June 2016

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Legal eagle Loan – A properly drawn-up legal agreement would safeguard the funds from divorce or separation and could include an agreement that the parent registers a charge over the property similar to a mortgage. That way, it could not be sold without their permission. However, the full sum would be taken into account for inheritance tax purposes. Advertorial Joint Ownership – The property would be owned by parent and child and they could decide whether they had equal or unequal shares. It is likely the parent would have to be liable for the mortgage if a legal owner and this is usually the least advantageous arrangement for tax – albeit it gives the parent the most control overall. Emma Baillie If you want to help your children get onto the housing ladder, there are three ways you can do it, says Emma Baillie So there are no easy answers, but the key is to communicate well with all family members and the mortgage company, and take specialist advice about your specific circumstances well before any money is paid over. We all know it’s very hard to get on the housing ladder. Increasingly, high street banks aren’t enough, and the bank of mum and dad needs to step in to help their 20- and 30- something children into home ownership. But how do we make sure that such a good deed doesn’t end badly? There are three ways parents can help their children buy property – each has advantages and pitfalls. Gift – This avoids inheritance tax on the amount gifted providing the parent lives seven years. The disadvantage is that the parent has no control – their child could sell up and go travelling on the money. More particularly, if the child divorces or separates from a partner they live with they could lose some or all of the gift. 40 LOVEEAST Emma Baillie is a solicitor and head of family finance at TV Edwards. Contact her at 020 3440 8347 or email emma.baillie@tvedwards.com for more information. tvedwards.com 35-37 Mile End Road, E1 4TP
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Page 1 and 2: LOVEEAST M A G A Z I N E June 2016
Page 3 and 4: Welcome to your local magazine Dear
Page 5 and 6: I bought a camera when I was eight
Page 7 and 8: Revive your home with new windows &
Page 9 and 10: East Village Alberto Rosmini, owner
Page 11 and 12: WORKSHOP Fast, effective and perman
Page 13 and 14: Faraday School Independent Prep Sch
Page 15 and 16: eceiving enquiries - for single pom
Page 17 and 18: JAMES’ STORY: PART 4 I never thou
Page 19 and 20: What's on extra Museum of Childhood
Page 21 and 22: FRI SAT SAT SUN What's on in June W
Page 23 and 24: FRI SAT SUN 3 Pottery/throwing p21
Page 25 and 26: Arts This is an exhibition for all
Page 27 and 28: Sophie's world Photo: Claire Lawrie
Page 29 and 30: with the kids at 10.15am with tea a
Page 31 and 32: Big days or little days, we can hel
Page 33 and 34: Eating in Chocolate tart Lee Glen a
Page 35 and 36: Rowing boats and pedalos for hire,
Page 37 and 38: Money matters Advertorial If you ru
Page 39: Fitness Roger Love continues our A-
Page 44: Looking for an Accountant? Tax Tips

June 2016

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