Owning your home.

[Gogootz]

My old man gave me some advice when I was around 20, get your own house and make sure it's freehold.
Always followed that advice, not sure about the freehold part but if it was leasehold I didn't consider it.

My house is leasehold but the people I bought it from hadn't paid the peppercorn for yonks and neither have I.

 

[denislawsbackheel]

We did this with my mum who had dementia. Without searching and I cant remember with everything that was going on but I think 'she' was allowed to give £1500 per person per annum tax exempt as a gift. I'm sure someone will correct me if I'm wrong.

You are incorrect.
It’s £250 to as many people as she wants plus a further one off £3000 a year.
And it is only relevant if her estate was above the IHT nil rate band,
If not she can give anything she wants as a gift.

How Inheritance Tax works: thresholds, rules and allowances

Inheritance Tax (IHT) is paid when a person's estate is worth more than £325,000 when they die - exemptions, passing on property. Sometimes known as death duties.

www.gov.uk

 

[denislawsbackheel]

Let the lad have the house providing he wipes your arses. It’s the only reason I regret not having any.

Not that simple.
Tax implications abound and if he’s married and splits up she’ll want half its value.

 

[gandalfthebrave]

Are you at liberty to tell us the hustle?

Nothing too exciting, initially it was selling secondhand stuff on eBay. Which I suppose you could still do now!

Boring as fuck, and hard work, but it paid off.

 

[Millwallawayveteran1988]

What is the point of struggling to make mortgage payments throughout your life, not being able to live a comfortable life with holidays, short breaks, payments going off the scale reducing your disposable income. When do you get the benefit of it, couples divorce and majority goes to the woman, you die whilst paying the mortgage, it makes you stressed. People should just have interest mortgages where you only pay the interest but your still building up a profit whilst having more disposable income to enjoy life while your young enough, your a long time dead. That’s what I think anyway.

You have a point and I’m not sure why people are mentioning renting as that is not what you are advocating.

I bought a 3 bed house in 1994 for £48,000 with a £45,000 mortgage. If i had stayed there, and been on interest only now, at say a fixed rate of 3% I would be paying £112pm but would own a property now worth £230k with the bank owning the other £45k.

If they allowed this now though, I could see house prices shooting up again.

 

[Kirkstall Blue]

You are incorrect.
It’s £250 to as many people as she wants plus a further one off £3000 a year.
And it is only relevant if her estate was above the IHT nil rate band,
If not she can give anything she wants as a gift.

How Inheritance Tax works: thresholds, rules and allowances

Inheritance Tax (IHT) is paid when a person's estate is worth more than £325,000 when they die - exemptions, passing on property. Sometimes known as death duties.

www.gov.uk

That’s good to know but if you go into care you can’t gift your money or if you have to buy care for someone in there own home you have to pay fees there are so many rules now

 

[city2]

You have a point and I’m not sure why people are mentioning renting as that is not what you are advocating.

I bought a 3 bed house in 1994 for £48,000 with a £45,000 mortgage. If i had stayed there, and been on interest only now, at say a fixed rate of 3% I would be paying £112pm but would own a property now worth £230k with the bank owning the other £45k.

If they allowed this now though, I could see house prices shooting up again.

This is exactly what my post is about, also on interest only people would be able to keep there homes up to date. How many homes look as tho they need thousands spending on them but cannot afford too because of mortgage payments. I know which I prefer.

 

[Mr Kobayashi]

Let the lad have the house providing he wipes your arses. It’s the only reason I regret not having any.

@Mazzarelli's Swiss Cheese would like to be adopted.

 

[Millwallawayveteran1988]

This is exactly what my post is about, also on interest only people would be able to keep there homes up to date. How many homes look as tho they need thousands spending on them but cannot afford too because of mortgage payments. I know which I prefer.

There was a time in the not too distant past when you could do this pretty much with no proof of income.

 

[Barcon]

@Mazzarelli's Swiss Cheese would like to be adopted.

Haha, as long as he stays away from my kettle.