a call on:
0800 29 88 66 1
We provide Wills, Trusts, Probate and other inheritance related legal services to residents of Illford and across the London Borough of Redbridge.
Your Property and Inheritance Tax
Across Redbridge house prices rose by 34% between 2013 and 2017. Prices vary according to the area, ranging from an average of £283,009 for a flat and £448,121 for a house.
The most expensive area, Woodford Wells, sees properties sell at an average of £650,000 whereas Woodford Bridge sees property sell at a price of £340,000.
Illford is one of the most populated areas in the borough and here we see mostly terraced housing that sells at for an average price of £420,000.
What’s the average Inheritance Tax liability in the London Borough of Redbridge in 2017?
- Redbridge (average) = £50,000
- Illford = £38,000
- Woodford Wells = £130,000
- Woodford Bridge = £6,000
With house prices going up by an average of 11% a year it is clear that if you own a property in Redbridge you are going to be liable for IHT.
If you are concerned about reducing your IHT liability you can talk to us today on 0800 29 88 66 1
When is Inheritance Tax payable?
Inheritance Tax is payable on death. When you die your Estate (your 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 lots of ways to manage this properly so that you don’t have to pay the full amount. You’ll need to book an appointment to discuss this with us as everyone has different individual circumstances.
Living in Redbridge
With a diverse population and a thriving economy Redbridge is a popular place to live and raise a family. In fact the borough has one of the highest proportions of young children anywhere in the UK.
This is because over a third of the borough is covered in parks and forests, and there are a higher than average proportion of high performing schools. Add to this superb shopping and great transport links into London and you can see why so many young families choose to make their home here.
Recommended Products for Young Families
Make sure that you’re Will contains 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:
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.
Funeral Services in Redbridge
Find out more about funeral and cremation services in Redbridge here:
The average cost of a funeral in the UK is £3,700 (2017), however we regularly see funerals in North East London that cost upwards of £25,000. It seems that Londoners like to say goodbye in style!
Health in Haringey
With so much award winning green space in Redbridge there are no excuses for not getting out and active! Like many other London boroughs you’ll also find plenty of outdoor markets selling fresh produce, and there are absolutely loads of classes where you can take part in everything from Zumba to rock climbing.
You’ll find a list of health and sports clubs by visiting:
If you have any questions, please call us on 020 8340 3102 or 0800 29 88 66 1