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Original poster

Using child’s inheritance to get on property ladder

530 replies

Wanttobeontheladder · 11/06/2019 12:22

We are in our late 30’s with 3 children and have been renting all our adult lives

We are desperate to get on the property ladder but I am SAHP and DH is sole earner.

After the loss of a parent recently there is a considerable inheritance that was left directly between our children rather than coming to us.

Using this money would mean we could finally get on the property ladder (just)

Seeing as the children benefit too we feel that we should use it.

Would we be unreasonable to consider this?

OP posts:
GroggyLegs · 11/06/2019 12:42

YABU.

How will you pay them back if you can 'only just' afford to get on the property ladder? Sell the house?
Or is there no intention to pay back? Confused

And I hold the unpopular view that I'm not against parents borrowing kids savings for short term loans if it prevents accruing debt & it's paid back promptly. But this is a whole other level.

QueenoftheBiscuitTin · 11/06/2019 12:43

It's not your money. Is this even legal?

Bluntness100 · 11/06/2019 12:44

The immortality of stealing money from your own children, money that the deceased didn't wish you to have, is actually nauseating.

The op hasn't even said I've sought legal advice, it would be in their name, any equity would be theirs at 18 and we would move and sell without discussion and no emotional blackmail. And we would ensure we saved so any loss of money would be given back to them at that stage, as we also know they would be due the interest on it too.

None of that, just we want it so will shall take it. And they get the benefit of living there.

Totally immoral. And I'd hope highly illegal.

megletthesecond · 11/06/2019 12:44

Only if it can be done so they can access the money at 18. They'll benefit from a secure home during their childhoods. Mortgage payments may be cheaper for you too so they may have more opportunities growing up.

BobbyBaratheon · 11/06/2019 12:44

Unless you can sell the house when they are eighteen and give them their money back

And what happens if the property market takes a hit for whatever reason, the house loses value and you're unable to pay them back in full?

TheInvestigator · 11/06/2019 12:45

It's not your money so you can't. It doesn't belong to you. You will need to manage it for them, but that basically means you need to keep it safe. If you buy a house with it then it's a crime. You can't.

If you tried to use it and had to tell the bank that your deposit was coming from your children's inheritance then they'd refuse to lend you anything. When you try to buy the house with the money and need to show where the funds came from, the solicitor will stop you.

You need to carry on living as though that money doesn't exist because it doesn't belong to you.

FrancisCrawford · 11/06/2019 12:45

This reply has been deleted

Message withdrawn at poster's request.

Tigger001 · 11/06/2019 12:46

I do however wish people wouldn't skip generations with inheritance, it seems so pointless

Well it's not pointless, it is who the person would like their assets to go to on their death.

Yes it would be a disgrace on your part if you used that money to enable you to get on the property ladder. The money was not intended for you and you would be stealing off your own children. Don't be that person.
As a PP has said put it in a high interest account and forget about, preferably one you can not access for a long time, just incase you get tempted again.

golddustwomen · 11/06/2019 12:46

God no, it's not your money!!! Sounds like you will do it whatever we say though.

NooNooHead1981 · 11/06/2019 12:46

What others said.

I think it is probably illegal; you would be stealing from your DC, surely? Plus the legal ramifications of any how they can get access to the money in the future (it is THEIR inheritance, not yours...) will need to be carefully considered and you need a lot of good legal advice etc.

Leave well alone, and put it in a trust fund as PPs have said. It was left for your DC, not you. Imagine if you had done this and left money for your grandchildren in future and then your DC spent the money for themselves...

justanswerthephone · 11/06/2019 12:46

OMFG NO!!

This is a joke?

Pearlfish · 11/06/2019 12:47

OP, the housing market isn’t increasing at the rate it used to. You’re assuming that your DC would benefit from this but there’s no guarantee that they will. Then what would you do to pay them back?

DontBiteTheBoobThatFeedsYou · 11/06/2019 12:48

I would never, ever do that. Not in a million years.

NooNooHead1981 · 11/06/2019 12:48

Entitled, much?!

Aozora13 · 11/06/2019 12:49

So many questions! How old are your children? Was there a reason the money went straight to them? Are you planning to just take the money for a deposit or will you pay them back over time? What did the will actually say eg is the money to be kept in trust until they are 18/21/25?

Passmealargewine · 11/06/2019 12:50

Ffs, just no.

It's not your money to spend, it's not up to you what it gets spent on. it belongs to your children, the money was specifically left to them.

Honestly I just feel disgusted at a parent that would do this, its selfish & morally wrong

Original poster
Wanttobeontheladder · 11/06/2019 12:51

The children are all under 4.

The solicitor we saw said we could with I guess the use of a trust but I am not 100% clear on the details of how it all works at the moment

I’m not too sure why the inheritance skipped a generation.

OP posts:
justanswerthephone · 11/06/2019 12:52

I’m not too sure why the inheritance skipped a generation.

Because the person(s) who left the money chose to leave it to your children.

Fuck your entitlement.

TheInvestigator · 11/06/2019 12:53

But the house would belong to your kids. What are you going to do when they turn 16/18 and decide they want their money?

Just don't do it. It's not yours. Get on the property ladder yourself. Your parents chose not to leave it to you and that was their decision. You don't get to undermine them and use it for your own wants.

IvanaPee · 11/06/2019 12:53

My god.

Yes you would be unreasonable to steal your children’s money.

Don’t pretend it’s for them. They’re not suffering because you’re renting.

Original poster
Wanttobeontheladder · 11/06/2019 12:54

Owning a home rather than renting would save us around £300 per month and mean we can have a 3 bed house rather than the small 2 bed we currently rent. With 3 young children it’s more than a squeeze

OP posts:
Annasgirl · 11/06/2019 12:54

Well legally I don't think you can - in spite of the dodgy solicitor saying you could - so really it is a non issue.

Bluntness100 · 11/06/2019 12:54

I also think any solicitor would put a stop to this. They need to check where the money came from for money laundering purposes so they would check thr will which is a public document and then on seeing no money was left to the op and her husband and they were trying to buy a home in their names with their kids money it would be stopped.

Any lawyers about? Is this a crime? Would they face criminal charges of attempting it?

Dippypippy1980 · 11/06/2019 12:55

How do you think your children will feel when you have to sell the family home to gove em their inheritance?

How will you ensure you gove them a proper return on this ‘investment’?

I think it’s a bad idea

IvanaPee · 11/06/2019 12:56

Well you chose to have more children than you could fit.

And you’re choosing to stay at home.

There are options for you to get on the property ladder that don’t include spending money that could benefit the children in the future. Hmm