Would you live in your IL’s annex?

[Corianm]

DH and I bought via help to buy scheme but have weirdly found ourselves in a negative equity situation in London.

ILs live in a very expensive area of Surrey. They have a large garden with an annex and have offered for DH and I to move in. I’m very much considering it as the commute is actually almost identical to what it is now. Plus Dh and I could save up for a year or two.

ILs don’t use garden much and would never enter annex without invitation. The annex has a kitchenette, living area and bedroom with en-suite.

Am I mad?

Hell would have to freeze over. But maybe you have nice ILs, you don’t say either way 😄

ILs are perfectly pleasant. We are all polite people so have never even come close to falling out.

I would but I have very nice in laws so depends I guess. I would never move into my own parents annex😂

Is it no/cheap rent in order for you to save? If so then yes I would, but I like my inlaws.

I’ve been there with perfectly pleasant in laws, I highly recommend you do not do this

How does it save you money if you already own? I wouldn't sell and take the hit in negative equity if that's what you mean? I'd ride it out.

Sorry should have said we would not be charged rent @Overthebow

It will be cramped but nothing absurd.

Depends on the PILs. I adore mine and would happily live in their annexe!

Whats the plan with the property? Sell and make a loss or move out and rent it? If you're happy where you are, could you ride out the negative equity or do you just want to cut your losses? I don't think you're being mad re the annexe, my DP and I considered living in an apartment above my parent's garages as a way of helping fund a career change for him (it did not come to pass in the end).

Take the loss and start again.

I like my in laws. In answer to your title question, I would not.

I loved my ex- IL's I'd have done it in a heartbeat .

Yes I would.

Is it just the two of you?

Does the annex contain everything you need to be completely independent ie washing machine, cooking facilities, living room, bedroom etc?

If yes then it could work but if you have to use their washing machine or other facilities then you will undoubtedly clash at some point

I would if it were just the 2 of you and no plans to have any children whilst in the annexe.

Could you not rent out your London property?

If it's absolutely separate and private, and your in-laws are the type to respect boundaries (and you respect theirs) I'd say go for it.

But even though they're not asking for rent, I think you still need to have a conversation (however cheeky it might feel) about how they and you see the arrangement, and what expectations they might have. If you phrase it as wanting to make sure that your relationship remains positive, and that you are listening to what they want from it as well (it might be that THEY'RE the ones that want privacy!) hopefully the conversation will be empathetic and positive on both directions.

Is there a reason you need to take the loss right now as opposed to just sitting tight? You desperately need the remaining equity for some purpose? Because if not, this plan doesn't make a great deal of sense.

The just do it. You can't be too attached to the place. Life is too short. Chalk it up to experience. Move in with your ILs, stash some cash and go from there. If you're considering it then I suspect you already have a good relationship with them.

(it might be that THEY'RE the ones that want privacy!)

It's easy for people to assume that it's the parents who'd overstep, but If I was offering this to my DD and partner, I'd definitely be the one wanting privacy and having boundaries!

I’d do it but rent your property not sell if you can get that approved on your mortgage?

if you can’t get that approved I wouldn’t do it. Sitting tight is much more likely to have a better financial return surely?

If you all get on and they respect your boundaries, then yes. If they'd let themselves into your house etc, or pop over constantly, then no.

So the kitchenette consists of a baby sized hob oven, sink and a unit’s worth of free surface.

No washing machine but there is an option to put one in for us in the garage as it has plumping. Or we could just use utility which has a separate side access.

Well no urgency. Dh is 32 and I am 29. We have savings but nothing near what we would need for a decent flat in London/commuter town. We could save up quite quickly as salaries are decent.

Our current flat is 500sq ft and only a one bed. I would like to have a baby in 2 years time. We would struggle to save whilst paying mortgage, bills etc.