First time buyer but an odd situation

inavij

Hi, I am currently living with my parents. We currently live on rent and my parents do not own a house. I have been saving up for a deposit for the past 3 years and would like to buy a house this year. However, It makes financial sense for my parents and siblings to move with me to this new house once purchased to save on renting costs. The mortgage and the house will be either my name solely or mine and my parents name. Would they be any future implications for either of these scenarios? What happens once I get married - is the ownership of the house partly transferred to my partner? Would really appreciate views before I proceed further with house hunting!

McKneff

Think of no. 1
Do you really think a new wife will want to start off a new life with your parents and siblings living in the same house,

Do you....

Let them take responsibility for themselves....

Cakeguts

You do not have to provide housing for your parents. Your parents have to provide housing for you though that is part of having children.

Your siblings will eventually get their own homes so you don't need to house them. When you and your siblings have all left home your parents can rent a cheaper house.

nimbo

Who's name do you and your parents want the house and mortguage to be in?

Will they be contributing? Will they make the mottguage term shorter? Would this be problematic?

Do you envisage when you are married your parents will still live with you and your wife? Your siblings will hopefully meet their perfect partners and move out etc. However what will happen with the parental situation? If the house in in both your and their names then it's their home - potentially forever. Would you be able to ask them to leave?

I love my mother in law - she's kind of cool for short bursts. However unless there was a need for it I would not choose to live in a house with her. This may change in a few years if she needs to no longer live alone. I have to be honest I would have struggled to start my relationship and the life I have with her son in her home.

When it comes to transferring part ownership to said wife. If still mortguaged Something to discuss with the mortguage company. Once the mortguage is fully paid the decision of whoever name is in the deeds. So you - or you and your parents.

It sounds an admirable idea to have them all live with you - but do think through the long term
Implications. How many sublings. What happens if none of them want to leave. Or want to move their partner in - or if they never marry? Will they all be there indefinitely with you parents and wife and possible children?

Pa_Ja

My advice would be to avoid exploring this possiblility.
This will only cause a huge problem further down the line when you wish to move onto the next chapter of your life, ie. Settle down with a partner, possibly children. There have been threads on here recently were the children feel trapped as the parents aren't strong enough financially to move out.
If living with your parents isn't an issue then continue to stay there and save as much as you can for a deposit and enough money to furnish the house.

sparky130a

inavij wrote: »

What happens once I get married

Good luck with that given the scenario you paint...

Alter_ego

McKneff wrote: »

Think of no. 1
Do you really think a new wife will want to start off a new life with your parents and siblings living in the same house?

Depends what culture you are from.

Mojisola

Alter_ego wrote: »

Depends what culture you are from.

And whether you want to restrict your choice of a future partner to someone from your own culture.

AlexMac

inavij wrote: »

Hi, I am currently living with my parents. I would like to buy a house this year. However, It makes financial sense for my parents and siblings to move with me to this new house ...
but probably not "social" sense; assuming you've not yet met the partner you plan to make your wife. If you have, why not ask her? She'll probably run a mile. However, it's a free country and you can ignore or override her views

The mortgage and the house will be either my name solely or mine and my parents name. Would they be any future implications for either of these scenarios?
well for a start it will mean that if it was (a) jointly owned, presumably in defined shares (33-33-33? 50-25-25...?) and you ever get tired of the happy families living arrangement it will be difficult for you to force a sale and cast your by-then-aging and infirm (?) parents into a lesser house or a rental.

And with (b) if you ever want to buy your own place, you'll pay the SDLT premium for a second property. If (b) singly owned then you can legally sell the place but your solicitor will ask the parents to take independent legal advice and sign a declaration with a different solicitor to confirm they have no continuing interest (as they did with my adult stepson when his mum sold up)... and morally you'll have the same dilemma

What happens once I get married do you have anyone in mind? is the ownership of the house partly transferred to my partner?
if (a) then it depends on your parents; in which case, you may as well ask them to choose your wife for you to ensure they approve

Would really appreciate views before I proceed further with house hunting!

You've had lots of views above, but given today's crazy prices you might feel this is the only way to acquire a substantial property and be prepared to live with the consequences, potentially also including sibling envy if you are seen as top dog.

And I do not necessarily mean to disparage arranged marriage. We have close friends who have a very successful and loving arranged marriage; good luck with your dilemma

itchyfeet123

Mojisola wrote: »

And whether you want to restrict your choice of a future partner to someone from your own culture.

This works in both directions.

Presumably the OP has thought about his/her own preferences in regard to family, marriage, and living arrangements. Telling him/her that those preferences are wrong isn't helpful.

Other people may have more expertise than me, but here are my thoughts on the OP's questions:
1) Difference between OP owning and OP+parents owning. As a previous poster said, you can't ask your parents to leave. But even if you owned the property yourself, you probably wouldn't be able to. There might also be implications if your parents needed to go into care.
2) What happens when OP marries. You can choose to add your spouse at some point. But even if you don't, you can leave your property to your spouse in a will, and the property would most likely be considered an asset to be divide in the event of divorce if your spouse had been living there with you.

Mojisola

Mojisola wrote: »

And whether you want to restrict your choice of a future partner to someone from your own culture.

itchyfeet123 wrote: »

This works in both directions.

Presumably the OP has thought about his/her own preferences in regard to family, marriage, and living arrangements. Telling him/her that those preferences are wrong isn't helpful.

I didn't tell him his preferences are wrong.

It's just something else to think about.