Inheritance not enough

Waterlily24

Doozergirl wrote: »

Here we go. I get 40 posts per page and it's virtually guaranteed for the posts to escalate into 'no help at all' at page two, with one post wonders who have barely read the OP.

The guy has a job and can't see a solution that fits the present life. My post about tax credits clearly was important because there's nothing wrong with working hard but having a low income.

Moving away is a massive change for any of us and it's okay to not consider it straight away. Change is hard, but those of us that have moved away from the South East can vouch for a better life. I cannot imagine paying out the amount of rent one has to when you're in and around London and on an average wage. It must be paralysing.

I agree we moved from the South East about 20 years ago. The property we had when we got married is worth about £600,000 now 3 bed semi in West Wickham. We now live in a much bigger detached property with a very large garden and it's probably worth about £350,000 in Cambridgeshire.

onwards&upwards

Speaking as someone who owns a house, I don’t think you should be thinking about getting a house in your current circs.

It’s not just the mortgage, there is always, always, work that needs doing, they need a fair bit of maintenance, and they can spring horrible surprises on you!

In rented, it’s your landlord’s job to maintain the house and if you lose your job you don’t have the stress of not being able to pay the mortgage, you get help from benefits.

If you are planning a second child in the next few years, you’re looking at a prolonged period of one income. Not the right time to take on a house!

Use the inheritance to live on.

Also, I note you say partner, not wife, why aren’t you married? As you aren’t married only one of you is actually receiving an inheritance I presume?

I would recommend moving away from the SE if neither of you need to be there for work or family reasons. You can have a much nicer life on a lower income in other places.

Peter_Williams

onwards&upwards wrote: »

Speaking as someone who owns a house, I don’t think you should be thinking about getting a house in your current circs.

It’s not just the mortgage, there is always, always, work that needs doing, they need a fair bit of maintenance, and they can spring horrible surprises on you!

In rented, it’s your landlord’s job to maintain the house and if you lose your job you don’t have the stress of not being able to pay the mortgage, you get help from benefits.

If you are planning a second child in the next few years, you’re looking at a prolonged period of one income. Not the right time to take on a house!

Use the inheritance to live on.

Also, I note you say partner, not wife, why aren’t you married? As you aren’t married only one of you is actually receiving an inheritance I presume?

I would recommend moving away from the SE if neither of you need to be there for work or family reasons. You can have a much nicer life on a lower income in other places.

''Why aren't you married?'' - well that's none of your business, but in my opinion very sensible given the hassles and expense of wedding and divorce.

In the world of benefits, anyone living together will be classed as a ''partner'', so the inheritance will effect both of them. That's why I suggested ''splitting up'' as a possible option.

FreeBear

Peter_Williams wrote: »

OP and partner borrow £60k now from a relative, in installments. Keep records of the borrowings.
Keep the cash hidden safe somewhere.

Tell the DWP the loan was for living expenses etc.
The DWP may not classify the loan repayment as ''deprivation of assets''.

Nope. The DWP may well decide (and quite rightly) that it is benefit fraud and bring criminal charges. Regardless of where the money is "hidden" (under the bed, etc), there would still be £60K in savings and an attempt to defraud the benefits system.

phoebe1989seb

Waterlily24 wrote: »

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I agree we moved from the South East about 20 years ago. The property we had when we got married is worth about £600,000 now 3 bed semi in West Wickham. We now live in a much bigger detached property with a very large garden and it's probably worth about £350,000 in Cambridgeshire.

Same here. We moved from Hampshire twelve years ago. Couldn't afford our house there now.....£800k-£900k :eek: Although our current detached cottage in rural Carmarthenshire is considerably smaller it has loads more land and we have no mortgage plus a far more relaxed lifestyle

Peter_Williams

FreeBear wrote: »

Nope. The DWP may well decide (and quite rightly) that it is benefit fraud and bring criminal charges. Regardless of where the money is "hidden" (under the bed, etc), there would still be £60K in savings and an attempt to defraud the benefits system.

Yes, that's possible. As I said, it's a risky option.

But I think more likely than trying to prove criminal fraud, the DWP would just consider that the loan repayment was deprivation of assets and treat the claimants as if they still had the £60k.
Hence benefits would be stopped and the claimants would need to fight the decision as a civil case.

Or they'd get away with it.

Waterlily24

phoebe1989seb wrote: »

Same here. We moved from Hampshire twelve years ago. Couldn't afford our house there now.....£800k-£900k :eek: Although our current detached cottage in rural Carmarthenshire is considerably smaller it has loads more land and we have no mortgage plus a far more relaxed lifestyle

Funnily enough we didn't actually move up here from Kent we actually lived in Hampshire and West Sussex before we moved up here but it's still costly down there compared to up here. In those places you could buy a mansion (nearly) for £800 -£900k though. We lived along the coast at the time.


We haven't had a mortgage since 4 homes ago lol our first non mortgage home was in West Sussex.

Hectors_House

onwards&upwards wrote: »

Speaking as someone who owns a house, I don’t think you should be thinking about getting a house in your current circs.

It’s not just the mortgage, there is always, always, work that needs doing, they need a fair bit of maintenance, and they can spring horrible surprises on you!

In rented, it’s your landlord’s job to maintain the house and if you lose your job you don’t have the stress of not being able to pay the mortgage, you get help from benefits.

If you are planning a second child in the next few years, you’re looking at a prolonged period of one income. Not the right time to take on a house!

Use the inheritance to live on.

Also, I note you say partner, not wife, why aren’t you married? As you aren’t married only one of you is actually receiving an inheritance I presume?

I would recommend moving away from the SE if neither of you need to be there for work or family reasons. You can have a much nicer life on a lower income in other places.

Tell me about it.

Kitchen extension needs a new roof and the boiler just sprang a leak.

This is an extreme example but it always seems whenever you get that unexpected overtime or bonus at work your house decides it needs something.

trickydicky802

onwards&upwards wrote: »

Speaking as someone who owns a house, I don’t think you should be thinking about getting a house in your current circs.

It’s not just the mortgage, there is always, always, work that needs doing, they need a fair bit of maintenance, and they can spring horrible surprises on you!

In rented, it’s your landlord’s job to maintain the house and if you lose your job you don’t have the stress of not being able to pay the mortgage, you get help from benefits.

If you are planning a second child in the next few years, you’re looking at a prolonged period of one income. Not the right time to take on a house!

Use the inheritance to live on.

I'd say that's a rather short term view and one that will result in a lifetime of renting, which will cost more than a mortgage ever would, plus have significant negative implications for pension planning.


Mortgages are cheap these days, often cheaper than renting, and they don't last forever. The big problem for most people not the affordability of mortgage repayments but finding a deposit because the days of 95% mortgages (or more) are no longer with us and 80% is more typical these days.


So a £60k windfall should be regarded as a godsend for anyone hoping to buy their own home and should be enough for a £300k house - well above the average house price in the UK.



As others have posted, maybe move to a more affordable area, keep the first house modest rather than maxing out to the OPs limit, maybe keep £10k back as a 'nest egg' or insurance against 'life blips' like needing a new boiler or a new car and take it from there.


Sure, it won't be a bed of roses, but that's life and they've just been given a £60k 'leg up' which is the sort of thing most people can only dream about!

z1a

MysteryMan00 wrote: »

Hark at this guy.


Hasn't pulled his finger out to provide properly for his own family - like buying the food his child needs from the fruits of his labours.


Then he has the gaul to moan about inheriting £60k. Apparently it isn't enough for a deposit. Not sure what size of mansion he was hoping to get as it should be plenty for a decent house.


My advice would be to stop moaning and buck your ideas up. Provide for your family like a man should. The £60k should give you a good bump along this road - rather than be a convenient way of allowing you to continue to be idle and ineffective.

Which gaul? Asterix?