Best use of Inheritance

Mossfarr

If you work in admin and your husband is a driver you could find new jobs and move to an area in the UK where property prices are cheaper. You can buy decent homes in many parts of our own country for the money you have invested.
That way you would be freeing up your social housing for someone who needs it and without a mortgage you would have a decent standard of living to allow you to travel more often if you want to.
Moving abroad is not something to do on a whim, its much harder to earn a living than you think, especially when you are unskilled.

ognum

Louisarose wrote: »

Hi all,

Looking for perspective and advice please !

Last year I lost my lovely Mum, myself, my brother and sister inherited her property which was sold and the money distributed as per her wishes. I received 145K some of which I used to become debt free (yahhhhh!) the other I purchased a new car as did my husband and we also had a good holiday and have booked to take Step daughter and her 2 children to Orlando later this year. The remaining monies approx 90K has been invested by our Financial Advisor, some in ISA's some in a portfolio which they manage.

My Mum lived her life to the full, traveling a lot even in her later years. I have inherited this love of travel and therein lies my dilemma. We are becoming increasingly dissatisfied with life in the UK and often think about the idea of buying a property abroad, we currently live in a council house and I assume that if we own a property abroad even if its only intended as a holiday home we would be unable remain council tenants ? Sadly the area we live in makes it impossible for us to purchase a house due to the huge prices in the area and our ages when it comes to a mortgage. I work in admin and hubby is a driver so would it be possible for us to find work abroad as we would still need to work in order to maintain ourselves. I just feel that there are too many obstacles, difficulties in our way to make such a massive move. The other option is to spend some of the money to buy a decent Motorhome and use it to escape either in the UK or abroad when our current jobs allow ?

Would be so nice to hear from others in a similar position or who have had experience of our situation. I suspect that having had not a lot of money so far in my life i thought this cash would change my life more than it has and would love to use it as an opportunity to Do Something if you get my drift ! I also feel a sense of responsibility as this money is money my parents worked hard for and I,m very conscious that I mustn't waste it or the opportunity it brings.

Any help, ideas or advice very much appreciated and I hope my rambling makes sense

S x

Louisa

Sorry for the lose of your mum, what a great gift she has given to you to be able to clear your debts and travel more.

You will always get replies like you already have when you ask questions similar to this.

My only advice would be do not buy anything abroad until you have lived in that country full time for over a year and experience it al all seasons and understand that living is not like holidaying somewhere.

Personally I do not think £90k will be enough to set you up with a different lifestyle. Maybe a motor home or caravan that you could use at weekends as well as holidays is a better idea.

Enjoy your inheretence!

Louisarose

Jezzz wish I hadn't bothered now !

Miss_Poohs

lm so sorry for your loss Louisarose - I can't offer any advice really except do with the money what will make you and your family happy.
You haven't robbed or cheated anyone out of money to get this windfall - you lost your mum.
Personally ld be very wary of buying property abroad, mainly because l've never actually looked into it, but I do know there are big pit falls.
Enjoy the money your mum left, l'm sure she worked hard to get it, and she'd want you to get the benefit from it

slopemaster

Sorry for the loss of your mum, and please ignore those whose jealousy leads them to make nasty comments.

It may or may not be the case that you would have to give up your council tenancy if you bought a property abroad. I'm not an expert, but I think it would depend on how long you've been council tenants - as under the old rules, even if your circumstances change you are allowed to stay. So, if you are thinking of doing this, you need to find out for sure where you stand under your local councils rules.

We used a small inheritance from my brother-in-law as the deposit on a house in France more than 25 years ago. We wanted to invest it in something we had dreamed of but could not otherwise have done. It was initially a holiday home, and we lived in a council flat in Salford. Within a year I had managed to get a good job in France and we gave up the council flat and moved there. At various times we have lived back in the UK, but have always kept this house - now fully paid for - and currently live in it.

We have been fortunate in how well it worked out for us, and of course it may not be the best thing for you - but certainly we feel we put the inheritance to good use. The problems of buying abroad are not insuperable; you just need to do your research. Finding work is much more difficult though.

The motor home idea is tempting, but it is a depreciating asset, unlike a house.

If you are not in a position to buy where you are due to house prices, then you could perhaps, as others have said, move within the UK to somewhere where 90 000 would be a very substantial deposit, and the mortgage would only cost the same as your current rent. You might find, if you ask mortgage advisors, that your age is less of a problem than you think. Again I'm no expert, but I believe lenders are less restrictive on age these days.

Whatever you decide, good luck.

Cheeky_Monkey

Louisarose wrote: »

Jezzz wish I hadn't bothered now !

So do I.

Your mum died about a year ago so I don't think you're rushing into your purchases as some people seem to think.

It's only been a little while since you were on here complaining that your step daughter and her 2 kids were homeless and they couldn't get a Council house. Now why do you think that is? Do you think it could be because there is a shortage of Council houses, partly because of the RTB scheme and partly because of the vast number of people living in them who don't actually need them because they have more than enough money to either rent privately or buy their own house. What goes around, comes around :beer:

Johnnytwostep

Cheeky_Monkey wrote: »

So do I.

Your mum died about a year ago so I don't think you're rushing into your purchases as some people seem to think.

It's only been a little while since you were on here complaining that your step daughter and her 2 kids were homeless and they couldn't get a Council house. Now why do you think that is? Do you think it could be because there is a shortage of Council houses, partly because of the RTB scheme and partly because of the vast number of people living in them who don't actually need them because they have more than enough money to either rent privately or buy their own house. What goes around, comes around :beer:

Here here.........

Doozergirl

deannatrois wrote: »

I do hope u are speaking with tongue firmly in cheek artfullodger lol.

If you used what's left of the inheritance as a deposit..,couldn't you then buy a house with a mortgage? Somewhere you choose, with a layout and garden you like.

Instead of moving to another country..,what about moving to another part of this country.., somewhere you like. Could the two of you find jobs?

As has been said, you are thinking of spending a lot of this money on things that will lose value, and quickly. In ten years time u will have some lovely memories but I wonder if they will be enough if you hit hard times when some extra cash would come in very useful?

I could be wrong, but it sounds like you are running away from things rather than looking at changing what is making you unhappy. Again, I am sorry, but well, retail therapy does make a person feel temporarily better, but you have to pay for the items eventually. That tends to be a bit of a downer and makes you feel worse. This money will run out if you continue spending it on things that devalue.., quicker than you think. You've already spent £55k of £145k. And what will you have to show for this £55k in ten years?

It is said that you shouldn't do anything major for a year after something significant like losing your mother.., its possible to make decisions you wouldn't make ordinarily.

I'm sorry, just trying to make you rethink this if its useful for you.

I agree with you.

So many people move abroad and then come back because they don't find what they are looking for. It's the same old stuff, different place.

When we are unhappy, most of us look outside ourselves to find a reason to feel good. You can buy temporary fixes in shopping, holidays, cars and moving house but it's inside ourselves that we find the feelings we're looking for.

There isn't much bad about Blighty.

The money doesn't have to be spent now although I would be looking for a way to use it to make a useful future by turning it into a paid off home or more money, not spending it.

The_Earl_of_Streatham

Council housing is not subsidised. It's a myth that seems to pervade these boards and poison all advice offered to people who live in council housing. Certainly it is undervalued when it is bought by tenants and people come in for some stick over schemes to buy and profit.

Simply living in council housing places no moral obligations on anyone through receipt of subsidy.

http://www.theguardian.com/housing-network/2012/jan/27/government-subsidised-social-housing-rent

In fact, council housing has been making a profit since 2008, which has been paid to the Treasury. When council housing becomes fully self-financing on 1 April, all subsidy to existing homes will cease. Councils will actually take on extra debt at that point, to reflect the future surpluses they would have paid to the Treasury. This cost will be met from rents.

A more detailed analysis is offered here.

http://markwadsworth.blogspot.co.uk/2013/02/which-subsidies-to-social-housing.html

Davesnave

Doozergirl wrote: »

So many people move abroad and then come back because they don't find what they are looking for. It's the same old stuff, different place.

There are times when I envy people who can globe-trot by going places properly, meeting the inhabitants, sharing their food, and getting their illnesses too!

I'm far too much of a wimp for all that.

But most people I know who go away a lot aren't really doing more than scratching the surface of places, so there's a real danger of rose-coloured specs.

I've a number of relatives who have ventured to buy abroad, but only one who hasn't eventually returned, poorer. He has a back-stop property in Kent, so hardly taking too much of a risk! He's doing much the same as me, but much more cheaply, and in a place where the weather is usually a damn sight more pleasant than here.

As I sit here, with the rain battering against the windows (again!) I think, "Maybe he's right...." but then I remember, I'm a grandad now.

OP, you can't take it with you, in more senses than one, but if your life is really that empty here, then, as Arthur Daley once put it, "The world's your lobster."