Should my boyfriend pay my rent to my parents?

Mojisola

adouglasmhor wrote: »

Why not sell 50% of the house to your boyfriend, then use part of the proceeds to pay off your parents, your payments go down, your parents lose the stick they are using to try to control you, you and he are then equals. Looks good to me at any rate

Interesting lateral thinking!

DVardysShadow

adouglasmhor wrote: »

Why not sell 50% of the house to your boyfriend, then use part of the proceeds to pay off your parents, your payments go down, your parents lose the stick they are using to try to control you, you and he are then equals. Looks good to me at any rate

This is difficult if bf does not have 50% tucked away in a drawer somewhere, because a re mortage would be required and if the house is currently in negative equity that might be difficult.

In principle, however, what is required is to find the 15% and pay the parents off and get rid of their influence. It seems to me that they are likely to get difficult about this, in which case it may be necessary to sell the house.

In New to Avon's position, I would be moving the partner in and paying nothing to parents under the strict terms of the trust deed. I would take rent from partner and save it up towards the fighting pot and look at all the options for putting together 15% of the value of the house.

And then I would offer the money and hope that they accepted. If they did not, I would sell on the open market or to myself and partner and pay parents off. Now, to do this, it is necessary to have the 15% available as cash which can be handed over to parents. Because if the property does not sell for enough to cover the mortgage and the parents' 15%, the parents will still have a financial hold by being owed.

And I would be livid at parents if I had to sell on the open market under these terms, because it would leave me without a deposit to buy another place. But I really would not want their financial 'assistance' to govern me for another day.

zzzLazyDaisy

DVardysShadow wrote: »

And I would be livid at parents if I had to sell on the open market under these terms, because it would leave me without a deposit to buy another place. But I really would not want their financial 'assistance' to govern me for another day.

That's exactly how I would feel.

Looking back, it makes me feel quite relieved that my parents were never in a position to give me any financial assistance...

cloudy-day

Any wrote: »

I completely agree - BUT - this b/f is paying HALF of all the bills and signing piece of paper that he will not have a claim on the house.
This shows he has done everything to calm down OP and parents that he is not just a user.

The man is required to pay half of all outgoings, sign a piece of paper AND pay the parents extra? If it was me I would be asking :"do I have a mug written accross my forehead?"

The OP has agreement with her parents based on the sale of the house. The house is still hers, she still pays the mortgage, she is still going to sell. She is just going to be better off by someone paying half their bills. I cannot see how they think they have a right to extra conditions.

Exactly, a politer version of what I said.

Bottom line - never borrow money from family, way more trouble than its worth.

Good luck OP.

findingmyownway

adouglasmhor wrote: »

Why not sell 50% of the house to your boyfriend, then use part of the proceeds to pay off your parents, your payments go down, your parents lose the stick they are using to try to control you, you and he are then equals. Looks good to me at any rate

Can the boyfriend afford the 15% to buy the parents out?

That would seem more sensible to me as no remortage needed.

DVardysShadow

findingmyownway wrote: »

Can the boyfriend afford the 15% to buy the parents out?

That would seem more sensible to me as no remortage needed.

Hmm. This makes OP beholden to bf in the same way she is currently beholden to parents. Although I can see where you are coming from, this actually strikes me as the worst of all options.

If OP and her bf went out to buy a house together, they would be sharing the ups and downs of a property together on equal terms. Now we know that this does not always work out, but by and large if things go wrong and the house has to be sold, any pain would be equally shared.

But with this proposal, because of negative equity, the bf might only be able to take over the parents' trust deed, but might not be able to go on the deeds because of negative equity. This will give him a lot of power over the OP without any of the responsibility if it all goes wrong.