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Unusual request from parents - FTB
Comments
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I think 90% of people here (maybe more) would feel `awkward` saying no BUT agree its just not practical or realistic.
Well done on saving 100k btw - AMAZING!DebtFree FEB 2010!Slight blip in 2013 - Debtfree Aug 2014 :j
Savings £132/£1000.0 -
savingmummy wrote: »I think 90% of people here (maybe more) would feel `awkward` saying no BUT agree its just not practical or realistic.
Well done on saving 100k btw - AMAZING!
I just wanted to reiterate the above - huge well done on your saving, you are obviously a very well grounded, focussed young lady, good luck with your future!0 -
Thanks savingmummy - I have worked very hard for it, but also recognise I have been lucky (with career opportunities). I'm also naturally quite stingy (sorry, moneysaving, haha) so don't have expensive tastes or anything!0
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Thanks also, Mogchops! It's also in no short order thanks to my parents, for helping me through university and teaching me well - which makes saying no to them now harder, but I do think it's for the best.
I could always keep paying them rent even after I move out, just to help them out a bit - Does anyone know if that would cause problems for them with income tax and stuff? I thought I'd heard discretionary family gifts of low value would be ok, but I could have made that up!0 -
You`ve clearly worked VERY hard and thats even more the reason i think you should remain `stingy`:money: and keep your well earned savings to yourselfDebtFree FEB 2010!Slight blip in 2013 - Debtfree Aug 2014 :j
Savings £132/£1000.0 -
Thanks also, Mogchops! It's also in no short order thanks to my parents, for helping me through university and teaching me well - which makes saying no to them now harder, but I do think it's for the best.
I could always keep paying them rent even after I move out, just to help them out a bit - Does anyone know if that would cause problems for them with income tax and stuff? I thought I'd heard discretionary family gifts of low value would be ok, but I could have made that up!
I was about to suggest that you reassure them, letting them know that you would never let them live in dire conditionsI know I would do it for my parents if they suddenly lost all their asset. But depriving you of your savings is a big no no.
And I am a year older than you I have only half that saved up: well done you!!!!0 -
Thanks also, Mogchops! It's also in no short order thanks to my parents, for helping me through university and teaching me well - which makes saying no to them now harder, but I do think it's for the best.
I could always keep paying them rent even after I move out, just to help them out a bit - Does anyone know if that would cause problems for them with income tax and stuff? I thought I'd heard discretionary family gifts of low value would be ok, but I could have made that up!
If you really need to help your parents out (but make sure your Father isn't exaggerating his money problems) then making regular gifts out of normal income has no tax consequences. (There are IHT consequences if the gifts aren't regular and large or not out of income).0 -
Presumably the family home and the park home are mortgage-free? Your parents are in a good position to sell both and buy a smaller place for their future years. Their monthly outgoings will be cheaper if they don't have to run two homes.
They could stash the cash in the bank for a short while and then rent a nice place in the seaside town. Your mum isn't too sure about moving there full-time so renting would give her an idea of how she could settle.
And then if your mum and dad really love it there then they are in a great position to buy a house locally (a house that is either already adapted to your mum's needs in the years to come or a house that can be adapted while your parents still live in the rental house).
Alternatively they could just keep renting for a few years. I'm guessing the park home might sell for around 80K? With 220K from the sale of the family house then the interest on 300K in the bank would probably pay the rent without having to touch the capital. Your dad probably doesn't realise that he is actually sitting on so much money.0 -
Remember: never let a house out to someone who you are not willing to evict.Eat vegetables and fear no creditors, rather than eat duck and hide.0
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In your position I would not agree to your father's proposal, particularly as you would really prefer to live in London, (presumably where you are employed).
Your parents know the seaside town well and should also know by now whether they wish to live there full time - if so, they should sell the family home and the chalet and buy a home ( a bungalow?) suited to their needs.
If they wish to visit your grandmother, then presumably they could stay at her house when they visit.
As for your gifting money to your parents, are you sure you would be able to do this if you had to find somewhere to live at a market rent if they sold their home and moved elsewhere?
Is it time for you to move out of the family home and rent a flat now? Your life seems rather more bound up with your parents' lives than one would expect?0
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