What would you do..geberal advice / opinions

G_M

rllowe1 wrote: »

I've been told they'll be kept in premium bonds until we're ready to use them. As the money is a gift that's non negotiable.

I have recieved a very reasonable lump sum as inheritance which is to be used for a house deposit.

???? :huh: ?????

Even if it IS a gift ad someone is 'keeping it' for you, there's no reason you should not suggest to that person that they keep it in a different form, providing

a) you can demonstrate you have considered the matter maturely and
b) they care enough for you to take your wishes into account.

ViolaLass

Is it a gift or inheritance? If the latter, it should be in your account, not someone else's.

rllowe1

I haven't actually been given it yet. It's been kept in premium bonds until we are ready to use it as a deposit. My moms inherited it from her late mom. But my mom doesn't need it so its being passed to my sister and I.

goodwithsaving

Three words when you do proceed: tenants in common. Protect your deposit. Regardless of how your relationship now, you can't determine the future.

Annisele

Is your Mum's estate likely to have to pay inheritance tax? Depending on the values involved, if your grandmother died recently it might be worth looking into a deed of variation. Essentially that varies the will so that instead of the gift going Grandmother>Mother>You, it just goes Grandmother>You - cutting out your Mum, and potentially reducing the overall tax bill.

So far as the housing question is concerned, I'd leave things alone for now. You don't have an income, and you don't actually have a deposit. You have a promise of a deposit, but that's not quite the same thing.

(Out of interest, if the premium bonds win, who gets the cash? Presumably split 50/50 between you and your sister - but if the win is big enough, it might cause an inheritance tax problem in itself).

rllowe1

I've had a look. And as its a gift from my mom as long as she doesn't die within 7 years it's exempt from tax as it is a gift.

Any premium bond winnings under 5k are to be split between my sister and I. Anything over between the 3 of us.

I suppose in the mean time I should just do general research and looking but not look at anything solid x

moneyistooshorttomention

Another vote for waiting until you graduate. Two years is a long time at your age and he doesn't sound keen on doing so right now. I'm reading this as you are by far the keener one and I understand why (having been "born a home-owner" myself and I've always assumed from Year Dot that, of course, I would own my own home and it would come along in my early 20s).

Maybe your boyfriend has come from a different background/way of thinking on this?

Some of us (you and I for instance) have been sitting there since childhood thinking "WHEN I buy my first house...." and there is absolutely no doubt in our minds that this is what we will do and hence acute frustration when other people/circumstances don't automatically follow the same way of thinking we do. I've gone through the frustration/not understanding why there seems to be a problem myself for a very different reason. In my case, I decided to buy the starter house RIGHT AWAY in my early 20s (as I'd always expected to do) and then sat steaming with frustration as to why my financial circumstances were that I couldn't do so until either my husband came along (which he never did....:() or I had a bit of good luck helping me out (necessary because of the darn low income level I've always had).

In the event...that bit of good luck came along in my 30s and I was able to buy the house at last...after 10 years or so of sitting there steaming in frustration about the situation.

It looks to me as if you've seen this as your chance and "Here we go now" and to someone with our way of thinking = Its obvious we do so now the chance is here. But I don't think your boyfriend has that same way of thinking (for whatever reason) and I don't think its a good idea to do this with him right now. Either do it on your own (if that's possible) or wait until you've graduated and "see how the land lies".

dimbo61

Another vote for Tenants in common so you split the ownership depending on how much deposit each pays.
This gives boyfriend 2 years to save his deposit as well.
If you get married and then split up then equity 50/50 unless kids involved.
Consider offset mortgage when you do buy.
Enjoy university :-)

rllowe1

Hi money's too short to mention

I think that's it. To me it's the blindingly obvious thing. But all I can do is wait ��

Eta - I'll have a look into the tenants in common. This is something I've never heard of