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Post by kt with Hanni on Dec 20, 2009 22:58:44 GMT 1
It's great advice thanks guys. Lawyerbunny thanks for offer of looking out for properties. Ideally though I don't want to spend over £500,000 and it has to be very close to Witney for my OH to respond for the fireservice. Hope you don't mind me asking but are you a solicitor? Thanks for all the advice as I'm rubbish with knowing about tax etc. Am I right in thinking then that if my grandfather dies within 7 years (not that I wish he does!) that I have to pay inheritance tax regardless? When i'm 30 (in 3 years) I will get my other grandmothers inheritance money so I plan to share that with my cousins and brother to make things fair (ideally I wish my grandfather just split the £500,00 but then I wouldn't get a property with land and he wouldn't agree to splitting it).
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Post by circusdancer on Dec 21, 2009 0:03:52 GMT 1
I really don't want to be the one to burst any bubbles, but I read it that your grandfather's intent is that you buy a smallholding so that you can have all the animals you want and that's what he wants to see.
So with that in mind, I would be looking at purchasing more land than house. Now that your family have expressed no opposition, I can see how it might be tempting to go for properties like those linked. Sorry if I'm way off the mark but from the first post I thought it was fantastic that your grandfather favoured you over the rest of the family, because he wanted to help you realise your dream. If you're limited on acreage, you won't achieve that dream in the short term and he may not see you living the dream in his lifetime.
Being realistic, working and looking after animals and land is hardwork, so I'd take some time to think about your priorities for a while. It's an extremely generous gesture, you have a moral obligation to satisfy your grandfather that he made a good decision and that will involve some serious thought on your part to ensure it meets with his approval.
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Post by kt with Hanni on Dec 21, 2009 0:14:42 GMT 1
Thanks Circus Dancer. I've been thinking about non-stop ever since he suggested it, it's been quite stressful as I want to ensure I make the right decision without upsetting anyone. My dad thinks my grandfather has put me in a difficult situation but is glad that I've thought of ways that my brother and cousins will benefit. I looking at having animals yes but on a much smaller scale to what my grandfather has due to me working etc. The property above is actually too big I think and would require lots of work to keep it maintained! I think I would want enough land to provide grazing for 2 horses max as I know that it's takes a lot to manage fields etc. I also don't want a massive 5 bed house when there is only 2 of us as well!I can't stop thinking about the whole situation have had lots of sleepless nights thinking about it!:-)
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