Parents want to do a "House Swap".

AlexLK

mountainofdebt wrote: »

I don't get this mentality at all.

So they would expect you to keep a house, something that you couldn't comfortably afford to keep, just because they restored it.

So would they expect to stay in the family forever more?

You may be guillted in to keeping it but I doubt your children would be

Something like that.

Considering they will be paying for my son's education, maybe he will.

FatVonD wrote: »

I worked with an American woman many years ago who'd married an Englishman with 'old' money and it drove her potty that she could never buy any new furniture as his parents would always insist they had whatever piece they needed from one of their other houses.

Unfortunately, my parents are about as nouveau as they come . However, they like to imagine.

elsien wrote: »

So do I but I'd rather have a life. Big house, one liveable room and serious frugality vs current small house in rundown area with holidays, gigs, theatre, days out with friends. And good wine. No contest.

You are currently making me look around my current house and smile. We can hardly afford those types of luxuries on a daily basis as it is though. :rotfl:

mountainofdebt

AlexLK wrote: »

Considering they will be paying for my son's education, maybe he will.

Sounds like the whole family would be happy to sell their souls to the highest bidder

Not for me but if that's what floats your boat, who are we to tell you its a bad idea?

elsien

It's a comparative thing - ones years holiday might be abroad, the next might be a week in one of the Sun holiday parks. But I do like my breaks even if they're really cheap. I guess it's all about priorities. I make sure the house is well maintained, but it hasn't been decorated in about 10 years. Whereas my aunt would rather stop home and have a nice house.
And I don't want to be beholden to anyone - which for me would be the real no no in your situation. But each to their own, to coin a phrase.

(Plus if I wanted to be really frugal, I'd have to shoot the dog -the last one cost me a fortune in vets bills. )

AlexLK

mountainofdebt wrote: »

Sounds like the whole family would be happy to sell their souls to the highest bidder

I'm not sure what this is meant to mean?

mountainofdebt wrote: »

Not for me but if that's what floats your boat, who are we to tell you its a bad idea?

My wife and I could not afford the school fees and my parents have offered to fund his education from pre-prep to university.

AlexLK

elsien wrote: »

It's a comparative thing - ones years holiday might be abroad, the next might be a week in one of the Sun holiday parks. But I do like my breaks even if they're really cheap. I guess it's all about priorities. I make sure the house is well maintained, but it hasn't been decorated in about 10 years. Whereas my aunt would rather stop home and have a nice house.
And I don't want to be beholden to anyone - which for me would be the real no no in your situation. But each to their own, to coin a phrase.

(Plus if I wanted to be really frugal, I'd have to shoot the dog -the last one cost me a fortune in vets bills. )

Thank you and we too like our holidays abroad (far too much :rotfl: ). Not having one next year though in order to pay our debts off.:mad:

Person_one

AlexLK wrote: »

My wife and I could not afford the school fees and my parents have offered to fund his education from pre-prep to university.

You do know there are schools you can go to for free?

AlexLK

Person_one wrote: »

You do know there are schools you can go to for free?

Very funny .

Person_one

AlexLK wrote: »

Very funny .

Um, ok, but most children do go to them, they are an option surely!

AlexLK

Person_one wrote: »

Um, ok, but most children do go to them, they are an option surely!

Yes, the village school is an option. However, my parents want him to go to the schools I went to and as I had a great childhood there, I am not about to complain when they are willing to fund it. Wife has different ideas though.

CFC

Alex, they want the family to make the transition from new money to old money.
From a financial perspective they will keep you afloat and after they have passed away money to fund the house will not be an issue.
It really comes down to 2 things:

Do you want to 'take the position' of old money - ie the house comes first, even if you don't have a penny to bless yourself with, because it doesnt' belong to you, you simply effectively have it 'in trust' for future generations
Can your wife cope with suddenly being put in the mental position of having married 'old money'?

As for the practicalities, I think you should all consult a good lawyer who specialises in inheritance tax.