It is now worth about £400.000
When I die my children will have massive death duty.
If I move I have to pay the same for the next house and pay more in estate agent and legal fees, stamp duty etc
If I stay put the insurance keeps going up.
Council tax will go up as well
How I wish the house would fall to the price I paid in 1971 £7000
I do not want to move out of London, all my friends are here
2006-10-10 00:23:29 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
What happens if I give my house to my children and they die before me
2006-10-10 00:39:07 · update #1
stay were you are if your house is paid off with no note on it you can sell it to your kids for a buck at any time and the more it increases the better here in the us you coyuld put it in a trust fund then no death duty maybe you can do the same there good luck to you there are a lot of options that will work for you
2006-10-10 21:15:12 · answer #1 · answered by William N 2 · 0⤊ 0⤋
Dont be a silly old person!!!
Your kids will only pay a percetage in death duties. just think if your house is worth £400k then after deductions they might have to pay 40% at worst. so £240k left.
If your house was worth £70k then £50k left. If it was me I would rather have the £240k
Don't you worry, my parents estate is currently valued at £2.5 million and we wont pay a cent in death duties because farms are exempt.
Speak to a good accountant.
2006-10-10 03:04:48 · answer #2 · answered by Fox Hunter 4 · 0⤊ 0⤋
the only positive way to look at it is if you sell and buy a home with less value than yours. Like downsizing to a smaller flat or condo. In the USA we are allowed to sell our homes without paying taxes on the first $500,000 that is what drives our real estate market. We can also refinance and take out cash. If you could do that in England you could tap your equity and buy another property for your kids or yourself.
2006-10-10 00:34:18 · answer #3 · answered by Patrick G 4 · 0⤊ 0⤋
why not buy a house is another contry. and rent it out. That way you get some one to pay that bond for you while you arent there.
The value goes up after time, and so does the rental to your tenant.
After a couple of years you sell and make a huge profit and give the money to your family
2006-10-10 02:17:21 · answer #4 · answered by diarubie 5 · 0⤊ 0⤋
poor you, you have made 393,000 on house value, to get away with paying death duty ask your lawyer to sign the house over too them, as long as you dont die in the next 5 years and they dont chuck you out you they wont pay duty and have saved a fortune.
2006-10-10 00:35:48 · answer #5 · answered by jojo 4 · 0⤊ 0⤋
SELL THE HOUSE TO YOUR CHILDREN YOU THEN PAY THEM A NOMINAL RENT THIS CAN BE THE TOTAL INSURANCE RATES AND ANY OTHER EXPENSES THE HOUSE INCURES DIVIDE BY 52 THATS THE RENT SO YOU PAY RENT ON PAPER BUT ITS ONLY RATES AND INSURANCE REALLY. YOU CAN SELL THE PROPERTY TO YOUR CHILDREN FOR WHAT YOU LIKE IE £5.00.
2006-10-10 00:50:12 · answer #6 · answered by GLYN D 3 · 0⤊ 0⤋