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0800 29 88 66 1
We provide a full range of Wills, Trusts, Probate and other inheritance related legal services across Enfield
Your inheritance in Enfield
Property and Inheritance tax (IHT)
House prices in Enfield vary a lot. On average a terraced property cost £437,000 in 2016. This is 13% more expensive than the previous year and a whopping 28% more than 2014 levels.
However, with Enfield lock properties selling for an average of £300,000 and property in Hadley Wood going for an average of £1,309,409 you can see that there really isn’t such a thing as an average property price here in Enfield.
What’s the average Inheritance Tax liability on property in Bromley?
Average property price (2019 Terraced) = £304,099
Average IHT liability (2019 Terraced) = £nil
Average property price (2019 Terraced) = £437,000
Average IHT liability (2019 Terraced) = £44,800
Average property price (2019 Detached) = £603,259
Average IHT liability (2019 Detached) = £111,304
When is Inheritance Tax payable?
Inheritance Tax is payable when you die. Your ‘estate’ (this includes property, possessions and financial assets) goes into Probate and all IHT liabilities are payable before any money is released to your beneficiaries.
How can I reduce by IHT liability?
There are many ways to manage your Inheritance Tax liability and to reduce the amount you have to pay. It’s simply a case of planning ahead properly.
Book an appointment to discuss this with us. Everyone has different individual circumstances, which is why we visit you in your home or place of work on a free consultation basis.
If you are concerned about reducing your IHT liability you can talk to us today on 0800 29 88 66 1
Living in Enfield
What used to be part of Middlesex (once known as Enefeld or ‘open land of a man called Ēana’) is now a huge and thriving London borough. Stretching from Waltham Forest to Barnet, Enfield has a diverse population with lots of different communities making up its bustling metropolitan population.
What inheritance products are popular in Enfield?
With high house prices and lots of young families, having a Will is a must. A Will can help to manage your IHT liability, specify what happens to your property in the event of death, and also provide Guardianship.
This specifies to the courts who you would like to play an active role in your child’s upbringing if they are ever orphaned. It’s not a nice thing for young families to think about but it can happen, so make sure you make provision for them and don’t leave things to chance.
Other products to consider include:
Lasting Power of Attorney (LPA) – this will allow you to elect someone to legally act on your behalf if you are unable to do so for medical reasons
Family Trust – Adding a Trust to your Will allows you to have greater control over your Estate if you die. For example, it can ensure that your share of the property passes to your children in the event that you die. This prevents complications should your partner remarry.
Mirrored Wills – Mirrored Wills are for married couples or civil partnerships and are drawn up together to reflect your matching circumstances.
Other useful information:
Funeral services in Enfield
A plot in Enfield costs £4,950 for two burials (singles are no longer available) and £8,300 for not residents. Other funeral costs can add up to around £8,000 so the price of your funeral can be a large family expense and should be planned for in advance.
Keeping fit in Enfield
There are loads of ways to keep fit in Enfield. For more information check out Enfield Council resources