If you were about to inherit a house...

Coz · 11 May 2008 at 10:29PM

within the next 10 years and you still lived with your parents, if you wanted to leave home soon, would it be stupid to start paying a mortgage with a partner? Would you just rent untill you inherited the house?

grogdog · 11 May 2008 at 10:37PM

buy the house and pay interest only, just the same as renting but you make any equity on the house

Oldernotwiser · 11 May 2008 at 11:11PM

The phrase "don't count your chickens ..." comes to mind. Also "in the next 10 years" isn't really the same thing as "about to". I'd get on with my life and if this does happen eventually it'll help you then. There's something rather unpleasant about waiting for someone to die and if you're not careful you could find yourself wishing they'd hurry up! Not nice.

Dan_Collins_2 · 11 May 2008 at 11:40PM

Yeah awaiting this kind of event is a little risky and can go wrong! Seen it go wrong!!

brownbabygirl · 11 May 2008 at 11:49PM

Oldernotwiser wrote: »

The phrase "don't count your chickens ..." comes to mind. Also "in the next 10 years" isn't really the same thing as "about to". I'd get on with my life and if this does happen eventually it'll help you then. There's something rather unpleasant about waiting for someone to die and if you're not careful you could find yourself wishing they'd hurry up! Not nice.

EXACTLY my initial thoughts as I read this. OP, just carry on as you would.

Tiddler_2 · 12 May 2008 at 12:13AM

I know that you're not actually asking this question, but often advisers get told that our customers want to take an interest only mortgage and the client says they will pay their mortgage off from an inheritance they are expecting.

Things to be aware of -

1. The person may not die within the next 10 years!
2. People very often change their mind as to who they choose to leave their money to. Cats Protection League, RSPCA etc receive lots of money from inheritances!!

dunstonh · 12 May 2008 at 12:22AM

Planning to get an inheritance.... How many times have advisers heard that and it hasnt happened or more commonly doesnt happen as the person lives much longer than expected.

Dont plan your life on what you may get. If and when it comes, you can worry about it then.

Kez100 · 12 May 2008 at 4:18AM

If the person owning the home needs long time care in a home then the house may need to be sold before they die anyway. I would get on with life not put my life on hold. I would make the buy rent decision based on my Market sentiments not on a possible inheritance.

Bismarck · 12 May 2008 at 7:05AM

Coz wrote: »

within the next 10 years and you still lived with your parents, if you wanted to leave home soon, would it be stupid to start paying a mortgage with a partner? Would you just rent untill you inherited the house?

Do you know something they don't? Sorry- had to ask!

Don't plan on any inheritance as you never know what could happen. They could be really inconsiderate and live into their 90s and then you may unintentionally begin to unfairly resent your good fortune in having your parents around for so long.

Or there could be a host of other slip-ups between where you think you'll eventually be and the reality.

wymondham · 12 May 2008 at 7:31AM

In 10 years time who knows how the inheritance thing will work - you'll probably have to donate 50% to the government! :rolleyes:

Enterprise_1701C · 12 May 2008 at 7:36AM

I've been "awaiting an inheritance" for 20 years - my step-grandmother is living off a trust fund, and is now 96. I would not be surprised to see her live a few years yet, in fact I would be delighted. Get on with life exactly as you would without the inheritance, then count it as a bonus if and when it comes.