Tuesday, March 11, 2008

Open Question: *Parents Too Dependant? What Now?!*?

My partner has asked me to move in with her and her son. My partner owns her property and her son is 18 at university but lives with her. I have a 10 year old boy who lives with my ex wife in the former matrimonial home. My son stays with me in my rented accommodation twice a week. I have offered to move in with my partner on the following basis. I have asked her to value her house at today’s current market value and said that the difference between her outstanding mortgage and current market value would become the realised equity on paper to be used if we were to either part in the future or for her son in the event that she should die before me. If either of these events occurs I have agreed to revalue the house (at the time of any such event) and would deduct the value of the outstanding mortgage (again at the time of any such event) plus the equity of her property (as of today’s market value) then what is left would be split 50/50. I am willing to have this drawn up legally but she says this is not fair and that before I move in I should put up the equivalent value of the equity she has in her property into a buy to let property for her son to secure his future interest in her property. She then says that her current property should be split 50/50 as described above and the buy to let property would remain as her son’s property. She says I should force my ex wife to sell the former matrimonial home to take out the equity to use for her son. I put my share of that equity into a trust for my 10 year old son. Having read some of your valued responses I would like to add the following. It would be my intention to pay at least half of the mortgage and household bills from day one, if not more given I earn more than my partner, and contribute equally to the home. The property is in need of a lot of repairs and again I am willing to contribute effort and finances on that front. I have asked my partner to buy a new house with me and rent out her own property so she has an asset for her own son but she does not want to do so. My question is what do you think is fair.

Open Question: *Parents Too Dependant? What Now?!*?


Me & my brother believe that our parents have come completely dependant on us which is why we are worried.
We've always been provided with the bare minimum and became independant finacially around the age of 16. Since then we've been paying rent. We were given absolutely no help to fund our education as our parents claimed they could not spare a dime for us. So now we are living with our parents, and the situation has become riduculous, it seems as more time goes on, they become more dependant on me and my brother. We have a hard enough time paying school and bills, taking care of ourselves, and we were lucky enough to recently land some decent jobs.. Now we are paying their mortgage plus all their bills, including, food, elec, water, even my father's car payment, and equity loan they have on the property.
Me and my brother can't see an end to this as my mother & father make little money. We have considered moving out but then who pays their bills?! we certainly can't forever........

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