Is it really impossible?

ILikePineapples91

£20k*

House* not noise 

Comms69

WHO OWNS THE HOUSE? Sorry to shout but that's critical going forwards.

You've said your dad has 1/4, so i assume there's 4 beneficiaries. 

In terms of living with your ex. You get on, fair enough, but what about future relationships? Or is this a precursor to reconciliation

Semple

As above, what happens when your ex gets into a relationship with someone else. Are you happy for her to stay in the house too? What happens when they decide to take the next step and want a house of their own, unless your income doubles, you'll unlikely to be able to afford to a) buy them out, and b) continue to pay the mortgage etc on your own. 

Also it's not as straightforward for your dad to just "give up" his quarter share in the house to you, as your ex is making out. There could be tax implications to your father, which might reduce the amount he's able to "give" to you, or cost him more than he's willing to pay. 

Also worth noting that as your dad is a 1/4 beneficiary, the house has to be sold at the best possible price they can get for it. i.e. he can't just have it discounted "because you're family"...

I still think you're living in dream land, your finances still aren't quite adding up.

Comms69

Semple said:

As above, what happens when your ex gets into a relationship with someone else. Are you happy for her to stay in the house too? What happens when they decide to take the next step and want a house of their own, unless your income doubles, you'll unlikely to be able to afford to a) buy them out, and b) continue to pay the mortgage etc on your own. 

Also it's not as straightforward for your dad to just "give up" his quarter share in the house to you, as your ex is making out. There could be tax implications to your father, which might reduce the amount he's able to "give" to you, or cost him more than he's willing to pay. 

Also worth noting that as your dad is a 1/4 beneficiary, the house has to be sold at the best possible price they can get for it. i.e. he can't just have it discounted "because you're family"...

I still think you're living in dream land, your finances still aren't quite adding up.

Her dad could in effect sell hi share to the OP for £1, that isnt such a big deal - the tax implication would be in form of IHT potentially; and deprivation of capital if care is needed. But as you say it's the fact there's other beneficiaries, so the house will have to be valued and sold at full price for their benefit.

pleasedelete

ILikePineapples91 said:

 my ex seems to know a bit but I’m not sure how or how much. He says that because family installed most of the electrics in the 70s (very well, with no problems but he doesn’t have certificates) that it will cost a lot to be checked over before they can sell?

I don't think he knows very much at all as that isn't true. 

steampowered

The best thing you can now is take a long, hard, honest look at your finances and long term financial planning. It sounds like you might not have ever done this.

You should only proceed with taking up short term opportunities (e.g. buying your parent's old house) if they fit into your long term financial goals. Remember there is a big housing market out there with all sorts of different properties you could buy in the future.

For example, is there scope to increase your income in future, especially as the kids start getting older? Multiply your income by 4.5x and that's a rough guide as to the maximum you could borrow with a mortgage. Would that plus a deposit be enough to buy a property of your own in a few years time?

Your long term picture should also include retirement. It sounds like you may not have a pension. Check your national insurance contributions. Will you qualify for the full state pension? If so, the full state pension is currently £9.1k a year, so that's a rough guide as to what you might expect in retirement. If you don't buy a property and pay off the mortgage before you retire, will that be enough to cover both your rent and living costs?

I'd be sceptical as to whether buying with your ex is really a good idea - it binds the two of you together for a long time. You could explore whether with more saving plus a mortgage plus a gift from your parents you could buy somewhere - though it sounds like you would have to find somewhere cheaper than a £300k property like your parent's. If a gift from your father helps you get onto the housing ladder and gives you long term financial stability that may be worth asking for.

GDB2222

There’s really only one question here. Are you thinking it would be great to get back together again with your ex? If not, for goodness sake don’t get into bed with him financially.

who owns the other 3/4 of the house, and would they sell/rent their part to you on easy terms as a relative? 

Ditzy_Mitzy

ILikePineapples91 said:

My mistake, working nights has left me very tired.

my income is £1500pm and the house hasn’t been valued but all of the others on the street are £300,000 although they’re in better repair. The house has been empty for 2 years 

In which case, I'd say absolutely not. Sorry, but your income is nowhere near what's needed to pay the mortgage on such a property. Add to that, which hasn't been mentioned so far, the running costs. If it's old and unimproved then it won't have modern insulation or windows and the boiler is going to be an older low-efficiency model. I live in an old house now, which has been done up, and it's expensive to run. One with seventies fittings will be a money pit.  
To give you some perspective, I bought a flat for less than a third of the price you're quoting and lived in it on my own. I struggled and eventually moved out. My income at the time was similar, if not slightly higher, than yours. I had a car, but no other outgoings and no dependants. About half my wages went on the mortgage, then there were bills, council tax, insurances etc. And that was in a maisonette that was in 'move in' condition. I simply could not have afforded to pay for renovation works on top. 
As for the ex: just don't. Don't even think about it. 
Sorry to sound so pessimistic, but the numbers are nowhere near close to adding up. 

Bossypants

pleasedelete said:

ILikePineapples91 said:

 my ex seems to know a bit but I’m not sure how or how much. He says that because family installed most of the electrics in the 70s (very well, with no problems but he doesn’t have certificates) that it will cost a lot to be checked over before they can sell?

I don't think he knows very much at all as that isn't true. 

I think the lesson here is for OP to stop listening to her ex. Who on earth thinks it's a good idea to buy a house with a former partner, no matter how well they get along? Absolute recipe for disaster.

I'm sorry this thread has been so discouraging for you OP, but better to be realistic at the end of the day.

Comms69

Bossypants said:

pleasedelete said:

ILikePineapples91 said:

 my ex seems to know a bit but I’m not sure how or how much. He says that because family installed most of the electrics in the 70s (very well, with no problems but he doesn’t have certificates) that it will cost a lot to be checked over before they can sell?

I don't think he knows very much at all as that isn't true. 

I think the lesson here is for OP to stop listening to her ex. Who on earth thinks it's a good idea to buy a house with a former partner, no matter how well they get along? Absolute recipe for disaster.

I'm sorry this thread has been so discouraging for you OP, but better to be realistic at the end of the day.

well it may be they hope to become current rather than former partners