Buying parents house.

35har1old

Could your mother in the future require residential care?
If so it might be best to have your own property.

slenderkitten

noitsnotme said:

slenderkitten said:

noitsnotme said:

Have you been paying rent to your mother during  the time you have lived there?

Nope already said what I pay, I don't need to pay her rent she is rich enough lol she isn't a demanding person and she doesn't go anywhere. So it's enabled me to save money. 

There you go then, you’ve had years worth of free housing while your siblings have been paying rent or mortgages.  It’s all fair in the end 🤷‍♂️

No I've moved in 15 months so not it hasn't been cheap I had to pay my own £500 rent for 20 odd years. I also had to pay nearly £3k for multiple hospital appointments 300 miles away and things I had to kit myself out prior to my o
Hip operation I couldn't work for 6 months prior because I kept falling down so no it hasn't been a cheap or easy time for me at all!  

noitsnotme

What do you want to happen to the house then and what do you think your siblings should get ?

Schwarzwald

You seem to have some fundamental problems with following this.

if there is £150k in value that you 3 split equally, everyone gets £50k.
forget about the fact that you want to buy your MUM’s house, it doesnt matter. You want to be A house. So if you use the 50k for a deposit on a house plus mortgage your money is stuck in the equity of the house.
What your siblings do with their money doesnt really matter to you / is none of your business. They might end up buying another house too, so how does that matter?

you all get 50k, you decide to buy a property with it.

Sea_Shell

Will you be able to afford to stay in the house once you have a £100k mortgage to pay and be responsible for ALL the bills?

If not, your only option* is to agree to sell up and find somewhere you can afford.

What other assets does you mum have?  Cash, savings etc.



*being fair to your siblings.

slenderkitten

35har1old said:

Could your mother in the future require residential care?
If so it might be best to have your own property.

The whole point in me moving in from my home in Scotland so that she doesn't end up that way, she can't live in a house on her own because of a specific health problem otherwise she would have died years ago. She is compis mentis and mobile but need support for some things as she got older. 

slenderkitten

Schwarzwald said:

You seem to have some fundamental problems with following this.

if there is £150k in value that you 3 split equally, everyone gets £50k.
forget about the fact that you want to buy your MUM’s house, it doesnt matter. You want to be A house. So if you use the 50k for a deposit on a house plus mortgage your money is stuck in the equity of the house.
What your siblings do with their money doesnt really matter to you / is none of your business. They might end up buying another house too, so how does that matter?

you all get 50k, you decide to buy a property with it.

I just feel aggrieved to be honest given that I do the majority of the care, they have a life I dont, I have to keep an eye on her in case she falls or something else happens I've installed cameras recently for this purpose.

They won't be buying any properties with it. It's lost that theirs ps debt free nod I buy this house and mine wouldn't be. 

slenderkitten

Schwarzwald said:

You seem to have some fundamental problems with following this.

if there is £150k in value that you 3 split equally, everyone gets £50k.
forget about the fact that you want to buy your MUM’s house, it doesnt matter. You want to be A house. So if you use the 50k for a deposit on a house plus mortgage your money is stuck in the equity of the house.
What your siblings do with their money doesnt really matter to you / is none of your business. They might end up buying another house too, so how does that matter?

you all get 50k, you decide to buy a property with it.

I just feel aggrieved to be honest given that I do the majority of the care, they have a life I dont, I have to keep an eye on her in case she falls or something else happens I've installed cameras recently for this purpose.

They won't be buying any properties with it it is lost easy money for them. It's just went some cash for future joint replacement that I know I will need and some for a rainy day/retirement money. 

Keep_pedalling

slenderkitten said:

Schwarzwald said:

You seem to have some fundamental problems with following this.

if there is £150k in value that you 3 split equally, everyone gets £50k.
forget about the fact that you want to buy your MUM’s house, it doesnt matter. You want to be A house. So if you use the 50k for a deposit on a house plus mortgage your money is stuck in the equity of the house.
What your siblings do with their money doesnt really matter to you / is none of your business. They might end up buying another house too, so how does that matter?

you all get 50k, you decide to buy a property with it.

I just feel aggrieved to be honest given that I do the majority of the care, they have a life I dont, I have to keep an eye on her in case she falls or something else happens I've installed cameras recently for this purpose.

They won't be buying any properties with it. It's lost that theirs ps debt free nod I buy this house and mine wouldn't be. 

It seems that you and your mother have a mutual benefit from the arrangement. You give her care and security and she provides a roof over your head.

You seem very confused on the need for a deposit in the event you want to buy out your siblings share of the house on your mother’s death, when the reality is very simple. You would not need a deposit as you would have at least 1/3rd of the equity from your inheritance.

slenderkitten

Keep_pedalling said:

slenderkitten said:

Schwarzwald said:

You seem to have some fundamental problems with following this.

if there is £150k in value that you 3 split equally, everyone gets £50k.
forget about the fact that you want to buy your MUM’s house, it doesnt matter. You want to be A house. So if you use the 50k for a deposit on a house plus mortgage your money is stuck in the equity of the house.
What your siblings do with their money doesnt really matter to you / is none of your business. They might end up buying another house too, so how does that matter?

you all get 50k, you decide to buy a property with it.

I just feel aggrieved to be honest given that I do the majority of the care, they have a life I dont, I have to keep an eye on her in case she falls or something else happens I've installed cameras recently for this purpose.

They won't be buying any properties with it. It's lost that theirs ps debt free nod I buy this house and mine wouldn't be. 

It seems that you and your mother have a mutual benefit from the arrangement. You give her care and security and she provides a roof over your head.

You seem very confused on the need for a deposit in the event you want to buy out your siblings share of the house on your mother’s death, when the reality is very simple. You would not need a deposit as you would have at least 1/3rd of the equity from your inheritance.

I don't know about this equity situation you mentioned you say, I just understand buying a house from a traditional percentage deposit situation. Seems you are telling me there are different ways to buy a house which I did not know about?