 2 people going for "a few years."

I'd strongly suggest them working towards paying off the mortgage and taking a debt management plan for the credit cards.

£30k is a tiny mortgage, too much to lose the house over, and in time they may come to resent you for "stealing" their house. I am not sure I think it is moral, either. And I am pretty sure it's going to mess up your own plans for living in a diffeent house.

Plus what about when they need care, refuse to leave the house, go a bit senile and won't let anyone in to do maintenance, decide they want a divorce...... there is so very, very much that can go wrong here.

Seriously. If you care about your family more than money, this is a Bad Plan.

CAB!

Get them down to CAB to see a debt worker, pronto.

mmdp4wy2

Emmzi wrote: »

There must be *some* income because you need more than £40k (less interest) to keep 2 people going for "a few years."

I'd strongly suggest them working towards paying off the mortgage and taking a debt management plan for the credit cards.

£30k is a tiny mortgage, too much to lose the house over, and in time they may come to resent you for "stealing" their house. I am not sure I think it is moral, either. And I am pretty sure it's going to mess up your own plans for living in a diffeent house.

Plus what about when they need care, refuse to leave the house, go a bit senile and won't let anyone in to do maintenance, decide they want a divorce...... there is so very, very much that can go wrong here.

Seriously. If you care about your family more than money, this is a Bad Plan.

CAB!

Get them down to CAB to see a debt worker, pronto.

You are correct, my mum had over £20k of savings. It was all flushed out. Now she has nothing. Like I said, I have £15k savings...reserved for this deposit. If this carries on, soon I will have nothing.
My parents really don't care about me 'stealing' the house. Dad has not been himself for years...for obvious reasons. And mum has recently been on the downfall. Both of them have been so happy since they came up with this idea. I've suggested all sorts to them before. debt management. IVA's... Even bankruptcy. But they insist on not going down this route. They WANT to give this house to me. They don't want to have to pay rent etc.

oldtractor

I think they only solution here is for your parents to sell on the open market or declare themselves bankrupt. Your father needs to cut up the cards. The whole situation is a mess and you are already dragged into it by paying £1000 a month for keep. You would be better off moving out into rented accommodation or buying your own house with your deposit and salary paying the mortgage on that. I can only see you getting sucked into your parents mess. What happens when the money they would get from you for the house runs out? As you have already said they have lived on credit for years and all savings gone. I think in a year or 2 there will be more debt and your father will ask you to bail them out because he sold you the house cheap. Its emotional blackmail. GET OUT OF THE SITUATION WHILST YOU CAN.

Emmzi

I agree 100% with oldtractor. Get the £££ signs out of your eyes and think practically. If they are stubborn now about something as important as their debt position then what are they going to be like as tennants?

Mum had £20k. Dad has £40k on cards. So that's £60k. How long will the £30k last them? Damn all time.

Run, run, run!

Emmzi

PS addicts say anything to get a fix. Your parents are addicted to spending. And then, it all comes crashing down and it's the dealer's fault...


.. that'd be you. It'll be your fault they have no assets, and you will "owe" them £100k, and what happens then?

Squirrel1980

I have no expertise on this subject, but i think you're incredibly generous to even consider this as an option.

mmdp4wy2

Thanks everyone. I'll let you know what happens when I do!!!!