Renting while parents own over £1.4million in property

[Emmav2020]

Just after peoples thoughts. So myself and OH pay £1000 in rent a month aswell as having 2 kids and paying a fortune in childcare. My parents own the above amount in property. Now while ive spend over £50,400 paying rent i was thinking and kind of got myself annoyed that my parents are sat on that kind of money while im still renting. Even if they gave me a small deposit i would be forever grateful just so we can get ourselves a mortgage and onto the property ladder. my sister was given a hefty chunk my her in-laws to buy a house so shes find.
I mean we have save a bit ourselves but its nowhere near what we need
Would you be annoyed or do i have no right in thinking they could help us just a little.

@whenyoupost yes were close. close to my kids. only live 2 min walk away. Go on holiday each year all together. x

£1000 a month is relatively cheap - how much deposit have you got saved up yourself?

Depends. Are they cash rich or just sat in a high value house?

Is that 1.4 all on one property or over a few? Is there still any outstanding mortgage, and what are their finances like? They could be highly leveraged.

Have you asked them about maybe even lending you a deposit if they are not willing or able to gift?

I don’t think you can expect money from them, but it would be nice if they had offered to help.

Although it depends on circumstances, if they own their home outright then they don’t necessarily have extra cash to give you for a deposit without selling their property.

I'm not sure tbh. You're adults. You've made the decision to have children before getting on the housing ladder for whatever reason. So you're always going to be on the back foot. I'm not sure they're responsible for decisions you've made.

Having a valuable asset (house) is not the same as having cash in the bank. Maybe you should have bought a house prior to having children?

Why don’t you just ask them if they’d be in a position to help you with a deposit as you’re keen to get on the ladder? They can always say no.

a parent’s job is to support you to get a good education so you can go out and make your own way in the world. They don’t need to pay your bills after that

YABU.

I have a property that is worth quite a bit . But if I sell to give money away where would I live . Couldn't afford to buy in my area as all the houses are expensive. So yes you are unreasonable.

@Emmav2020 Can’t you just ask them? If necessary, you could offer them the money back once you’ve accrued enough equity - or have it removed from your inheritance?

Your circumstances are of your own making. It would be kind of your parents to help you financially, but they’re not obliged to. Them having money does not mean you’re entitled to it. It doesn’t sound like they helped your sister either.

A bt frank, but It's not your parent's responsibility to bail you out. It's their cash.
They might eventually give you it on death but I always assume a) it's theirs and they can spunk it if they want b) it's for me to stand on my own feet.
I'm in a similar position but have elevated myself at work and played the game, and plan to put anything they give on death to the kids via a trust rather than myself.

Do they have a house worth £1.4m or £1.4m sitting in a bank account. There is a difference. You can't literally extract cash from a building. It's like when people say their house is their pension. I wonder if they realise they need to sell the house to get the funds. And then they'd have nowhere to live.

I think most people of your parents’ generation are property rich and cash poor. Do you think they should downsize just to free up some cash for you?

Just because their house is worth that doesn't mean they have the 10s of thousands available to give you a deposit.

Why don’t you buy a a share of a property via shared ownership? You don’t need a hefty deposit.

So you didn't end up moving into your dad's second property as per a previous thread? You said there was a mortgage on it?

Well not necessarily. Depends what it's worth and how rentable it is. My plan is to rent my (lovely, sought after area) house out, which will return enough money to rent a far cheaper property and live off and more for a rainy day.

Is that the value of their own property or do you mean they own buy to lets too?

you sound very entitled.. just because they live in a house worth 1.4 million, doesn't mean they actually HAVE 1.4 million?

and why should they give you money just because your SIL's parents gave her money?