What can my mum do?

will369

Hi guys,

I currently live with my mum, dad and little sister.

The mortgage of my parent’s house is payed off.

My mum and dad have not been together for the past 3 years, but have been living together. They both sleep in separate rooms and hardly talk to each other.

My Dad is the one that earns the most money, where as my mum doesn’t. Hence why she can’t just move out and buy her own place.

My Dad said he will borrow half of what the house is worth, and give it to my mum. He will borrow it off his parents. I think the house is worth £280,000. But with £140,000 I don’t think my mum can buy a 2 bedroom house in Woodbury / Exmouth (where she wants to live).

My mum doesn’t want to rent, and doubt it very much she will be able to get a mortgage. She cleans people’s houses in the morning, and works at the local primary school in the afternoon doing office work.


My mums mum (my Nan) lives on her own in Sidmouth, and I am pretty sure when she passes away my mum will get her 2 bedroom bungalow in Sidmouth. Not sure how much that is worth. But we can’t think like that. Anything could happen.


I spoke to my mum about this last week, and she doesn’t want to do anything until my little sister starts Uni, September 2016. But when that comes I don’t think my mum knows what to do.


In about 3 years time, I will have £20,000 saved up and I will want to buy my own house. Not sure if me and my mum can do a joint thing with buying?


Any suggestions / advice really would be appreciated.

Thanks

Guest101

probably not what you want to hear, but a full time job is in order.

So far it seems all is in order

(the fact you've picked a side is worrying, but that's up to you)

will369

Guest101 wrote: »

probably not what you want to hear, but a full time job is in order.

So far it seems all is in order

(the fact you've picked a side is worrying, but that's up to you)

How have I picked a side? I haven't

giddypenguin

Guest101 wrote: »

probably not what you want to hear, but a full time job is in order.

So far it seems all is in order

(the fact you've picked a side is worrying, but that's up to you)

That last bit is a bit judgemental and unnecessary (IMHO) sounds like dad is financially stable so doesn't need the extra help mum does...

I had a quick look on right move and there does seem to be a couple of properties - but these will be few and far between and maybe not where she exactly wants to live.

Is the current situation unsustainable? Could she move in with her mother for a while to save some more money?

Sounds to me if she really wants to move out she will have to make some compromises, be it on property size, type or location...

PasturesNew

The fact is she has to leave that house and get on with the rest of her life. Her choices are: to buy or to rent.

There are 1-2 houses that might come up for sale in her budget - and she might then say "I don't like that one", but the reality is that if she doesn't like/buy it, then a landlord will probably buy it and she'd end up renting the same house and paying out from her pot of money for it anyway.... 10 years down the line and she'll still be paying out rent, with an empty pot and no house.

http://www.rightmove.co.uk/property-for-sale/property-33449250.html

Nobody likes the houses they can afford ... it's human nature. But buying one she doesn't like gives her the platform from which to build up to a full-time job, then get a mortgage and choose the next one in, say, 3-5 years' time.

SofiasSavings

In your situation I would try to talk to the whole family and if you think that your parents' relationship could be saved there is a fantastic book by John Gray called "Men from Mars, Vomen from Venus" that has helped me in my current relationship.

AJ1982

Your mother has been offered half of the value of the home she shares with your father.

Your comments about how much this will buy her are irrelevant, as the offer in my opinion is fair. What were you expecting? A larger share of the property to cover this and leave your father out of pocket?

Someone has definitely picked a side.

xylophone

Half the value of the property is a fair offer.

Had your mother considered a two bed flat?

Are you sure that you would wish to purchase a property with her?

What happens to her when you want to move on?

will369

AJ1982 wrote: »

Your mother has been offered half of the value of the home she shares with your father.

Your comments about how much this will buy her are irrelevant, as the offer in my opinion is fair. What were you expecting? A larger share of the property to cover this and leave your father out of pocket?

Someone has definitely picked a side.

I am really struggling to see how I have picked a side.
My dad is finanacially stable.
If he borrows the £140,000 off his parents, I doubt it very much he will have to pay them back.

My mum earns less then me a month. I earn £320 a week.

My dad is probably on £35,000 a year.



I am asking advice on what my Mum can do, but the only options are to either rent, or buy a cheaper house?

ecgirl07

How old is your mum? Would she consider a 2 bed flat? Would she consider a small mortgage?

AJ1982

Your mum has been offered £140,000, she says that is not enough and you say rental is not an option.

Next option would be legal advice. Best get all you can out of the poor man, and his rich parents.