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.

Since the house was inherited from the OPs GP and the OP has a family, I am wondering why it was rented out to the OP at a whacking £1000 per month (and yes that wouldn't go far in london but it is still a lot for people also paying CC) instead of gifted or lump sum given and offering that she take over mortgage through the bank.

The "whacking" £1K a month is likely the mortgage payments, and accordingly to other posters it's well below market rent.

So the parents are (massively) helping OP. She's paying a low rent and it's likely a fairly secure tenancy seeing as her parents are the landlords.

Why haven't the parents signed over the house to OP? I assume for one or all of the below reasons:

1. Possible deprivation of assets if the parents need care
2. If OP has siblings, parents understandably want equal inheritance for their children
3. Protecting OP. If she splits up from her husband, the house is in her parents name so protected from divorce settlement
4. If OP can't get a mortgage on another home despite saving money by paying well below market rent, who's to say she'll be approved to take over her parents mortgage on the house she's renting from them.

Bloody hell
Grabby much?

I haven't read the full thread but if you're saying they should sell their house to give you money then you are completely unreasonable. Where would they live?

The OPs parents will be mindful of the need to save well for retirement and care home costs. I have saved to contribute deposits for DC (first thing we did after University), but I do not like this increasing trend that sees money inherited or earned by the parents as being denied to GCs. It sounds entitled to me.

OP, I have always helped my adult children out when & where I can and if I were in your parent's shoes I would be helping you. I want the best for my descendants and I'd be pleased that you had started a family.
The only small upside I can see here is that you should feel no duty to help them out when they are old.

True. It is reality. Life's unfair.

But I think Penelope definitely has a right to be resentful if her parents sat back and watched her struggle and now she is significantly behind Felicity, whilst Felicity's parents looked at the housing market, noted Felicity's struggles and said 'we will help out because we can'

Whereas Penelope's parents looked at the housing market, noted Penelope's struggles and said 'Well I received nothing, not going to compromise my comfort etc etc'

Penelope can be questioning why Felicity's patents are uncomfortable with her struggling, whilst hers are not.

That's a possible reality too.

You sound very entitled. You're an adult and responsible for your own circumstances. Your parents don't owe you anything.

I’ll have failed as a parent if my DC think like Penelope.

Very valid points. This where the OP needs to return to clarify things further.

Or, Penelope could be grateful that her parents are secure and have taught her the value of working for what she has.

Unlike OP who is complaining that she lives in a house her parents own, while paying much less rent than Brenda next door, who is paying market rent, because her parents haven't given her the house.

Don’t worry op - Labour will rectify it. After all they aren’t the working person and contributing but sat on huge wealth. First in line for taxing and cuts.

Yep, then they’ll have even less to give to the OP! Sure she’ll be even happier!!

How weird to sit and actively search through people's previous posts....especially one from 2 years ago which may have no bearing on the OPs current situation.

The problem is so many parents do help, you often see posters talking about saving towards housing for their dc on here. The people that don’t get help tend to get left behind.

Absolutely they do yet the implication from some on this thread is that this isn’t the case. However the majority of first time buyers have help from family members. Link here from a recent Times article:

Bank of Mum and Dad hands out £9.4bn to help children buy a home

www.thetimes.com/article/65a86d88-b7a4-4c1a-8327-a85e8090d602?shareToken=073ce02b78711185acf5c129d28d1c38

Missing the point but how is your rent only £1k?? I want to move to your area…

Just think how much of that childcare cost you could have saved for a deposit before you had children…….. shame you didn’t really.

Eh? My mortgage is £1,600, my parents house is worth £1million. The two figures are unrelated. I don’t expect them to sell a house so I can pay rent or mortgage.

£1,000 a month rent is cheap and loads of parents are sitting on property worth millions due to the bonkers housing market. I don’t think they owe u anything.

It wouldn’t be, if it wasn’t subsidised by op’s parents.

@westisbest1982 Im a millennial & a Londoner. I only got on the property ladder because I had help in the form of a cash gift & living at home for cheap rent. I don’t have any friends/colleagues who haven’t had similar help if they are on the ladder & some people have huge help. The area I live in has changed a lot since I was young (gentrified) & I know plenty who have had significant help to also move up the ladder. I think it’s very common in certain circles to really propel your dc forward. Unfortunately it’s hard to do it with jobs as salaries have stagnated so much.

There’s a weird contradiction on MNs that responsible parents should be saving to help their dc, IHT is generally outrageous & people have worked hard to leave money for their dc. But equally dc are entitled & grabby if they wish they could have help & if they get see that others get help then they are simply jealous 🤷🏻‍♀️

Just think how much of that childcare cost you could have saved for a deposit before you had children…….. shame you didn’t really.

Lots of people have thought about this & it’s one reason for the big drop in birth rates. It’s why we need the immigrants although many resent that.

You sound very "entitled" - you are not. Why don't you ask them instead of moaning. Lucky sister.

Is she that Jack Monroe?

I think it’s more that people think DC are entitled and grabby if they are already getting subsidised rent, but feel that’s not enough and complain that they are not just being given the house.

I can’t see that on the OPs post? regardless there are plenty of similar comments on other threads. And young people generally need some help to get on the ladder, not great for social mobility or the economy. Far too much income is tied up on housing for younger workers.