Rights of adult kids in family home

moneyistooshorttomention

Volare - sad to say - and I dont think the Government and quite a few individual "households" (I chose that word carefully:cool:) actually care.

I sympathise - as I would be wondering exactly the same in your position.

silvercar

Quite a few of us in my agegroup have said to each other "I couldnt buy what I have even if I had to 'start again' - courtesy of house price rises".

I couldn't afford to rent my house, never mind buy it!

volare11512

Yea I am 31 now and I would love to buy by the time I am 40, but I just can't see it happening. I have made the most of my insecurity though by travelling and living abroad, but I cannot do this forever. I am moving to Scotland in a couple of weeks where I have a new job and the banning of LA fees was a big pull factor. Hopefully with cheaper rent and more money to keep for myself I am able to save....just need some sort of financial luck though.

Suffolksteve1

aneary wrote: »

Can I ask where abouts you live.

I'm a similar age and although I have a decent deposit of my own I still need help from my parents to have any hope of buying.

All my friends are in the same position it's due to the cost of houses in the area I live in, prior to moving I was living in London and then my only hope was 25% buy and 75% rent (no I haven't got that the wrong way round) the property was a 1 bedroom flat in hammersmith (zone 2) and was £500k.

We're living in a cheaper part of the south west, a three bedroom semi cost us £235,000, we put around a third of that down as a deposit, we're lucky through we've got a fairly decent income (but that was only achieved by working hard) and are overpaying the allowed 10% of the mortgage every year, we'd struggle living and paying property prices in an area with high demand, a city like London or New York so don't.

It's funny how the rest of Europe are quite happy to rent for most of their lives, mostly renting through private landlords and not social housing however British people seem to believe they're entitled to be able to buy a house and private landlords are viewed as parasites by many it seems.

moneyistooshorttomention

volare11512 wrote: »

Yea I am 31 now and I would love to buy by the time I am 40, but I just can't see it happening. I have made the most of my insecurity though by travelling and living abroad, but I cannot do this forever. I am moving to Scotland in a couple of weeks where I have a new job and the banning of LA fees was a big pull factor. Hopefully with cheaper rent and more money to keep for myself I am able to save....just need some sort of financial luck though.

Fingers crossed for you that a chance comes up.

At 31 I couldnt see still just how on earth I was supposed to be able to buy a house for myself and boy did I ever have to do a lot of "positive thinking" and keeping my eyes open for any remotest chance of help/luck/whatever I could see and it did come up and I managed to get one eventually.

So - don't rule it out and keep your eyes wide open for any opportunities you see and one might come up. Fingers crossed.

moneyistooshorttomention

Suffolk Steve - well I certainly wouldnt want a private landlord again:eek:

I had a couple way back. One was thoroughly eccentric and quite a reasonable person actually (you got it - another hippyish character:rotfl:) - but the two others I had were purely and simply regarding their properties as "money making machines" for them.

That was about 40 years ago - and in an era where there was rent control and pretty high degree of security of tenure/I never had to find a deposit to rent/etc.

I'd "have kittens" on the spot at the thought of trying to rent in this era:eek:

Red-Squirrel_2

volare11512 wrote: »

Yea I am 31 now and I would love to buy by the time I am 40, but I just can't see it happening. I have made the most of my insecurity though by travelling and living abroad, but I cannot do this forever. I am moving to Scotland in a couple of weeks where I have a new job and the banning of LA fees was a big pull factor. Hopefully with cheaper rent and more money to keep for myself I am able to save....just need some sort of financial luck though.

What sort of skills and experience do you have? A friend of mine is working in the Middle East at the moment, wages are high and income isn't taxed so they can earn loads in a few years and hopefully come back with a deposit for a house. If you can do any kind of work that is in demand over there could be worth a look?

Red-Squirrel_2

Suffolksteve1 wrote: »

We're living in a cheaper part of the south west, a three bedroom semi cost us £235,000, we put around a third of that down as a deposit, we're lucky through we've got a fairly decent income (but that was only achieved by working hard) and are overpaying the allowed 10% of the mortgage every year, we'd struggle living and paying property prices in an area with high demand, a city like London or New York so don't.

It's funny how the rest of Europe are quite happy to rent for most of their lives, mostly renting through private landlords and not social housing however British people seem to believe they're entitled to be able to buy a house and private landlords are viewed as parasites by many it seems.

Firstly, there are lots of people who work really hard but never see a lot of money for it. People in absolutely crucial jobs.

Secondly, renting in Europe is better than renting here. The private landlords don't see a BTL as a short to medium term investment or as an alternative to selling their own home in order to make a bit of extra cash. They see it as a long term business, and the tenancies are longer, more secure, and more flexible. Not like here where you can find yourself having to move every 6 months and where you're incredibly lucky to find a landlord who'll let you paint a room, or have a pet.

volare11512

Red-Squirrel wrote: »

What sort of skills and experience do you have? A friend of mine is working in the Middle East at the moment, wages are high and income isn't taxed so they can earn loads in a few years and hopefully come back with a deposit for a house. If you can do any kind of work that is in demand over there could be worth a look?

Thanks! I am in the field of geology/civil engineering and have just accepted a PhD in the oil and gas industry.....so I will be on a low wage for the next three years, but I am expecting a big jump in wages and security after. Middle east might be an idea...thanks

I also agree with you about low wages and hard workers. Whilst I was a housekeeper I was employed on a zero hour contract and had no guaranteed income - every tip I got went into my savings only for it then to be handed over to letting agents fees and moving costs because my previous LLs decided to sell up after 12 - 18 months. It is a vicious circle that has kept me in the private rental market. I literally can't wait for the day LA fees are banned in england + wales.

amateur_house

silvercar wrote: »

I couldn't afford to rent my house, never mind buy it!

Me neither. A house a few doors down is rented out for £200 a month more than my take-home pay :eek: