To use inheritance to pay for private school?

[Pondformarch]

We have a two year old and are due a second baby this summer. Our combined income is around £120,000, a bit more with a bonus.

My parents died when I was young and I inherited a flat. It is now worth around £125,000, not a fortune, but it would pay for private school fees.

I always had it in mind to send one child but finding out I was having a second made me think the fees would be too tight. Wondering if selling the flat might be most sensible. This is a fairly small school, not a big name one (obviously) fees for senior school are around £15,000 p/a. One of the main reasons I would prefer the private school (apart from local state choices not being brilliant) is the fact that wraparound care is really high quality and it would mean that we wouldn’t have to worry about pick ups and drop offs. Also, the school is right by my workplace, which helps.

But I also know it might be better to hang onto the flat long term. So interested in seeing what others think?

I think teaching at the school your child attends is one of the worst things you can do. I firmly believe you both have the right to a bit of personal space, especially for teens.

Ah, gotcha! Fair enough- a different principled objection

Re the above - you (OP) said “one thing I had vowed never to do” why? Seems odd you are considering it for your DC but would not consider working in an independent? Genuinely interested?

Teachers at private schools usually get discounts. Can you apply for a job at the school you want?

I don’t have any concrete financial advice, but the only comment I would make is that I would at a prep, this is my 5th academic years and since I started, the fees have risen by nearly £600 a term. This year was the biggest increase jump. It’s just something to keep in mind.

I work at a prep. Not I would at a prep :) where’s the Friday wine?

I don’t think it will be enough for 2 children.

Our fees increase 5% every year in a normal year. We had a 4.95% increase in September and they are putting the fees up by another 8.95% on 1st April. Once Labour get in, they plan to add 20% VAT.

As others have said, uniform, lunchtime clubs and trips add a significant amount to the fees.

I’d use your money to invest and look again at private schooling when your DC go to secondary. Hopefully by then your income will have increased too.

I went down the state primary and private secondary route. But I did have a live in nanny when my daughter was at primary.

I'm a lone parent so I had to for travel for work etc

What I will say is that I would make the same choice again. Private school are longer days. My DD13 absolutely loves her school but she is knackered at the weekends. I board her two nights a week so I can travel for work etc and she can do prep at school. So many reasons to private school for secondary (single sex is a big one)

Could you find local care to take/pick the kids up from school, take care of them until you get back? Like a part time nanny? That way you can save the primary school fees, sit on the assets for longer and just pay private for secondary. (Although I note that your local primary sounds a bit naff)

I’m very sorry for the loss of your parents, OP.

Are you saying you’d top up the £125k for fees from your salaries? Putting two DC through private school to 18, then supporting them at uni will cost far more than £125k. Can you really afford it?

Moving house to better school catchment would be cheaper.

We aren’t approaching private from a penniless position though @ChristmasCwtch and uniform really isn’t that expensive - similar to state in terms of blazer etc.

I realise fees will go up but DHs salary will too - not so confident about mine!

I’d also suggesting moving to a house in a good catchment area and using the flat money as two massive deposits for DC’s first homes.

We have two in prep school, but we’re in NI and the fees are a fraction of what you’re looking at (£4.5k per academic year as opposed to £5k per term).

I think you need to weigh up the sacrifices and determine if it’s going to be worth it. To me, it wouldn’t be worth scrimping and saving in every other area of your life in order to afford it.

From what I’ve seen on MN, long gone are the days where normal, middle class families in GB could afford to send their kids private just by hanging on to an older car for a few years longer, downgrading to camping holidays etc. Things are just too tight.

I could be wrong, but from the tone of your post it seems like you’re trying to convince yourself that this is a good idea. If both you and your husband aren’t 100% sure it’s a sustainable cost and fully onboard then it’s just not realistic.

I think it is worth it - not sure DH would agree!

In practical terms, two in senior would take my salary. One in senior one in primary would take most. Two in primary would take a hefty amount but leave a reasonable amount over.

What of course I don’t want would be to put them in and have to remove them. But the flat is a bit of reassurance that worst case scenario I wouldn’t have to.

According to another thread, the best teachers work in state schools. Of course, they likely have an agenda, like the NHS threads

Waste of money before Secondary and even then I'd say save it for Uni or a house deposit. My daughter got nearly straight 9s at an average State School. If your daughter has good friends and works hard to get in top sets from Y7/8 she'll be fine.

All friendship groups get split up when children move at the start of secondary.
Selling the flat will not give you enough for 2 sets of fees for 14yrs.

Makes sense. It’s something to consider though in the background as a Plan B … It gives you more options and takes out some of the risk.

I think people are misunderstanding, and I can’t make it clearer that I know the sake of the flat will not pay for two sets of school fees. However, it would almost pay for one, especially since if I do sell it, this will be in around ten years.

I would use the money to move nearer to better schools.

@Pondformarch I think you’ve crystal clear about what you are considering. If nothing else the people who keep saying that flat sale won’t cover 2 tuitions make it easier to filter relevant thoughts.

FWIW, I think you have some good options to work with and now probably do need to sit down with a few only financial adviser to fine tune the options that you have. I won’t say you should or shouldn’t do anything but will say that if you were to gashed with the private school, on the surface it doesn’t sound like you’re overextending yourselves and have alternatives if the situation changes.

YABU.

If the child is bright, they will succeed anywhere.

Even if that was true, it isn’t just about success.

Thanks @saltinesandcoffeecups . You’ve been really helpful.

OP it's really one of those things that only you know if it's the right decision. My own opinion is that you should give one of the local primary schools a try and see how your DC get on. They might thrive there. Things change in schools and a lot depends on staff at any given time. I wouldn't rule it out just yet (I'm not in the UK and private primary schools don't even exist where I am ) but I totally understand having a gut instinct about certain schools. I had my DD enrolled in a particular local school and I went to the Christmas fair and just got such a bad vibe. I decided to go with what would have been perceived as a less popular school but I absolutely loved the principal when I met him. You know what's right for your own family.

@Outtasteamandluck that simply isn't true. Being bright is only one aspect of someone doing "well" at school. Firstly, success is not just defined by academic results but social confidence, resilience, exposure and opportunities to explore many different interests. There are a million different variables and its utterly ridiculous to suggest that one simple factor will guarantee a smooth ride..ditto to @Andrew101 ..just because YOUR kids got good grades in the state school they attended absolutely does not automatically mean that the same will be true for everyone. Anecdata is completely pointless. As I said upthread, it's about each individual school and child.

Also, OP, I teach in my kids school, as do many of my colleagues. There are some situations that have to be handled differently but on the whole it's absolutely fine and I couldn't send them anywhere I didn't work as I couldn't afford it. Don't rule it out.

Calm down. Actually I agree with you mostly but my opinion remains, if you have money to burn, fine, but if a close call the money could be better spent by helping your child through Uni debt free and/or help onto the property ladder.

Honestly OP, I think things will be really tight on your income + inheritance. It’s affordable now, but you need to build into your figures fee inflation of 10% each year, plus 20% VAT being added from 24/25 when Labour get in. At my DC’s school I also have to buy them both a £1,500 laptop next year, plus uniform, school trips, sports equipment etc is another £1-1.5k pa. Check also if there are compulsory school lunches which can add another £1k p.a.