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Inhertience
#1606207
17/08/2017 10:44
17/08/2017 10:44
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Joined: Dec 2005
Posts: 12,295 Sandhurst
Begbie
OP
Ex El Presidente
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OP
Ex El Presidente
I AM a Coop
Joined: Dec 2005
Posts: 12,295
Sandhurst
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Looking for some advice here, but also partially just seeing if my thoughts are justified in anyway. A family friend died suddenly a couple of weeks ago (I didn't know him and last met him 30 odd years ago) and because of this, in his will he left everything to my parents. As such, this turns out to be quite a lot which means between myself, my sister and my parents we're likely to be getting a high 5 figure sum of money each. Now, this was a complete shock to me when I was told last week, but the first thing I did was straight onto Pistonheads classifieds to see what car I could buy But thinking head on, the money would be perfect to put down as a deposit on a house and should give us a LTV of 75%, which would mean less on the monthly repayments as opposed to 90% LTV (I live in SE England). Currently living arrangements are that we're living with the in-laws so our out goings are minimal and paying for things towards our wedding for next year. As much as I want to sink all the money in as a deposit on a house for ourselves, I'd also like to keep some money and maybe buy a nice car, but the budget is unknown, or do I get the coupe handed over and get someone to finally sort the bodywork out and get various niggles sorted, as I've fallen a bit out of love with it at the moment, or do I do that and just get another car along side the coupe.
Your car is Usain Bolt with wellies
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Re: Inhertience
[Re: Begbie]
#1606209
17/08/2017 10:50
17/08/2017 10:50
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Joined: Feb 2017
Posts: 1,621 Leicester UK
Ballypete
Club Member 1578
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Club Member 1578
My life on the forum
Joined: Feb 2017
Posts: 1,621
Leicester UK
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My advice would be to wait until you actually have the money in your hand so to speak and then you will know exactly what you have to play with.
Discuss things with your future bride to see what she thinks as there may be priorities that are important to her. Just think of the Kudos this will get you.
Then you will probably find you have enough to do all that you are thinking of.
Doris the 1998 Portofino Blue 20V and Zoe the 1999 Alfa Romeo 916 Spider Bog standard needn't be boring...
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Re: Inhertience
[Re: Begbie]
#1606210
17/08/2017 10:57
17/08/2017 10:57
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Joined: Dec 2005
Posts: 12,295 Sandhurst
Begbie
OP
Ex El Presidente
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OP
Ex El Presidente
I AM a Coop
Joined: Dec 2005
Posts: 12,295
Sandhurst
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Well, I have a minimum rough estimate of what there will be, due to deceased having a studio flat right in the centre of London that will need to be sold, hence knowing there is a large sum of money coming I've already spoken with her about it and she said most / all into the house and any left over buys a car. Her left over and my left over are 2 very different things Plus, as my Dad said to me at the weekend. It's my money, no one else's and shouldn't be told what I can and can't do with it.
Your car is Usain Bolt with wellies
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Re: Inhertience
[Re: Ballypete]
#1606211
17/08/2017 11:11
17/08/2017 11:11
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Joined: Dec 2005
Posts: 8,072 South Cambs
Barmybob
Hon Club Member: 003
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Hon Club Member: 003
Je suis un Coupé
Joined: Dec 2005
Posts: 8,072
South Cambs
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My advice would be to wait until you actually have the money in your hand so to speak and then you will know exactly what you have to play with. Totally agree with this, Once all claims on the estate and Taxes are cleared you'll then know what you are dealing with. If the sum is significant then it may actually be able to bring about much more than just a car or a house. It may give an opportunity to make significant life changes, should you have ever had dreams in that direction.
Gone Audi mad!
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Re: Inhertience
[Re: Begbie]
#1606213
17/08/2017 12:03
17/08/2017 12:03
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Nello
Unregistered
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Nello
Unregistered
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Nice suprise though - and I agree I'd be straight on to the classifieds! RIP to the family friend
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Re: Inhertience
[Re: Begbie]
#1606214
17/08/2017 12:15
17/08/2017 12:15
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GrahamL
Unregistered
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GrahamL
Unregistered
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You should consider setting aside a few pounds for a dictionary. Other than that I'd try to put at least 3/4 of it into something sensible.
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Re: Inhertience
[Re: ]
#1606216
17/08/2017 13:16
17/08/2017 13:16
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Joined: Dec 2005
Posts: 12,295 Sandhurst
Begbie
OP
Ex El Presidente
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OP
Ex El Presidente
I AM a Coop
Joined: Dec 2005
Posts: 12,295
Sandhurst
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You should consider setting aside a few pounds for a dictionary. Other than that I'd try to put at least 3/4 of it into something sensible. Like an Audi R8 / Ferrari 355
Your car is Usain Bolt with wellies
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Re: Inhertience
[Re: Begbie]
#1606220
17/08/2017 15:54
17/08/2017 15:54
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Joined: Oct 2008
Posts: 6,783 In the coupe.
magooagain
Club Member 259
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Club Member 259
Forum is my life
Joined: Oct 2008
Posts: 6,783
In the coupe.
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Unless you're a Jaffa,there may well be some kids along at some point.
They will be your every waking thought for life after they are born.
So do something sensible by doing some sort of investment into property around you patch.
Sticky some rainy day money somewhere.
If you have any left then have some fun,wether it's a car purchase or a holiday etc.
Or use it wisely if you are thinking of a career change or starting self employment.
I can understand dads statement about it being you're money.
But I imagine he is at a different stage in life than you,and may be able to be free enough to think that way.
Good luck with it.
Rip to the family friend.
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Re: Inhertience
[Re: H_R]
#1606317
19/08/2017 01:00
19/08/2017 01:00
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Joined: Dec 2005
Posts: 1,723 Brisbane, Australia
Possum
My life on the forum
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My life on the forum
Joined: Dec 2005
Posts: 1,723
Brisbane, Australia
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I would go for property as it is an appreciating asset (usually) whereas the majority of vehicles are a depreciating asset.
Also consider a sizeable deposit to avoid the extra cost of Mortgage Insurance which lenders will require on loans where the borrower has little equity. The bit below applies to Australia and I'm sure that something similar applies in the UK:-
What is Lenders Mortgage Insurance?
Lenders Mortgage Insurance (LMI) is one of the ways to help you achieve the dream of homeownership sooner without having the 20% deposit which is typically required by most banks and financial institutions. With LMI, lenders may allow you to borrow a higher proportion of the purchase price, allowing you to purchase a property with a smaller deposit than would otherwise be required. It may also enable you to borrow at an interest rate that is comparable to a borrower who has a larger deposit.
Who is insured?
The lender is the insured party, not you, the borrower, or any guarantor. Lenders Mortgage Insurance protects the lender against a loss should the borrower no longer be able to afford their loan repayments and the Guarantor (if any) is unable to meet the liability. Lenders Mortgage Insurance should not be mistaken for Mortgage Protection Insurance, which covers your mortgage in the event of death, sickness, unemployment and disability
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Re: Inhertience
[Re: Begbie]
#1606434
21/08/2017 10:05
21/08/2017 10:05
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Joined: Dec 2005
Posts: 21,071 Chertsey in the Thames
bockers
Hon Club Member 007
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Hon Club Member 007
Forum Fossil
Joined: Dec 2005
Posts: 21,071
Chertsey in the Thames
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Beggars, property is your prime need at the moment. A car will depreciate, in the long term a house won't plus you have security. If you told me 10 yrs ago that if I had a lump sum I would not use it to buy my dream car I would have called you mad. But now cars are ok, but i'd much rather spend money on my house or put extra into my pension. My mortgage finishes in January too and the sense of achievement is amazing. One thing. Pay off all debts first, put the money in an interest account for a few months before you spend it. You will be amazed how difficult it is to justify spending money when it is yours! When I was in debt I spent without care. Now after 30yrs I have cleared all my debt I spend very carefully... yes it doesn't make sense but try it. When you see a plus amount in your account that is all yours it makes it a lot harder to justify spending a large part of it
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Re: Inhertience
[Re: bockers]
#1606505
22/08/2017 08:20
22/08/2017 08:20
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Joined: Dec 2005
Posts: 12,295 Sandhurst
Begbie
OP
Ex El Presidente
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OP
Ex El Presidente
I AM a Coop
Joined: Dec 2005
Posts: 12,295
Sandhurst
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re the house deposit Begbie. You can get good deals with a 15% deposit at the moment. Let me as and when the time comes. More than happy to chat through the figures if you want Thanks Adder. I hadn't forgotten about you and will be in touch at some point when I have the funds Or don't get married, don't have kids, don't buy a house and buy a really expensive sports car and live in it! Beggars, property is your prime need at the moment. A car will depreciate, in the long term a house won't plus you have security. If you told me 10 yrs ago that if I had a lump sum I would not use it to buy my dream car I would have called you mad. But now cars are ok, but i'd much rather spend money on my house or put extra into my pension. My mortgage finishes in January too and the sense of achievement is amazing. One thing. Pay off all debts first, put the money in an interest account for a few months before you spend it. You will be amazed how difficult it is to justify spending money when it is yours! When I was in debt I spent without care. Now after 30yrs I have cleared all my debt I spend very carefully... yes it doesn't make sense but try it. When you see a plus amount in your account that is all yours it makes it a lot harder to justify spending a large part of it I'm in the process of paying off all debt since I have very little expenditure (like paying rent) and it will be cleared by the end of the year / couple of months into the new year. Anyway, you spending carefully? Facebook tells a different story, the railway sign, couple of holidays
Your car is Usain Bolt with wellies
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Re: Inhertience
[Re: Begbie]
#1606507
22/08/2017 08:29
22/08/2017 08:29
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Joined: Dec 2005
Posts: 21,071 Chertsey in the Thames
bockers
Hon Club Member 007
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Hon Club Member 007
Forum Fossil
Joined: Dec 2005
Posts: 21,071
Chertsey in the Thames
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That's what happens when you have no debts and pay your mortgage off in your early 50's Things for the home and holidays seem more important than a flash car in the drive. But seriously, do wait a while after you get the money. Have it in your account and you may find your perspective different and your ideas and priorities change. It's a tough problem to have
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Re: Inhertience
[Re: bockers]
#1606747
25/08/2017 10:35
25/08/2017 10:35
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proccy
Unregistered
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proccy
Unregistered
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Your money do what the hell you like Bin the wedding, what's the point? You've been together donkeys years, what is there to learn? Fix the Coupe it's unique and bang the rest into property and ensure IF you get married the money you invest comes back to you in the event of the highly likely scenario she'll leave you for someone taller/better looking/loaded.... I realise the last sentence doesn't narrow her options much
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Re: Inhertience
[Re: ]
#1606753
25/08/2017 12:18
25/08/2017 12:18
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Joined: Feb 2006
Posts: 5,390 Essex
Trappy
Forum is my life
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Forum is my life
Joined: Feb 2006
Posts: 5,390
Essex
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Your money do what the hell you like Bin the wedding, what's the point? You've been together donkeys years, what is there to learn? Fix the Coupe it's unique and bang the rest into property and ensure IF you get married the money you invest comes back to you in the event of the highly likely scenario she'll leave you for someone taller/better looking/loaded.... I realise the last sentence doesn't narrow her options much
F****** b****** thing...
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