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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 26070
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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Good morning ,my wife and me are down sizing and is in the

Resolved Question:

Good morning ,my wife and me are down sizing and is in the process of buying a bungalow for £310,000.00 . We are both in our late seventies and our estate is worth about £500,000.00. What are the pitfalls in purchasing the property ,Tenants in common ?
Thank you. Mike Hutt
Submitted: 3 years ago.
Category: Law
Expert:  Joshua replied 3 years ago.

Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

Are you concerned about inheritance tax or care fees or something else please?

Customer:

yes

Joshua :

Thanks. May I clarify which things you are concerned about? I have mentioned a few things above?

Customer:

Inheritance tax ,care home fees

Joshua :

many thanks. Between you and your wife, you have £650,000 as a tax-free allowance before inheritance tax is payable. As a result of the change of law several years ago, you and your wife can effectively share your respective £325,000 allowances between you making an overall allowance of £650,000 and therefore the figures you present, I cannot see this inheritance tax will be of concern to you

Customer:

Many thanks for your help, Mike Hutt

Joshua :

In respect of care fees there are a number of potential approaches you can consider however in your circumstances one of the most simple ways is to consider life interest wills as follows...

Joshua :

I note you have gone off line. Would you like to continue?

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