Relocated to UK-rent or buy dilemma?

Sweetpea_11

I’ve recently relocated to Yorkshire from overseas to be close to my elderly parents.
I’m currently renting but have more than enough savings for a deposit for a mortgage. All I want + need is a small flat.
My father is hoping I will move in with my mother if anything happens to him. I’m more than happy to do this if the situation arises.
However, I want to deal with my current circumstances.
I have very little idea about the UK property market and I am a first time buyer.
My dilemma is....
Should I just continue to rent so I have some savings to help contribute to their future care costs - especially in light of the fact that I might move in to their house at some point? Or should I just go ahead and buy a little place?
Any advice greatly appreciated.

elsien

Sweetpea_11 wrote: »

I’ve recently relocated to Yorkshire from overseas to be close to my elderly parents.
I’m currently renting but have more than enough savings for a deposit for a mortgage. All I want + need is a small flat.
My father is hoping I will move in with my mother if anything happens to him. I’m more than happy to do this if the situation arises.
However, I want to deal with my current circumstances.
I have very little idea about the UK property market and I am a first time buyer.
My dilemma is....
Should I just continue to rent so I have some savings to help contribute to their future care costs - especially in light of the fact that I might move in to their house at some point? Or should I just go ahead and buy a little place?
Any advice greatly appreciated.

I'd do what feels best for you, irrespective of your parent's situation. Too many variables:

How old are your parents, what makes dad think something may happen to him before mum, do you want to be a carer, what if the house needs to be sold at some point to pay for care costs leaving you without somewhere to live, do you plan to move abroad again in the future, to name but a few. Without knowing about your parent's health, you could be taking about a few years down the line - how long would you want to rent for?

Have you looked around at areas and rental vs mortgage costs, as a starting point?

Sweetpea_11

Thank you. I agree that there are so many variables.
My parents are in their mid-eighties and yes, my father is ill and receiving palliative care. I’m also disabled so I don’t know how that factors in to future care assessments. I am not planning on going back overseas as I’ve discovered how much easier it is to live here with a disability. Everywhere is so accessible.
Somehow paying rent just feels like ‘dead money’ to me but I will go with your suggestion of looking at rental vs mortgage costs. It’s a good starting point. Thanks.

LilElvis

Are you working and earning enough to be able to repay a mortgage?

elsien

Age Uk have some comprehensive fact sheets on paying for care and the disregards for who can stay in the house if someone needs to go into residential care. Won't let me post the link for some reason.

Sweetpea_11

Yes, I have a regular income + I would only be looking for a small mortgage, however, I am fully aware circumstances can change so quickly. I think that is what has been holding me back till now.

HampshireH

I feel for you OP as its unfair of your dad to expect to live your life solely around then moving in with your mum.

There are alternative options.

Of course we all want to ensure our parents are cared for in life. However that doesn't mean you cannot have what you want and can afford in life as well.

Go buy a little flat if thats what you want to do. Perhaps locally to your parents and enjoy it. Things change don't feel rail roaded into a decision not of your choosing.

Either way goodluck.

wine_night

If you decide to buy you may want to consider a small freehold house over a leasehold flat if there is one available in the area you want to buy in for a comparative price.

Leases complicate the conveyancing process and there are often ground rent and service charges associated with leasehold- most flats are leasehold.

GDB2222

Are you sole heir of your parents?

zagubov

elsien wrote: »

Age Uk have some comprehensive fact sheets on paying for care and the disregards for who can stay in the house if someone needs to go into residential care. Won't let me post the link for some reason.

Is it accessible via this webpage?

Sweetpea_11

No, just me + my sister, however, they have all agreed + stated in the will that they would like me to live in the property as it is accessible for me. However, I would really like to get a little place of my own. I can always sell if need be, can’t I?