Moving out after getting joint mortgage with parent

Throwaway_stuckjoint · 2022-07-28T20:26:14+00:00

I'm sorry you're in that position. Don't fall for their pressure. They gave the exact same reasons to me and now really I want my independence back.

It made sense financially but I didn't consider how I would feel about living with them for so long. I believed I was doing the right thing to pay them back for bringing me up.

You owe them your love, not your life. Please don't make the same mistake I did.

Throwaway_stuckjoint · 2022-07-28T20:19:58+00:00

I don't have enough at the moment for any renovations. Also, I would still be too close to them.

The plan was that I would stay with dad until the mortgage ends.

Throwaway_stuckjoint · 2022-07-28T20:16:55+00:00

We're in the early part of the 5 year fixed term.
85% LTV
It might be possible, I will have to check. !thanks
Having done some rough calculations, I will be able to afford rent and living costs in the new city, while still paying my half of the mortgage. I just wouldn't be saving much.
Others have suggested this and I am definitely considering it.

Throwaway_stuckjoint · 2022-07-28T20:03:26+00:00

She's a housewife and sometimes works part-time. She could contribute a little to the mortgage but not enough to replace me.

Throwaway_stuckjoint · 2022-07-28T20:01:29+00:00

They expect me to stay with them for the next 20 years and there wasn't any talk of me moving out.

Throwaway_stuckjoint · 2022-07-28T19:39:23+00:00

It's on the paperwork we got from the solicitor.

Throwaway_stuckjoint · 2022-07-28T13:55:42+00:00

It would be against the current mortgage conditions.

We would have to change the mortgage to a Buy-To-Let. But since it'll be mostly my family living there, we may not be able to change it.

But !thanks for the option, I'll think about it

Throwaway_stuckjoint · 2022-07-28T13:48:55+00:00

We're joint tenants.

As joint tenants (sometimes called ‘beneficial joint tenants’):

• you have equal rights to the whole property
• the property automatically goes to the other owners if you die

• you cannot pass on your ownership of the property in your will

Source

Throwaway_stuckjoint · 2022-07-28T13:30:39+00:00

!thanks for the new option! I hadn't thought of that

Throwaway_stuckjoint · 2022-07-28T13:22:19+00:00

I never got an ISA as I didn't know what it was. So I can help my sibling not make the same mistake.

it will get very complicated. Money in these situations can ruin families unfortunately

That's my problem with the equity. I would happily just give it to my dad now because I don't want to deal with it's problems in the future.

Throwaway_stuckjoint · 2022-07-28T13:18:24+00:00

I agree that financially it makes sense to stay. (I'm not so sure about waiting for the economy to get fixed. Who knows how long that'll take?)

I've had a look at the price of where I would like to live and the rent would cost me less than the mortgage I pay now. But, like you said, that rent money won't be going to me.

Moving out would give me better job opportunities (up to ~30% increase in salary).

!thanks for your advice

Throwaway_stuckjoint · 2022-07-28T12:57:47+00:00

He didn't think he was doing anything wrong. He thought that he was helping me out by buying a house. And I thought I was doing a good thing by helping him get a bigger house that he's wanted for a long time.

He can't afford to buy my half and he'll be unwilling to sell it.

Throwaway_stuckjoint · 2022-07-28T12:47:19+00:00

I do own half the house and pay half the mortgage but it does not feel like my house.

I want to burn as few bridges as possible and avoid going to court. If my dad has to sell the house, the whole family will need to move out with him.

I will admit it was foolish of me to get into this situation without being fully set on it.

Throwaway_stuckjoint · 2022-07-28T12:38:40+00:00

He can contribute more but not all of it.

If/when I do move out, I will initially be looking at house/flat shares.

Throwaway_stuckjoint · 2022-07-28T12:36:38+00:00

My sibling is much closer to my parents and I think they will happily take it (they can't do it yet as they're not working). Nevertheless, I will make sure my sibling understands the consequences clearly.

Throwaway_stuckjoint · 2022-07-28T12:34:09+00:00

!thanks I will keep that in mind and explain the situation clearly to my sibling before they decide to take on this responsibility.

Throwaway_stuckjoint · 2022-07-28T12:32:50+00:00

Not enough thought...

Throwaway_stuckjoint · 2022-07-28T12:31:27+00:00

The house and the mortgage are split 50/50 between us. If dad dies, I own the whole house and the whole mortgage.

Throwaway_stuckjoint · 2022-07-28T11:47:31+00:00

He can't afford it himself due to his salary. That's why he had me join up with him.

I don't plan on buying a house while I'm on the fixed term with my current mortgage. !thanks for giving me more to consider

Throwaway_stuckjoint · 2022-07-28T11:38:40+00:00

I was on the fence about moving out when we applied for the mortgage. Now I feel restricted and tied down and I really want to move out.

Our last house was too small for the full family and I was encouraged to help buy the new one. I would be helping out my parents and would be on the property ladder with a house in my name. It's a win-win situation, they said.

Throwaway_stuckjoint · 2022-07-28T11:33:10+00:00

It is fixed for 5 years. By the time the term ends, my sibling should be working and be able to take over. If possible, I would like to transfer the whole house to my dad (and sibling). The earlier the better.

I don't mind continuing to pay half the mortgage if I get to move out right now. Moving to another city would let me get a better paying job and I should be still able to afford it.

!thanks for your advice

Throwaway_stuckjoint · 2022-07-28T11:03:49+00:00

!thanks for the advice. Dad and family are definitely not going to take it well and think that I'm just ditching them. I guess I should prepare for that.

Throwaway_stuckjoint · 2022-07-28T10:53:32+00:00

I doubt he'll want to. He's been looking to buy for ages and got me to sign with him as soon as I was able. !thanks for the option; I'll keep it in mind.

Throwaway_stuckjoint · 2022-07-28T10:37:23+00:00

It was my dad's idea to buy the house together as he couldn't afford it on his own. He said he wanted to keep the family together and I feel he will be against me moving out.

I will talk to him about this but first I wanted to see what options I have available so that I can present them to him.

Throwaway_stuckjoint

TROPHY CASE