Renting from Parents

Clipsey · 9 Jun 2014 at 20:32

Efour said:
wow silver spoon, good for you !

How is that a silver spoon? :confused:

Surely it's just good trust between parent and child?

Jonnybmac · 9 Jun 2014 at 20:59

Efour said:
wow silver spoon, good for you !

hes clearly going to be paying for the morgage they arnt just going to buy him a home to live in.

even if it was why is that an issue? jealousy on your account?

Windle · 10 Jun 2014 at 00:02

Would they buy it outright or mortgage?

My parents bought a place outright for me then we had a solicitor draw up a legal agreement essentially forming a mortgage between myselfs and my parents. All completely above board, I owned the property but my parents had all sorts of guarantees/rights if I didn't pay the "mortgage" monthly. When I sold it, paid off the outstanding "mortgage" with my folks and the equity was mine. Obviously would be different in your circumstance if your parents aren't going to buy outright.

Brutal biff · 10 Jun 2014 at 00:22

Go see a solicitor on this my folks were going get a mortgage in their name and I'd pay the mortgage off then they would sign it over but I was on the verge of being made redundant at the time

To many ifs and buts on this

Efour · 10 Jun 2014 at 04:47

Jonnybmac said:
hes clearly going to be paying for the mortgage they arnt just going to buy him a home to live in.

even if it was why is that an issue? jealousy on your account?

??? wut

I'm merely stating that on a forum of mostly 20 something year olds, were frequently the topic of home ownership and "housing crisis" comes up the OP is in an extremely fortune position compared to the majority looking to get on the ladder.

He should see a solicitor and get the legal side wangled in case of inheritance tax or not being named the owner on paper.

kaptainmarc · 10 Jun 2014 at 06:52

norm said:
By your somewhat tactless reasoning, the OP is right to try and secure a home of his own as renting provides no long term security, housing being an important human necessity after all.

on a tangent

if you loose your job with a mortgage and cant keep up payments you loose the house and all the money you put into

if you rent and loose your job and cant pay, the government pay it for you

so you will always have security that's the joy of living in this country

Freefaller · 10 Jun 2014 at 07:05

Can they not just give you the money for the deposit and see what the mortgage amount will be after that? Then pay them back as and when you can afford to?

Efour · 10 Jun 2014 at 07:14

kaptainmarc said:
on a tangent

if you loose your job with a mortgage and cant keep up payments you loose the house and all the money you put into

if you rent and loose your job and cant pay, the government pay it for you

so you will always have security that's the joy of living in this country

This is the baggiest, most ill fitting, slack reply I've ever seen on this forum. I'm astounded.

kaptainmarc · 10 Jun 2014 at 07:16

Efour said:
This is the baggiest, most ill fitting, slack reply I've ever seen on this forum. I'm astounded.

Hense the "on a tangent"

you don't read this forum very much then.

can I ask how your reply is helpful or adds anything to this thread in anyway shape or form?

Efour · 10 Jun 2014 at 07:17

kaptainmarc said:
you don't read this forum very much then.

can I ask how your reply is helpful or adds anything to this thread in anyway shape or form?

'cos you are illiterate and i'm trying to help you not look so ??!?

kaptainmarc · 10 Jun 2014 at 07:22

Efour said:
'cos you are illiterate and i'm trying to help you not look so ??!?

I'm sorry my grammar offends you, I sincerely apologise and hope you can overcome your overwhelming urge too correct people on the internet

Efour · 10 Jun 2014 at 07:29

Its not your grammar its your basic spelling and comprehension that offended me.

Apology accepted, thanks ! I will never overcome the urge.

I made a pun and you were even then, oblivious.

lose [looz] Show IPA
verb (used with object), lost, los·ing.
1.
to come to be without (something in one's possession or care), through accident, theft, etc., so that there is little or no prospect of recovery: I'm sure I've merely misplaced my hat, not lost it.
2.
to fail inadvertently to retain (something) in such a way that it cannot be immediately recovered: I just lost a dime under this sofa.
3.
to suffer the deprivation of: to lose one's job; to lose one's life.
4.
to be bereaved of by death: to lose a sister.
5.
to fail to keep, preserve, or maintain: to lose one's balance; to lose one's figure.

loose [loos] Show IPA
adjective, loos·er, loos·est.
1.
free or released from fastening or attachment: a loose end.
2.
free from anything that binds or restrains; unfettered: loose cats prowling around in alleyways at night.
3.
uncombined, as a chemical element.
4.
not bound together: to wear one's hair loose.
5.
not put up in a package or other container: loose mushrooms.

kaptainmarc · 10 Jun 2014 at 07:40

Efour said:
I will never overcome the urge.

good, because you'll be correcting mine all the time, my spelling is terrible always has been always will be.

I still stand by my statement though, renting in the current climate is so much safer for younger people especially with house prices inevitably going to flop

postbox · 10 Jun 2014 at 09:07

kaptainmarc said:
good, because you'll be correcting mine all the time, my spelling is terrible always has been always will be.

I still stand by my statement though, renting in the current climate is so much safer for younger people especially with house prices inevitably going to flop

Only in London are house prices going crazy - rest of the country has only seen a fairly gradual rise in the last couple of years, if not a bit static in some areas. We had a crash not so long ago, I can't see this "flop" you talk about happening any time soon.

Haggisman · 10 Jun 2014 at 09:24

Efour said:
jealousy

Efour said:
grammar nazi

Efour said:
condescending drivel

Wow, someone didn't get any last night!

OP, your credit history can't be as bad as mine, and I was accepted on a mortgage last year. As others have suggested, try different lenders; it may be that your bank has particularly strict criteria.

You may also get more success with a smaller independent building society where you can actually speak to someone, and have a human make the decision rather than a computer.

Ultimately though, it may be down to your deposit - I did have to have 30% before they would consider my application.

Borrish · 10 Jun 2014 at 09:40

If you're going to correct someone on the usage of "lose" and "loose" you should probably learn the difference between "its" and "it's" first. Hell it's even in the picture you posted!

Haggisman · 10 Jun 2014 at 09:43

Borrish said:
If you're going to correct someone on the usage of "lose" and "loose" you should probably learn the difference between "its" and "it's" first. Hell it's even in the picture you posted!

Not to mention the lack of capitalisation and erroneous spaces before punctuation.

peige · 10 Jun 2014 at 10:20

Go to see a proper IFA, they will help you apply to the lender that will accept you or advise you of other ways forward.
You may well be surprised.

Terrier_Jimlad · 10 Jun 2014 at 10:45

You say renting is pointless because you get nothing out of it, then you turn around and say you're going to pay your parents rent on a house for the next 20+ years which you're going to inherit further down the line anyway?

Haggisman · 10 Jun 2014 at 10:54

Terrier_Jimlad said:
You say renting is pointless because you get nothing out of it, then you turn around and say you're going to pay your parents rent on a house for the next 20+ years which you're going to inherit further down the line anyway?

Which his parents wouldn't have bought in the first place if he wasn't paying for it...