Gifts and Inheritance
Posted on 13th November 2018
MG Legal, your property solicitors Lancaster, with offices throughout Lancashire, have found that the average age for a person buying their first property is between 25 and 34. Is it coincidence then, that the most recent government report into Intergenerational transfers have found that this is also the most popular age for people to receive gifts or a loan from a family member? Obviously, there are those of us who still need to obtain a mortgage, and your conveyancing solicitors Preston, MG Legal, still deal with many of the high-street lenders on a daily basis.
Presumably as a result of the fact that we are living longer, many solicitors have found that the average age for people to receive an inheritance is somewhat older than you would imagine, at 55-64. Not only are we living longer, but people are now more likely to attend upon a solicitor for for expert advice on leaving an inheritance, or drafting a Will, and it's arguable to that as the older generation are more tech savvy than ever before, and local solicitors specialising in Wills, are more approachable, that people are more knowledgeable about what to do with their money, and when to gift the same in order to avoid inheritance tax being paid by the benficiary. Any local solicitors are available to give advice on the content, and formalities required in your Will, and answer any questions you may have relating to inheritance tax.
If you are looking to transfer your property, by way of gift, for example, then our conveyancing solicitors Preston, and local solicitors for Wills, and indeed, any of the legal team at our Preston Law Firm, Lancaster Law Firm, or solicitors in Longridge, are on hand to advise. It is imperative that you use a solicitor, and not always your nearest solicitors, but the one with the expertise to help.
Whilst over the past 20 years, there has been a 7% increase in those reliant on gifts and inheritance to fund their own property deposits The most common source of funding to buy a property does still remain to be savings.
In 1995, 22% of people waited for an inheritance or gift from a family member. This increased to 29% in 2016, with much of the inheritance received being used to buy bricks and mortar.The figures are not yet released for 2017 and 2018, but if you are looking to purchase your first property, then please make sure you don't waste the hard-earned money of a close relative- do your research, and find a good property solicitor in your local area- if you are from Lancaster, then use a property solicitor in Lancaster, so you can see the solicitor handling your purchase, face-to-face.
MG Legal - Your Local Solicitors
Tagged as: Buyers, Contracts, Family advice, Garstang Solicitors, Inheritance, Solicitor Advice, Solicitors in Lancaster, Solicitors Morecambe, Your Local Solicitors
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