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Post by kt with Hanni on Dec 19, 2009 17:15:30 GMT 1
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Post by kt with Hanni on Dec 19, 2009 17:16:20 GMT 1
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Ann NF
Grand Prix Poster
Grand Prix Poster
Posts: 4,495
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Post by Ann NF on Dec 19, 2009 19:23:12 GMT 1
Kt that looks gorgeous! Have you sorted out that you would have enough money to pay the IHT if he dies within 7 years? It would be a substantial amount :-(
Being practical, will you be doing this on your own? Maintaining that amount of house, land and outbuildings on your own will be quite a challenge both practically and financially, so make sure you keep enough money back to pay those bills or for buying in labour. My OH works long hours and we do struggle with time and energy to keep this place going ( six acres). Priorities are keeping the animals safe, which I hopefully do, but we never seem to have finished replacing things and tidying up LOL!
Good luck with your search.
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Post by kt with Hanni on Dec 19, 2009 20:05:57 GMT 1
Hi Ann,
It's the two acre plot I was looking at (not sure if you were looking at the 7 acre - that is too much) This one doesn't have outbuildings as far as I know. He is going to find out about the inheritance tax. I would be doing it with my OH.
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Post by wabuska on Dec 19, 2009 20:13:54 GMT 1
Not much land, but I know that area and it's stunning.
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Post by wendyihts on Dec 20, 2009 10:30:59 GMT 1
Gorgeous property - Are you sure that 1.35 acres will be enough for Hanny and a companion?
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Post by Emily+Meg on Dec 20, 2009 11:03:59 GMT 1
We have 1 and 3/4 acres and find it hard to manage with 2, (14.3 and a shettie, in at night) without large amounts of mud in winter. We recently aquired another acre and its made a HUGE difference.
Lots of luck with whatever you decide, I hope everything works out for you.
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Post by donnalex on Dec 20, 2009 13:11:26 GMT 1
Good luck but I would go for something with more land, even if you have to do it up a bit, you cant add land but you can add other things.
If at first the land is too much you will easily find someone with sheep who want more grazing you could let them on in return for fence maintenance, this is what we used to do.
Dont let the inheritance tax worry you if the place has been bought for you any bank will lend you the money to pay inheritance tax if you own it outright. And in any case he may live a long time yet and it does go down each year so put it to the back of your mind.
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Post by basilhorse on Dec 20, 2009 13:33:44 GMT 1
Good luck but I would go for something with more land, even if you have to do it up a bit, you cant add land but you can add other things. If at first the land is too much you will easily find someone with sheep who want more grazing you could let them on in return for fence maintenance, this is what we used to do. Dont let the inheritance tax worry you if the place has been bought for you any bank will lend you the money to pay inheritance tax if you own it outright. And in any case he may live a long time yet and it does go down each year so put it to the back of your mind. I agree with this. We have 2 1/2 acres (clay soil) split into two paddocks and the winter field is mostly poached now. I have three horses on it and feed hay from Sept to May. If I could get the money and planning permission for a school I'd winter them on that with ad lib hay leaving my grazing untouched for summer and then 2 1/2 acres would be plenty. Mine are not very good doers though - 2 TBs and a QH. Ooooooooh get goats  . I'd love to get goats  and pigs and chickens . One day I will get goats . Soooooooo exciting. I hope you get the property and land of your dreams Good luck |
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Post by lilaclomax on Dec 20, 2009 14:46:26 GMT 1
If I had the choice I would also go for more rather than the bare minimum land - if you do get the smaller acreage then be prepared to spend more on hay in the winter months and sacrifice an area, best if you can get permission for a surface so they can still have a run around.
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Post by kt with Hanni on Dec 20, 2009 20:02:09 GMT 1
Hi,
Thanks for comments. Yes I did wonder how many acres I may need for two horses. At the mo I just have Hanni who seems to live off air so doesn't need much to graze on. I would have to consider a companion for him whether that be a donkey or another riding horse that I may ride more as Hanni continues to get older. How many acres do you think I need for two horses? I would only look at native breeds (14.2-15hh) that are good doers I think and plan to leave out 24/7 with a shelter. The seven acres property advertised on the same site is cheaper but I think house needs more work. I'm very excited! Gonna get some chickens (rescued battery hens) probably some sheep to help graze the bits the horses don't like! Maybe a goat too! Can't wait, my dreams finally fufilled! :-) :-)
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Post by kt with Hanni on Dec 20, 2009 20:57:43 GMT 1
Found another property. Not exactly the style of buildings i'm looking for but much nearer to where my OH works plus 4 acres. Quite costly though!
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Post by kt with Hanni on Dec 20, 2009 20:58:09 GMT 1
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Post by lawyerbunny on Dec 20, 2009 22:21:40 GMT 1
Wow! Congratulations! I'm really excited for you! If you need a hand property-shopping, give me a shout - I'm in Hanborough just up the road  John D Wood link looks a lot of house too - would be too much for me to keep going I think with work and animals too, but I'd rather a tiny house and lots of land! Re. the IHT, a gift like this will be a potentially exempt transfer and if he survives it by 7 years, there shouldn't be any IHT to pay - donnalex you're right I think about the sliding scale depending on how long the person making the gift survives, not sure of the detail. The reality is, though, that he can either give you the money in his lifetime, when (a) he can see you enjoy it, and get the pleasure of that; and (b) he can put in place the right kind of tax planning to avoid problems. BTW, you really should get some tax planning advice too - that's a lot of money in your estate (don't want to sound morbid, but it makes an awful lot of sense!) Re the rest of the family, I'm really glad you had the chat. I've seen families spend 6 figures easily in arguing over where a relation's money should go on their death, and it ain't pretty. the bottom line is that it's his money and his choice as to what he does with it. I'm glad he's making plans now so he can enjoy it too in his lifetime. |
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Post by lilaclomax on Dec 20, 2009 22:23:35 GMT 1
Good acreage for 2 horses plus a few sheep or goats. Being a new build it should hopefully come with guarentees and not need anything doing other than your own personal stamp.. definately needs more planting around - you could go in with a silly offer.. nothing to lose and with the housing market the way it is.. ?? Also to add, if I was the one searching then I would be looking at the location in relation to bridleways, main roads, pylons, floodplains, waterways etc.. another option would be to look at properties next to farm land and see how easy it would be to buy a few acres off a farmer. Hey, I sound like I am teaching my Grandma to suck eggs! |
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. I'd love to get goats 
and pigs and chickens 
