Is anyone else holding off from buying until they inherit?

[sigletty]

We currently rent a small flat in a naice area. Because of interest rates, a mortgage on a place in this area of London would cost a fortune. Likely double what we pay in rent.

As awful as it is to say, we have decided we won’t look at buying until we inherit. Obviously nothing set in stone, but it’s not unlikely we’d inherit a significant sum in the next 5-10 years. We’re both only children and the only grandchild to two very elderly and dear family members.

If you’re happy in your flat then no need to worry about moving yet anyway.

Inheritance is difficult - I’ve sold my mum’s house to cover care home fees. Am also an only child.

Absolutely not. Our parents don’t have a great deal anyway and we encourage them to use what they have to enjoy their lives.

It’s not unusual to not be able to buy where you rent - we moved across London to be able to buy versus our very lovely bougie rental flat!

5-10 years sounds like a long time to wait for something that might not be guaranteed when you could be building your own equity.

DH and I are in our fifties so far I have inherited 3k from someone who was not a relative. There have been 3 parents die so far and we have inherited nothing and it’s not because they didn’t have money. Just don’t rely on it.

Hopefully it works out for you but it’s a gamble. My df is 93, I’d have been foolish to wait on any inheritance from him.
I think I would at least invest some money as a safeguard.

How old are you?

Be saving live fury as well.
Make sensible investments until you can buy something.

No. Even If we were standing to inherit, it puts your life on hold for too long.

People can live to 100. And by that time the care home cost could have eaten up any inheritance, if they didn't spend it first in equity release.

No, not everybody is lucky enough to expect to receive any type of inheritance.

I appreciate the plan / want/ expectation of an inheritance. I am a single parent with one invested grandparent (my mum) and could really benefit from an inheritance of it turned out that way.

However it doesn't always necessarily work out how you invisible. Care homes etc as someone on here has already cited so not to be assumed or relied in.

But more than that..I find it really awkward and distasteful that so many on here are relying on the death of a family member in order to make such decisions. Yes everyone dies eventually, yes
Of course most would benefit from some extra money. But it's the expectation and lying in wait for someone to die that doesn't sit comfortably

my Grannie was in a £60k per year care home for 10 years. Don’t rely on inheritance!

🤣🤣🤣🤦‍♀️
do you not understand that no inheritance is a given, even if you know you’re in the will
care home costs are £1500 a WEEK not untypically
even for my dad, who is currently sectioned and has Lewy body dementia , he is about to be discharged into car home with funding as result of being sectioned for the rest of his life. He will still need to cover around £900 a week from his pensions and savings. We reckon he’s got 12 months till his savings are zapped, then his house will have to be sold. He’s mid 80s, and even Lewy body dementia has life expectancy of 5-8 years .

there will be no inheritance - actually never was for me anyway 🙄🤣🤣. All was going to my db, who is of same mindset of “ha, what money!”

up until last year Dd was travelling round world (albeit slowly) with his partner, and physically fit. He went downhill in a matter of a few months.

you need to buy your own house. Make plans for what you can control. If you do eventually inherit, great . Overpay your mortgage and benefit enormously from that in longer term.

Can’t believe threads where people must be unbelievably stupid enough to be banking on an inheritance. Think they’re just goady 🤦‍♀️

No. Many parents in your situation recognise they need to release money to help their children to avoid this. Maybe time for a frank conversation?

Whilst you are at it, talk about deprivation of assets. Because that’s what the government consider monetary gifts to children to be if they then have to fund their care.

(within a certain time period, I think ?)

Quarter of a million in care home fees spent in total - don't rely on inheritance

I think if you are waiting for a house, maybe OK. You may not end up getting it, but that is not a disaster, and the market probably won't be going anywhere upwards for another 5 years.

OTOH if you want to move because you want to have a family and are going to delay out of hope for an inheritance then it is probably a very bad idea. People can live a long time compared to the time span of your fertility.

If you choose to do this, I think you need to keep it to yourself. No telling Grandpa that you're not buying yet as you need a large windfall first hint hint. It's putting an expectation on them to give you the money. It might pass to your parents entirely, it might get used up in care home fees, it might all be going to the Donkey Sanctuary.

True but if the OP is in her 20s/30s realistically the parents will be in their 50s and 60s especially if grandparents are still alive. Deprivation of assets isn't a problem at this point but it will need to be declared as a gift on application for the mortgage

No. I'm 50 and still have both parents. DH has one. And his Dad has met someone else since his mum died, and this woman is very clearly after his money (and it is working, she has persuaded him to buy her a house in west london after knowing him 9 months) so we are not expecting any inheritance from that side. My dad is showing signs of dementia so I'm expecting my parents side to go on care homes. So, I would very much advise not relying on inheritance...it's not very reliable.

Don’t hold your breath.

I think I read the average age to receive and inheritance in the UK is 63. I would want to own before then.**

I think it’s a reasonable position to take for people in your situation @sigletty

Of course you can never guarantee to get an inheritance so I wouldn’t base your whole life around an expectation or hope of inheriting money. But for a young couple to rent for a few years knowing that you are very likely to inherit lump sums in the future is not unrealistic. Especially if in your area it is significantly cheaper to rent than to buy, which is not true of all areas.

If you end up not inheriting then you can always reassess in a few years but it sounds like you or your partner or both are likely to inherit a lump sum at some point in the next few years. I just wouldn’t talk about it much outside of an anonymous forum because as you can see, it’s a contentious topic.

Even if that’s true, everyone’s situation is different and some people do know that realistically they are likely to inherit much sooner than that. An example would be where they expect to inherit from grandparents.

I plan on dying with £0 in the bank, don’t rely on singing you have no control over