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Trapped because of first home
Comments
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Those in laws sound delightful (threat to disown, manipulative) ... I'm not sure an asset tied to their home is really worth £200k to anyone except them! OP's husband certainly isn't going to see any of that anytime soon. What's he gonna do, sell a third of a house? Or evict his parents...?
Any chance of heading further away from London? You'd get more for your money even with the extra stamp duty.0 -
Another reason why money and family shouldn't mix, he cannot get his money back to release his capital , so the parents are the ones benefiting the most at present"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
I'm not sure an asset tied to their home is really worth £200k to anyone except them!
How's that again?0 -
We live in an incredibly tense environment with his family. Has gotten abusive with bus family and I’m at breaking point living there. We have no say in our life’s or the house and it’s used an leverage to control us so I would rather forfeit 200k we are never going to actually see for a happy life. He may own that share but we would never expect them to buy us out as they can’t, cant sell to anyone as culturally not acceptable and can’t afford to buy with this share so I would say it’s more like a ligature than an asset0
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Welcome to MSE.
So why not move out for a happier life? With a combined income of £68kpa surely you can afford to rent?
You can't, with 'umble respect, have your cake & eat it...
Hope you find a way of sorting your life.0 -
How's that again?
Well, how will hubby release "his" £200k? Force a sale? Who would he sell this 1/3 to?
No one knows the background to this.
Did the parents give him 1/3 as some sort of tax / IHT attempted workaround, or did he give them £200k so they can afford the house they want, or did they all inherit 1/3 this house?
In any case, as said, giving away £200k to save £9k is not exactly the peak of financial acumen, even if that money wont be available until parents do a Norwegian Blue. Think of it as a pension fund he cant access.
OP, save a bit more / buy a smaller house / cheaper house.
Stop whining, hubbys got a nice pension pot lined up already even with CGT when its sold (and maybe not even then)0 -
theartfullodger wrote: »Welcome to MSE.
So why not move out for a happier life? With a combined income of £68kpa surely you can afford to rent?
You can't, with 'umble respect, have your cake & eat it...
Hope you find a way of sorting your life.
Moy 'eart fair bleeds.0 -
would rather forfeit 200k we are never going to actually see
Never?
Can you not save harder to cover the extra SDLT?
It seems that you are living with the parents in a mortgage free property - naturally you are covering your share of the bills and will have your own expenses but can you tighten your belts/ obtain extra work?0 -
We live in an incredibly tense environment with his family. Has gotten abusive with bus family and I’m at breaking point living there. We have no say in our life’s or the house and it’s used an leverage to control us so I would rather forfeit 200k we are never going to actually see for a happy life. He may own that share but we would never expect them to buy us out as they can’t, cant sell to anyone as culturally not acceptable and can’t afford to buy with this share so I would say it’s more like a ligature than an asset
Of course you can afford to buy. Buy a cheaper house. Buy a flat.
If you earn £68k a year between you, you can surely save £9k in a few months.
You must be getting about £4k a month between you after tax. How much are you spending?
Are you sure your husband isn't using this as an excuse not to move out?0 -
How did this share come about?0
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