Right to buy help! Living with parents!

IAmWales

Sam1471 wrote: »

Im not looking for freebies. Im looking to buy my family home.

So you're not looking for a mighty discount on your parent's council house?

What plans do your parents have if they should require residential care? Are you willing to give up 50% of your equity to cover this?

Cakeguts

I would just like to add that at the moment you are thinking of this as "it seemed like a good idea at the time."

I want to you think through the bit that isn't a good idea at any time for your parents.

1 This is not your house. You live with your parents it is their house.
2 Your parents have at present the right to live in THEIR house as long as they like on their secure tenancy. Or the council might offer them a retirement property which helps older people who are less mobile.
3 If you buy a property on a mortgage and you lose your job there are no benefits to pay a mortgage.
4 You do not have the right to buy this house your father has that not you it is his house.
5 Your father will have to jointly own it with you if you buy it that means that if your father has to go into residential care the house will eventually have to be sold to pay for it.

If you don't buy it your parents have the right to live in a council property for the rest of their lives and if the house becomes too much they will be offered a retirement property. Do you want your parents to be forced to live in a house that they can't manage just so that you can own their house?

Buying the house only benefits you it doesn't benefit your parents at all it will just give them worry in their retirement. Your dad would be mad to agree to your idea.

You should be thinking of leaving your parents house by now. At the moment though it appears that you are more interested in the car you drive than the future of your parents so either this thread is a giant wind up or you are an extremely self centred person who needs to start to think about other people for a bit.

If you have enough money saved to pay off the mortgage on the current house you have enough money for a deposit on a 1 bed flat.

mrginge

Sam1471 wrote: »

I work hard and pay my way, I am working towards the next step up in my current employment. Im not looking for freebies. Im looking to buy my family home.

Good for you, you got the job/pay you needed. There are no guarantees and no matter what I do does not mean I will get the position I want. All I can do is continue working my !!!! off and do my best. Sorry if that isnt good enough for you.

'When I was a youngster'...I think you still need to mature, how about insted of hurling insults think about writing something constructive and of some relevance.

Maybe jump down off your high horse and maybe consider that people on a lesser income than yourself would also like to get on the property ladder

I did my A-levels, even got an A in business and have various other qualifications...has that guaranteed anything? No! I work damn hard and work varying shifts such as 4:00 - 14:00 or 12:00 - 22:00 including weekends. Not everyones life works out exactly how they plan.

It's very good that you're striving to make yourself better off through hard work and commitment.
I'm fully supportive of people who wish to do that.

I'm not so keen on the idea of taking an ill-conceived short cut to get there that is actually to the detriment of people worse off than you.

I've read through all your posts and the overriding sense is that it's all about what's best for me, myself and I and very little about what's best for your parents.

Sam1471

So you're not looking for a mighty discount on your parent's council house?

What plans do your parents have if they should require residential care? Are you willing to give up 50% of your equity to cover this?

1. A discount isnt a freebie however could be a good opportunity to get on the property ladder
2. I would be paying 100% just as I am with the rent.
3. It would still be nice to own the house even if there was no discount (unfortunatly if that was the case i wouldnt get a mortgage high enough)

And as for care. I would gladly give up 50% if thats what it took. My parents are obviously worth more than any monatary value...and losing 50% wouldnt leave me out of pocket due to the initial discount. May just mean I have to buy back that 50% at a later date

Mojisola

Sam1471 wrote: »

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.

Your siblings have presumably managed to get on with their lives without hankering after a sentimental attachment to the house they grew up in.

Would you be planning to move your partner into the house with your parents - what if they don't get on?

What if a dream job comes up in another part of the country - are you going to turn it down because you won't move from the house where you were raised?

Or are you thinking about renting the house out and living elsewhere - how will you feel when tenants don't look after your old home in the way you would expect?

How will you feel if your children hate the idea of being stuck with the house and can't wait to sell it?

Red-Squirrel_2

Sam1471 wrote: »

1. A discount isnt a freebie however could be a good opportunity to get on the property ladder
2. I would be paying 100% just as I am with the rent.
3. It would still be nice to own the house even if there was no discount (unfortunatly if that was the case i wouldnt get a mortgage high enough)

And as for care. I would gladly give up 50% if thats what it took. My parents are obviously worth more than any monatary value...and losing 50% wouldnt leave me out of pocket due to the initial discount. May just mean I have to buy back that 50% at a later date

Who from? If your father's half was needed to pay for care the house would have to be sold to release those funds.

Sam1471

Buying the house only benefits you it doesn't benefit your parents at all it will just give them worry in their retirement. Your dad would be mad to agree to your idea.

You should be thinking of leaving your parents house by now. At the moment though it appears that you are more interested in the car you drive than the future of your parents so either this thread is a giant wind up or you are an extremely self centred person who needs to start to think about other people for a bit.

If you have enough money saved to pay off the mortgage on the current house you have enough money for a deposit on a 1 bed flat.

I dont have the money to pay it off...if you read my other posts youll see i can pay it off with a short term mortgage. And everyone keeps coming back to the car like ive purchased a ferrari...its 15 years old but a car i love.

And It was actually my dad who told me about the right to buy. His thinking behind it was so there is something for me when they are gone. So all I am doing is finding out more about it.

People just making the assumption Im looking for a quick cash in at my parents expense. Yet it was my father who told me about it as I never knew anything about 'right to buy' before hand.

Mojisola

Sam1471 wrote: »

And It was actually my dad who told me about the right to buy. His thinking behind it was so there is something for me when they are gone.

Will your siblings be putting in a claim for a share when your parents die?

Sam1471

Your siblings have presumably managed to get on with their lives without hankering after a sentimental attachment to the house they grew up in.

Would you be planning to move your partner into the house with your parents - what if they don't get on?

What if a dream job comes up in another part of the country - are you going to turn it down because you won't move from the house where you were raised?

Or are you thinking about renting the house out and living elsewhere - how will you feel when tenants don't look after your old home in the way you would expect?

How will you feel if your children hate the idea of

All my siblings have children and most live an easy life living off housing benefit etc which in all honesty winds me up because I work hard for my money. From my perspective, im paying rent on the house...is it not better to pay a mortgage and own it? Im not one to move away from family for a dream job. I see all of my close family every week and to move away would prevent that. Id rather be poor and with my family than rich and alone

Mojisola

Sam1471 wrote: »

All my siblings have children and most live an easy life living off housing benefit etc which in all honesty winds me up because I work hard for my money.

But you're happy to take advantage of the huge discount on the house?