Getting a house gifted to you

TheJP

fairydust22 said:

elsien said:

Why do they think getting an inheritance means they would have to move? Or have I misread that as well? 

Depending on their age and health they might want to read up on deliberate deprivation of assets with regards to any future care costs. 

Are you looking to buy a house or a flat? If it’s a flat you also need to consider any future bills from the leaseholder with regards to maintenance. 

They are not wanting to move they have been in there home for over 40 years and are happy to live there the rest of there life's, they have came into a large some of money and wish to help me out, i would be buying a house, does building and contents insurance cost alot ? I am assuming i would need a boiler check yearly so i think i would need to take some sort of plan out on that as well. 

Are they actually gifting you the house or are they buying the house in their name and letting you live there?

Insurance can range from £15+ per month. Boiler service anything from £60+ you don't have to do this every year as its up to you whether you carry out a service annually, but if its has a valid warranty not doing so can void any warranty this could be void already if previous owner hasn't serviced it.

fairydust22

KittleSkittle said:

How happy and settled are you in your current home, which I presume is a secure tenancy? 

There are various legal and financial implications to fully understand, but the other side of the equation is how much you would gain from having your own house, which may be less tangible and harder to quantify?

My father actually did this for me last year, but I had been in private rented for years, and after a long saga of my landlords thoroughly messing me around I faced trying to find a new rental, which is very stressful in itself, was going to cost me even more because the rental market had risen so much, and I would still have that insecurity hanging over me.

No deprivation of assets issue with my father though. No boiler in new house. Insurance if the roof blows down. Small amount of savings which would hopefully cover most other things, and family would help again if absolutely necessary (yes, I know, I’m very very lucky). The amount I was paying to top up my rent covers the extra council tax. Benefits to my mental health have been beyond huge.

So lots to think about

Yes it's a secure tenancy, i am happy in my home at the moment, i won't be on carers allowance forever and would need to start paying rent again in the next few years once this stops, my family would rather help me now than leave it to me in there will, there is so much to consider bills and repairs.

fairydust22

TheJP said:

fairydust22 said:

elsien said:

Why do they think getting an inheritance means they would have to move? Or have I misread that as well? 

Depending on their age and health they might want to read up on deliberate deprivation of assets with regards to any future care costs. 

Are you looking to buy a house or a flat? If it’s a flat you also need to consider any future bills from the leaseholder with regards to maintenance. 

They are not wanting to move they have been in there home for over 40 years and are happy to live there the rest of there life's, they have came into a large some of money and wish to help me out, i would be buying a house, does building and contents insurance cost alot ? I am assuming i would need a boiler check yearly so i think i would need to take some sort of plan out on that as well. 

Are they actually gifting you the house or are they buying the house in their name and letting you live there?

Insurance can range from £15+ per month. Boiler service anything from £60+ you don't have to do this every year as its up to you whether you carry out a service annually, but if its has a valid warranty not doing so can void any warranty this could be void already if previous owner hasn't serviced it.

They would be gifting me the house in my name, thank you i thought the insurance would be alot more, i would also need to think of putting x amount by per month for  any repairs that may arise.