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A woman holding a small child, a young boy, holding his artwork in her hands.  Our Conveyancing and Wills & Probate Solicitors in Lancaster discuss inheritance and using gifted deposits to purchase a property.
As experts in Conveyancing, our team at MG Legal have plenty of experience with clients buying and selling property. Our Conveyancing Department is headed by Chloe Cardwell, Director and experienced Conveyancing Solicitor in Lancaster. We have offices throughout Lancashire, our newest office having opened in Lytham in 2023, offering an excellent Conveyancing service, right on your doorstep. With all that experience in Conveyancing, our team have been able to recognise property buying trends over the years. 

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One of the most surprising that our Conveyancing Solicitors in Lancaster have experienced is that the most common age for our clients as first-time buyers 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 our conveyancing solicitors in Lancaster still deal with many of the high-street lenders on a daily basis, as well as those clients receiving gifted funds. Find the full list of common lender panels our Conveyancing Solicitors are on, here. 
Presumably as a result of the fact that we are living longer, many Conveyancing Solicitors have found that the average age for people to receive an inheritance, which they subsequently use to purchase their property, is somewhat older than you would imagine, at 55-64, although people do still receive inheritances at younger – and older - ages. Generally, not only are we living longer, but people are now more likely to attend upon a Wills and Probate solicitor for expert advice on leaving an inheritance, or drafting a Will. It's arguable too that as the older generation are more tech savvy than ever before, and Wills and Probate 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 mitigate inheritance tax liabilities on their death. Any Wills and Probate 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. Contact our expert Wills and Probate Solicitors in Lancaster, here
Alternatively to gifting funds, our Conveyancing solicitors are often approached by people wanting to give away their property. If you are looking to transfer your property, by way of gift, for example, then our conveyancing solicitors in Lancaster and Wills and Probate Solicitors in Lancaster, are on hand to advise. It is imperative that you use a solicitor, and not always necessarily your nearest solicitors, but the one with the expertise to help, and the good reviews to back up your choice. Location is an added bonus, and you can always contact your local Conveyancing Solicitor to assist. 
Whilst over the past almost-30 years, there has been an 11% 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 combined with a mortgage. 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 for 2022 are much higher, with The Resolution Foundation finding that 33% of property purchases are funded with the aid of gifts, not necessarily the full purchase price, but help towards it. If you are looking to purchase your first property, or indeed, any additional property, then please make sure you don't waste the hard-earned money of a close relative- do your research, and find a good Conveyancing solicitor in your local area- if you are from Lancaster, then use a Conveyancing solicitor in Lancaster, so you can see the solicitor handling your purchase, face-to-face. Read our excellent reviews, here, or speak to our Conveyancing Solicitors to find out how we can assist. 
This article was published on 13 November 2018, and updated on 27 December 2023. 
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