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[Finance] Best way to help kids get on property market



stewart_weir

Well-known member
Mar 19, 2017
1,000
Hi,

Has anyone done any research into this or can point me to any good sites? I want to help them get on the property market, can afford to lend/give them some money BUT not sure what is the most efficient legal way?

Move to Europe..... Oh no we are leaving EU.. ???
 




NooBHA

Well-known member
Jan 13, 2015
8,584
Depends how old you / your kids are!

Mine 18 / 20 and will no doubt be looking to move out before too long. I'm 48, and not quite ready for assisted housing just yet!

I didn't say ''one size fits all '' - If it did, my suggestion would be a ''well trodden path'' - Though never too young for Assisted Housing'' - Even if it is someone just to do the cleaning and ironing
 


cloud

Well-known member
Jun 12, 2011
3,028
Here, there and everywhere
I'm a Treasury Analyst, who works in front office - also bound by a training contract to study ACA. So, despite the nature of an FO role and my study, including my salary. I should just get a 2nd job.

While I was studying for my ACA I had several jobs, as well as studying and working. And I was a single parent so had that to do as well. It's perfectly possible if you are well-organised.
 


Weststander

Well-known member
NSC Patreon
Aug 25, 2011
63,394
Withdean area
Another way to keep the rich rich and the poor poor, we could easily have affordable houses but we dont because the government are *****.
We shouldn't have to rely on our parents

Sent from my SM-A600FN using Tapatalk

Which government? This has been a massive issue in southern England for long before Cameron walked into Downing Street. Residential property prices here have been on a huge upward trajectory since 1995. The ‘winners’ are those of us lucky enough to own a house big enough for our needs, whilst everyone else struggles with housing.

Supply and demand, a lack of land given planning permission, greenbelt, nimbies, the great attraction of this part of the world to Brits and newcomers (careers, closeness to London, a less wet and cold climate), greater population in general, more split families ..... all gave rise to huge house price inflation.
 






cloud

Well-known member
Jun 12, 2011
3,028
Here, there and everywhere
My absolute favourite, let me guess. You're older than 50.

Cheap is relative to the location you're in. I work 37.5 hours a week and earn 50% more than the national average, moving to Hitchin where I deem renting to be reasonable and within good distance of my location of work; £1,100 a month rent is pretty decent value to me. However: https://www.zoopla.co.uk/house-prices/hitchin/ Average house price is just over £400,000. I could find cheaper, but I cannot venture to far from my job or London, where I spend 40% of my time working.
..
And people suggest I should get a second job. The amount I can save is actually a little less than £500, which exacerbates the problem, it'll be more like 6.5 years.

Yes, I am 50+, but what does that matter? I could never afford to live in Hitchin but I am happy with my 2 up 2 down in Bedfordshire, which is cheaper. Yes, I still have 2 jobs - every little helps.
 


Garage_Doors

Originally the Swankers
Jun 28, 2008
11,789
Brighton
I gave my Daughter the deposit for a flat out of Brighton. I had to sign away any rights to the property or rights to my money back. As she was single but had a boyfriend I also made sure he had zero rights should he move in. The flat was £90K but it is a start and over the next 20 years I expect her to sell and move up.
How can you legally make sure he has no rights on the property if he moves in? I’m in a similar position
 




timbha

Well-known member
Jul 5, 2003
9,834
Sussex
How can you legally make sure he has no rights on the property if he moves in? I’m in a similar position

difficult if he claims he has helped with the mortgage, bills, upkeep, etc unless he pays rent under a formal agreement.
 


Guinness Boy

Tofu eating wokerati
Helpful Moderator
NSC Patreon
Jul 23, 2003
33,818
Up and Coming Sunny Portslade
You'd think, someone suggesting crashing the economy, shouldn't be taken seriously..




My absolute favourite, let me guess. You're older than 50.

Cheap is relative to the location you're in. I work 37.5 hours a week and earn 50% more than the national average, moving to Hitchin where I deem renting to be reasonable and within good distance of my location of work; £1,100 a month rent is pretty decent value to me. However: https://www.zoopla.co.uk/house-prices/hitchin/ Average house price is just over £400,000. I could find cheaper, but I cannot venture to far from my job or London, where I spend 40% of my time working.

Assuming I want to buy a house for £350,000, cheap relative to my location. I need a deposit of 10% for an LTV of 90% £35,000. Let's say I can afford £500 a month savings. £35,000 / £500 = 5.8 years of saving in linear terms to buy a house that's a reasonable location for me.


And people suggest I should get a second job. The amount I can save is actually a little less than £500, which exacerbates the problem, it'll be more like 6.5 years.

What are your circumstances with regards to family?

Here's a one bed flat in your location for 165K

https://www.zoopla.co.uk/for-sale/d...h_identifier=5d588286c11b951a30994fb439f7b28c

Looking at it they'd probably take an offer of 150. What's stopping you?
 



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