Surrey Homes | SH57 | July 2019 | Summer supplement inside

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The lifestyle magazine for Surrey - Inspirational Interiors, Fabulous Fashion, Delicious Dishes

you cannot do so, perhaps due to an accident or illness. LPAs

can be put in place for both financial and health decisions.

If you lose capacity without an LPA, an application to the

Court of Protection is necessary, but this is a costly process

which can take months. If you do decide to downsize, you

may wish to put a financial LPA in place to ensure the sale

and purchase can continue if you become incapacitated

or are unable to sign documents for any other reason.

Other options

You may wish to consider alternatives to downsizing.

Despite some bad press in the early 2000s, equity

release schemes or lifetime mortgages for over 55s

are an increasingly popular way to release capital tied

up in the family home without having to move.

Equity release should not be entered into lightly. Even

though most providers now offer a “no negative equity

guarantee” (meaning you will never have to pay back

more than the value of the property), high interest rates

and early repayment charges can reduce the value of your

estate. If you are considering equity release you should seek

advice from an independent financial advisor and meet

with a solicitor before entering into any arrangement.

Tax planning

Downsizing can provide the opportunity for inheritance

tax (IHT) planning, although you should be careful not to

allow the potential to save tax to be your sole motivation.

You must be comfortable with the lifestyle changes

too, otherwise you may live to regret your decision.

If you do not need the cash you release by downsizing

and your estate is over the IHT threshold, you could give

away funds to reduce your estate for IHT purposes. You

can make outright gifts to anyone over 18. However, if

you would prefer to delay the age at which they receive

the funds, provide for minor beneficiaries or protect the

funds for any other reason (such as from a divorcing

beneficiary), you may prefer to gift the funds to a trust. You

will need to survive seven years from either type of gift.

For further advice on downsizing please contact

Francesca Sassoli on 01892 506354, email

francesca.sassoli@crippspg.co.uk or visit cripps.co.uk.

Leading Leading Specialists in in Family & Criminal Law

Please call 01737 229 610 to arrange an appointment.

Please call 01737 229 610 to arrange an appointment.

We look forward to meeting you.

We look forward to meeting you.

Offices:

213 Camberwell Road , London, SE5 0HG | 020 7277 0110

7a West Street, Reigate, Surrey, RH2 9BL | 01737 229 610

Offices:

213 Camberwell Road

Offices: London SE5 0HG

213 Camberwell 020 7277 0110Road

London SE5 0HG

020 7277 0110

venters.co.uk

Offices:

7a West Steet

Offices: Reigate, Surrey, CR6 9LF

7a 01737 West 229 Steet 610

Reigate, Surrey, CR6 9LF

01737 229 610

Online:

venters.co.uk

facebook.com/venterssolicitors

Online:

twitter.com/Venters_law

venters.co.uk

facebook.com/venterssolicitors

twitter.com/Venters_law

VentersSolicitorsS56.indd 1 20/05/2019 17:17

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111

JohnBradleyS57.indd 1 21/06/2019 16:56

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