Channel 4’s Grand Designs programme recently featured an inspirational couple who, despite both suffering from serious health issues, self-built their ‘dream home’ by renovating an old barn.
The couple, from Sevenoaks, were given the barn and land as a wedding gift from the bride’s parents, as it sits at the bottom of their garden. They have now transformed it into beautiful home, as revealed in the latest Grand Design’s episode.
While a heart-warming story, it does raise a wide range of questions around the practicalities of giving land and property in such a way. Indeed, it is becoming increasingly common for grandparents and parents to want to help family members either get on or make a step up the property ladder.
However, in doing so, it is vital that a wide range of legal aspects are considered, including:
- Estate planning, in particular in terms of wills, inheritance tax and capital gains tax
- Declarations of trust
- Co-habitation and pre-nuptial agreements
- Agricultural tax relief
If you are considering helping a family member by giving them property or land, then please do get in touch with our team of highly experienced lawyers, who will be happy to help you.