Should I ask my Dad for the inheritance I'm owed?

edited 22 January 2013 at 5:13PM in Money Saving Polls
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Former_MSE_DebsFormer_MSE_Debs Former MSE
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edited 22 January 2013 at 5:13PM in Money Saving Polls
Money Moral Dilemma: Should I ask my Dad for the inheritance I'm owed?

I inherited £5,000 about 10 years ago. My parents told me they had invested it in a property that, when sold, would double the money and I could have it at 25. I'm now 26 and have found a house I want to buy, but am £5k short on the deposit. My dad's trying to sell the property my inheritance is invested in, but wants way over market value and won't accept less. I don't care about the full £10k, I just want to buy a house. Should I ask my Dad for the cash I need?

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  • Of course you should ask for it.

    In my book, "investing" it in property is stealing from you.

    I'd liken it to if I reached my hand into your wallet, took £20, and "invested" it down the bookies - even if I was planning to give you any winnings.
  • VoucherManVoucherMan Forumite
    2.7K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Ask him.

    So long as he can raise the money for you before he sells the house he'll be quids in.

    If, as you say, you're not bothered about the full amount then when he does eventually sell the house he'll have made even more money for himself.

    Then he'll be the one with a MMD

    Should I give my son/daughter the money I promised him/her?
  • Yes I think you should ask for the £5,000, its a family matter so do it nicely and be reasonable, your dad probably won't thank you for saying he wants too much for the investment property so just be honest say you NEED your £5,000 back now for a deposit and that you're willing to take a loss on the hoped for 100% profit. That would give your parents the option of giving you the cash from their own funds or reducing the price of the property for a quicker sale or, if they must , borrowing the £5000 and taking the costs of this loan out of your share of any eventual profit. I also think if the profits don't cover the costs in full they should bear the loss as they gambled with your money as well as their own. I hope you can get agreement without falling out, hopefully your parents will realise you can't put your future on hold for however long it takes to get the price they want for a joint investment. Good luck
  • whitewingwhitewing Forumite
    11.9K Posts
    Part of the Furniture 10,000 Posts Combo Breaker
    Yes, ask, but it sounds like he's already trying to release it for you even if he's not being realistic.
    :heartsmil When you find people who not only tolerate your quirks but celebrate them with glad cries of "Me too!" be sure to cherish them. Because these weirdos are your true family.
  • oldtroutoldtrout Forumite
    129 Posts
    Part of the Furniture Combo Breaker
    Your dad should be proud you want to invest in a property of your own and should go out of his way to find you the £5K you need. I think he should find a short term solution instead of waiting for the other property to sell.

    As with many of these MMDs, it's about talking it through especially with family. My dad would already know I was thinking of buying a house anyway.
  • bogwartbogwart Forumite
    117 Posts
    Yes, if that was the arrangement. You are already doing your bit by settling for a lesser sum and your father should return the compliment.

    He's probably disappointed that prices have fallen so much over the past couple of years, but that drop benefits you as well.

    Good luck.
  • Fair enough, your parents invested the inheritance on your behalf 10 years ago, presumably with your best interests at heart, when you were a minor. However, you're an adult now, and you should have enough wits about you to tell your dad straight that it's your investment - your money - and you are old enough to take control of the sale of the property yourself.

    Step up and talk to your dad. Thank him for investing the money for you - and then tell him you'll deal with the house sale now. Too bad if you lose the house you've seen - there are many out there and you'll see another when you've sold your investment house.
  • phil1reynoldsphil1reynolds Forumite
    8 Posts
    Part of the Furniture First Post Combo Breaker
    You maybe forgot to tell us he is already trying to raise the £5,000 otherwise why is he trying to sell the other house rather than continuing to rent it out?
    So if he had the money easily available he would have already given it to you - again as you probably well know.
    So let him know you have found a property to buy and suggest he save himself the costs of selling the other property just now - and then see if he can find either £5,000 (from his savings) or provide you with a guarantee to the Building Society/Bank for some of the mortgage.
  • SpattonSpatton Forumite
    36 Posts
    Part of the Furniture 10 Posts Combo Breaker
    Yes, ask. I was in a similar position a couple of years ago, and although it was a difficult conversation he did hand it over in the end. (I should add that is the only time I have ever asked for money since I left home and there were some other complications).
  • [Deleted User][Deleted User] Forumite
    0 Posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Your inheritance, therefore your money. Your dad decided to invest in a house rather than put it in a bank, not you and therefore it's his concern of how to repay you your £5K. His bad luck that the housing market turned, but really not your problem. The 'interest' could wait until later?

    If he can't fund without selling the house, I would suggest that it's not worth falling out with him about but do suggest that as you have a vested interest in the house being sold you should have some say in setting the asking price (get three independent estate agents round and see what they have to say).
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