unusual house buying question

Phirefly

I think you need to completely rethink your approach.

If you're comfortable enough with this relative to consider enrolling their help in buying your home, then you're comfortable enough to sit down with them and do something that will enable you to help yourself.

The seriously rich have a different mindset and approach to finance. You are lucky in that you have someone close who has that knowledge and might be prepared to impart some of this accumen to you. You say you've a joint income of 28k. Its not my place to judge, the happiest person I know earns minimum wage, but from your post you've indicated that this income is not enough to acheive what you want. Regardless of your jobs and personal circumstances, you have the power to change this.

My advice to you is read Rich Dad Poor Dad by Robert Kiyosaki, then ask your relative for an appointment (sounds formal, but they will take you seriously). Sit down with them and explain that you want to learn how you can improve your financial intelligence and increase your income. Explain your goal is to buy a house of your own, and you'll probably be amazed what you learn. Even if you think you know how they make their money, even if they just inherited it all or won the lottery, I'd be very suprised if this approach didn't reap rewards for you.

And when you do, please PM me with their secret to success!

seven-day-weekend

Although I don't actually think there is anything wrong with approaching the relative with a purely business proposition, I personally would not want to unless I had a plan of paying them back so that eventually the house would belong to me and I did not have to rely upon a relative's largesse.

Tiglet

kitschkitty wrote: »

While I appreciate that we enter the next stamp duty price band above £125k, there simply are no houses in this area under this price. Even flats and apartments tend to be above this in our area.

That's not necessarily a problem. When somebody puts a house on the market at just above a stamp duty threshold, they know that buyers will want to pay below the limit, so they are usually quite amenable to an offer of £125k for the house plus the extra for fixtures and fittings.

There are limits to how far you can push this, as Gordon Brown knows about this as well but, so long as it's reasonable, you can save yourself the stamp duty even if the price is above the limit.

shelly

kitschkitty wrote: »

1)To thosew who rather than answer my question want to probe into our private life and ability to make payments I guess I shall have to give some answers, though I do not like disclosing so much personal information to people who I do not know.

2)To those who are questioning the relationship with my relative - that was not what I was asking for advice on.

3)To those who berated us for having no savings, - the reason we no longer have any significant savings to fall back on is that we have just got married - weddings (even as frugal as we were) are expensive these days. I am proud that we are actually not in debt.:T

1) You don't have to give out any personal info at all if you don't want to.

2) I wouldn't say that your relationship with this rich relative was being questioned, more you were being warned that any relationship you currently have might go pear shaped.

3) Like #2 I wouldn't say you were berated for having no savings, more you were being advised that home owning can be more costly than renting and to be aware.

Oh and congrats on the wedding and being debt free but and I don't mean this sarcastically, it seems to me you weren't given the advice you wanted and didn't like it, thats the nature of public forums you don't always hear what you want to.

bandraoi

it seems to me you weren't given the advice you wanted and didn't like it, thats the nature of public forums you don't always hear what you want to.

Well said.