Right to buy help! Living with parents!

Sam1471

I have close family that can sort repairs etc. So would be inexpensive...plus I have money in a savings account that I could leave as a contigency

xylophone

You have savings and a job - consider a LISA to continue to save for a house of your own - when you move out, your parents can claim benefits and have the security of a home for life and the assurance of assistance should they need long term care.

http://www.skipton.co.uk/savings/isas/lifetime-isa

Red-Squirrel_2

I really don't think it would be fair to your parents for them to throw away their secure home for your financial benefit. No matter how sure you are now that you will always be able to afford the house and they will always be able to live there rent free, there just isn't any way to guarantee this if the place is bought. You could fall down the stairs 2 days after completion, break your neck and be unable to work for the rest of your life!

Right now, your parents have a secure tenancy, they can live in this house for the rest of their lives, have the place maintained and updated by the council and get help with the rent. If you really care about your parents, why would you want to take that away for your own gain?

Time to move out maybe, you're 26, you're working, why still be at home?

Sam1471

You have savings and a job - consider a LISA to continue to save for a house of your own - when you move out, your parents can claim benefits and have the security of a home for life and the assurance of assistance should they need long term care.

Thanks, having my own house would be great. However currently I can borrow up to around £75000 which in my area Is barely enough to get anything that is in good condition and where I would be happy living. It would get me a small studio flat likely in bad shape this is why I wanted to find out more about this option. So atleast my money is going towards something and I have a home for life.

Sam1471

I really don't think it would be fair to your parents for them to throw away their secure home for your financial benefit. No matter how sure you are now that you will always be able to afford the house and they will always be able to live there rent free, there just isn't any way to guarantee this if the place is bought. You could fall down the stairs 2 days after completion, break your neck and be unable to work for the rest of your life!

Right now, your parents have a secure tenancy, they can live in this house for the rest of their lives, have the place maintained and updated by the council and get help with the rent. If you really care about your parents, why would you want to take that away for your own gain?

Time to move out maybe, you're 26, you're working, why still be at home?

A bit hostile...Im not on significant earnings and dont want to rent a house and barley scrape by for the rest of my life. Id have to sell my nice car which I love and get something more affordable...if I could afford to keep one on the road at all. Rent In a private house in my area would instantly be 50%+ of what i take home. Add that to all the other bills id be left with a minimul amount. Rent isnt as high for council houses however Having no dependants etc would put me to the end on the line to get one.

Also have you considered the other way round. My parents arent in the best of health...what happens to me if something happens to them. Homeless?

Red-Squirrel_2

Sam1471 wrote: »

A bit hostile...Im not on significant earnings and dont want to rent a house and barley scrape by for the rest of my life. Id have to sell my nice car which I love and get something more affordable...if I could afford to keep one on the road at all. Rent In a private house in my area would instantly be 50%+ of what i take home. Add that to all the other bills id be left with a minimul amount. Rent isnt as high for council houses however Having no dependants etc would put me to the end on the line to get one.

Also have you considered the other way round. My parents arent in the best of health...what happens to me if something happens to them. Homeless?

It wasn't intended to be hostile, it was intended to get you to think about their situation and the enormous sacrifice and risk you're asking of your parents so that you can be financially better off.

I know it's not as easy for people of your age to move out as it used to be, but the fact is that harsh as it sounds, your parents are supposed to die before you, and if you're able bodied and minded and have reached adulthood you aren't supposed to be financially dependent on them as they reach their final years. A nice car is very much a luxury, not something you should be using to justify this scheme!

You need a plan to become independent that doesn't involve your parents giving up their incredibly valuable security. What about a houseshare? What about some intensive saving while you live at home for a few more years? What about doing some training/education for a job where you can earn more?

Pixie5740

Sam1471 wrote: »

A bit hostile...Im not on significant earnings and dont want to rent a house and barley scrape by for the rest of my life. Id have to sell my nice car which I love and get something more affordable...if I could afford to keep one on the road at all. Rent In a private house in my area would instantly be 50%+ of what i take home. Add that to all the other bills id be left with a minimul amount. Rent isnt as high for council houses however Having no dependants etc would put me to the end on the line to get one.

Also have you considered the other way round. My parents arent in the best of health...what happens to me if something happens to them. Homeless?

What do you think other people do? You make choices. Currently you've prioritised a "nice" car over your independence which is why you're 26 and still living with your mum and dad. Does your father even want to exercise his right to buy because the right is his not yours? Would you and your father be able to get a joint mortgage? If the answers to those questions are, "no," then this is all rather moot.

You say your parents aren't in the best of health so would you be happy to plough your money into the family home only for the council to take half to pay for your father's care in the future?

Tammykitty

Red-Squirrel wrote: »

I really don't think it would be fair to your parents for them to throw away their secure home for your financial benefit. No matter how sure you are now that you will always be able to afford the house and they will always be able to live there rent free, there just isn't any way to guarantee this if the place is bought. You could fall down the stairs 2 days after completion, break your neck and be unable to work for the rest of your life!

Right now, your parents have a secure tenancy, they can live in this house for the rest of their lives, have the place maintained and updated by the council and get help with the rent. If you really care about your parents, why would you want to take that away for your own gain?

Time to move out maybe, you're 26, you're working, why still be at home?[/QUOTE]


Why not still be at home?


Maybe the OP and his parents actually like other, and enjoy living together.


The OP could get a houseshare with strangers or a studio flat, and come home to make his own dinner every night and eat alone, or the OP comes home every night and has a family meal with his parents.


The OP being at home is beneficial for his parents (OP pays the utilities) and is beneficial for him (cheaper rent).


He says his parents aren't in the best of health, so most likely the OP helps out a lot.

Sam1471

It wasn't intended to be hostile, it was intended to get you to think about their situation and the enormous sacrifice and risk you're asking of your parents so that you can be financially better off.

I know it's not as easy for people of your age to move out as it used to be, but the fact is that harsh as it sounds, your parents are supposed to die before you, and if you're able bodied and minded and have reached adulthood you aren't supposed to be financially dependent on them as they reach their final years. A nice car is very much a luxury, not something you should be using to justify this scheme!

You need a plan to become independent that doesn't involve your parents giving up their incredibly valuable security. What about a houseshare? What about some intensive saving while you live at home for a few more years? What about doing some training/education for a job where you can earn more?

I understand where you're coming from but Its not all about the financial aspect for me. Its the house its self. Its the home myself and my older siblings all grew up in. It has sentimental value and I would like it to remain in the family and maybe one day I could pass it on to my children.

As stated before I could pay this off in a short period of time making it less of a financial risk for them. I have been paying the rent for the last 5 years and have always been in the same secure job.

Yeah the pay wont get me a massive mortgage but is good pay for where I am and Its likely the best Im likely to get at the moment. The important thing is the fact that its secure and extremely unlikely to change.

marliepanda

Will the parents get housing benefit if their council home is bought from under them and they're made to move out by OP?!

I'd bloody hope it!!