RTB: Housing Question

hazyjo

dp93 wrote: »

its gone because the advice was not constructive, it was a witchhunt of a RTBer as per usual on this forum..
the replies aren't needed and if the thread could be deleted I would of because the whole purpose in posting here was to get help and advice and all I got in return was oh you want this big profit, oh you want this etc. so the threads useless and may aswell be archived off or deleted.

I didn't see any nastiness, aggression or 'witch hunt' :think:


There were an awful lot of valid points you totally ignored. One being - WHAT IF YOU GOT FLATTENED BY A BUS [insert other variations on cause of death]? How would your mother pay?

Cakeguts

dp93 wrote: »

No mate the purpose was for me to live in it, as I say my PARTNER has a house, not me im not on anything to do with that house, and with personal circumstances its much easier to have a house with my mother. but as I say most of my posts were taken out of context so i expect nothing less of whats left. for anybody who was genuinely trying to assist or offer constructive advice of the cons of the situation thanks, for the rest who just wanted to vent some of their built up steam, i hope it helped! :rotfl:

OK so you are going to live in it for the rest of your life? With your mother for the rest of her life? Won't you want to live with your partner for some of the time?



The problem is that you are trying to make a major change of tenure of your mother's house with no benefit to her and no benefit to you as you say you aren't going to sell it after she dies and in any case it sounds as if it is in the kind of area where it would be difficult to sell I can't see the point of any of this.



There is no benefit to your mother and no benefit to you. You will finish up with a house that is difficult to sell and impossible to let and your mother will finish up having to pay for her care or for a sheltered housing flat.



If you bought a house on the open market you could at least sell it if you wanted to move.

dp93

onwards&upwards wrote: »

Simple question, what if you die before her? Or get ill or have an accident so you can’t earn and maybe even need care yourself?

hazyjo wrote: »

I didn't see any nastiness, aggression or 'witch hunt' :think:


There were an awful lot of valid points you totally ignored. One being - WHAT IF YOU GOT FLATTENED BY A BUS [insert other variations on cause of death]? How would your mother pay?

I have life insurance, covering 100k, that currently goes directly to my mother. and death in service through work that covers 20k (which will cover the funeral and additional) if/when I outlive my mother this will change. so im not some bad person thats going to leave her screwed.

Cakeguts

dp93 wrote: »

I have life insurance, covering 100k, that currently goes directly to my mother. and death in service through work that covers 20k (which will cover the funeral and additional) if/when I outlive my mother this will change. so im not some bad person thats going to leave her screwed.

The death one is easy. However what happens if as happened to someone I used to work with you get diagnosed with something like MS? Or cancer? Or some other illness that means that you can't work. It can happen. It did to the person I used to work with and at around 29 they were becoming quite disabled. If your income dries up your mother is stuck. As it is at the moment she has a house for life with no worry at all. What you want to do is to cause her worry. It sounds as if you don't like her very much?

dp93

Cakeguts wrote: »

OK so you are going to live in it for the rest of your life? With your mother for the rest of her life? Won't you want to live with your partner for some of the time?



The problem is that you are trying to make a major change of tenure of your mother's house with no benefit to her and no benefit to you as you say you aren't going to sell it after she dies and in any case it sounds as if it is in the kind of area where it would be difficult to sell I can't see the point of any of this.



There is no benefit to your mother and no benefit to you. You will finish up with a house that is difficult to sell and impossible to let and your mother will finish up having to pay for her care or for a sheltered housing flat.



If you bought a house on the open market you could at least sell it if you wanted to move.

right okay sorry forgive me yes of course eventually I would sell it, the two sisters I mentioned that moved out both rent themselves around this area and would gladly take over in the house if me or my mother no longer lived there.

I get what your all saying but at the discounted buying price anyway even if in 10-20years time it gets sold you'd still recoup your money and a of course a decent sum extra than I have spent maintaining it back. which obviously make its worth it. shoot me I'd take the profit later on in life. its got a garage (that two of my siblings still use to wash their cars on the driveway weekly) its got a garden, its got 4 bedrooms but its taxed as a 3 as the council ruled the really small bedroom at the front wasn't adequately sized for a bedroom, which its now used for storage but it was mine as a kid and I never minded the size anyway moving on, a balcony joining onto my aunties house next door that they own, a decently sized garden, and we are on the end of the block. most of the windows and doors were re-done recently. so its still a decent place. just as I say very cheap considering the area.

dp93

Cakeguts wrote: »

The death one is easy. However what happens if as happened to someone I used to work with you get diagnosed with something like MS? Or cancer? Or some other illness that means that you can't work. It can happen. It did to the person I used to work with and at around 29 they were becoming quite disabled. If your income dries up your mother is stuck. As it is at the moment she has a house for life with no worry at all. What you want to do is to cause her worry. It sounds as if you don't like her very much?

ah come on now... of course I don't like her very much.......

CarrieVS

OP, sometimes people on this forum can be abrasive, but you have actually had plenty of advice. Unfortunately I don't think it's what you hoped for.

People have questioned your motives - and I can understand where they're coming from, but none of us except you can know, and one should generally try not to attribute anything to bad faith that can be attributed to ignorance or an honest mistake.

The fact is, though, that taking your stated motives at face value doesn't really change the fact that what you propose to do is almost certainly not going to benefit your mum and may not benefit you either.

I think the disconnect is the assumption that owning a property is better than renting because it gives you assets and security and you don't pay into someone else's pocket. Given that assumption, it would follow that your mum would be better off owning her house than renting it, and if by doing her this generous favour you could expect to come out with a profit in the fullness of time, that would just make it a win-win situation. Am I correct?

The trouble is that in the very specific circumstances you've told us about, your mum is going to be worse off owning than renting. She won't gain any security because as a council tenant she's already very secure - in fact taking on all the responsibilities of ownership will give her additional risks.

She likely won't benefit much from having the property as an asset, because it doesn't sound like she'll ever want to move, and even if she did it would be years before she could sell it without paying back money to the council. And you will expect your loan back if it's sold. So what would she be left with?

She rents from the council so she doesn't pay into a private landlord's pocket, and in any case she's entitled to have it paid by benefits while she lives alone, so she doesn't pay anything. You will pay the costs of maintenance on the house after she buys it - but even with the best of intentions on your part that's not nearly as safe and reliable as her current situation. What if you lose your job? What if you become unable to work through illness or an accident? What if you unexpectedly die? You are not as secure a source of funds for her housing costs.

And on top of all that, you may not profit much if at all yourself.

It doesn't really matter whether people suspect you of ulterior motives or not: the point is everyone is advising you that your proposed action will be detrimental for your mum. If looking after her is in fact your primary motive, then you should listen to that and ignore the sniping.

Comms69

RTB again being abused - how is this still a thing?

dp93

CarrieVS wrote: »

OP, sometimes people on this forum can be abrasive, but you have actually had plenty of advice. Unfortunately I don't think it's what you hoped for.

People have questioned your motives - and I can understand where they're coming from, but none of us except you can know, and one should generally try not to attribute anything to bad faith that can be attributed to ignorance or an honest mistake.

The fact is, though, that taking your stated motives at face value doesn't really change the fact that what you propose to do is almost certainly not going to benefit your mum and may not benefit you either.

I think the disconnect is the assumption that owning a property is better than renting because it gives you assets and security and you don't pay into someone else's pocket. Given that assumption, it would follow that your mum would be better off owning her house than renting it, and if by doing her this generous favour you could expect to come out with a profit in the fullness of time, that would just make it a win-win situation. Am I correct?

The trouble is that in the very specific circumstances you've told us about, your mum is going to be worse off owning than renting. She won't gain any security because as a council tenant she's already very secure - in fact taking on all the responsibilities of ownership will give her additional risks.

She likely won't benefit much from having the property as an asset, because it doesn't sound like she'll ever want to move, and even if she did it would be years before she could sell it without paying back money to the council. And you will expect your loan back if it's sold. So what would she be left with?

She rents from the council so she doesn't pay into a private landlord's pocket, and in any case she's entitled to have it paid by benefits while she lives alone, so she doesn't pay anything. You will pay the costs of maintenance on the house after she buys it - but even with the best of intentions on your part that's not nearly as safe and reliable as her current situation. What if you lose your job? What if you become unable to work through illness or an accident? What if you unexpectedly die? You are not as secure a source of funds for her housing costs.

And on top of all that, you may not profit much if at all yourself.

It doesn't really matter whether people suspect you of ulterior motives or not: the point is everyone is advising you that your proposed action will be detrimental for your mum. If looking after her is in fact your primary motive, then you should listen to that and ignore the sniping.

Thanks for that yeah you're probably right I wouldn't of been half as aggrevated by the peoples comments if you didn't have the odd snipe in with them, like the post below your own in fact lol you do make a very compelling argument for why this is beneficial so I think this idea will be abandoned for now with me passing on your advice since you've come across helping rather than telling and assuming, cheers for taking the time to write all of the above your right with your statement about the disconnect I did assume owning was better and that it could end in a win win situation. as my primary motive is actually to look after my mother and from what you've stated and backed up shes better in her current situation as it may not end up a win-win like I thought and im compelled to take your advice and leave everything as is.

LocoLoco

OP, people on this forum generally come across (to me, as a layperson!) as very knowledgeable, well experienced and very good with money/investments/business and so on. But what they don't do is help people to do things that don't seem like a good idea. Have a read through the forum, there are so many threads on siblings falling out because one has a share in a property that the others don't have, or one wants to live in a property that the others want to sell. There are also threads about people who bought bargains at a certain stage in their life and are now stuck because life changes, what we want in life changes and some people find that the bargain they got in their twenties becomes a millstone round their necks. Add to that people who are living together and not wanting to, offspring forced to give up work to care for elderly parents (which a lot of people say they'd be happy to do, but the reality of being on call 24/7 and living on Carer's Allowance is slightly less rosy) and goodness only knows how many other scenarios.


Many people see rent as dead money but I view where I live as a consumable, in the same way as I see spending money on food, gas, water and so on. Renting means I can move to a different part of the country in a matter of weeks, and if I don't like it, I can move again. It means my landlord has to sort out any problems or maintenance and if my boiler packs up (or something equally hideous) it isn't me that has to find large sums of money at short notice. I don't particularly like where I live at the moment - my options are limited because I'm on housing benefit - but I don't own it, so it doesn't matter.


Your mum can have a secure tenancy for the rest of her life. All her repairs will be taken care of. If she becomes more dependent on other types of care or needs adaptations, in many cases councils can help with housing swaps or getting work done on the home. You won't get that if you own the property. There's no reason for you not to move in with her anyway - I think you said the rent was about £400 a month - I'd lay money that's cheaper than anything comparable on the private market. So you still get to live there, she gets company, you can still buy another place yourself if/when you want to (you're young! Marriage - kids - change of career - move abroad - so many possibilities). You won't be tied in to that place or have all your money tied up in it. It seems like a win win situation to me