Inhouse Jan/Feb 2006 Edition

produced by Lawlors Property Services

Stradbroke Drive, Chigwellsee Personal Choice: page 12/13

02 inhouse january/february 06

produced by: Lawlors Property Services

inhouse

contents2 Professional Contributors

3 Life In… Woodford

4/5 Woodford

7 Lettings

8/9 Chigwell

10/11 Vantis

12/13 A Personal Choice

14 Foskett, Marr, Gadsby & Head

16/17 Loughton

19 Sunday Hotline

inhouse

dedicated to propertyproduced by Lawlors Property Services

Stradbroke Drive, Chigwellsee Personal Choice: page 12/13

What we seebefore us isevidence of ournewly revitalisedoffice atWoodford Green.In this feature we

introduce our new manager Mark Kiezner, freshfrom a successful year as Senior Negotiator atLoughton office. Mark brings a mature, balancedviewpoint and extremely well developednegotiating skills to the Woodford Green areaand in his new role as Manager he is driven by thedesire to succeed. We know that Mark will be agreat success for Lawlors Property Services andwe feel sure that Woodford Green area willbenefit by this welcome addition to ourestablished team. Also featured in ourpresentation this month are the other keymembers of staff who are the

. . . woodford

as we know it!professionalcontributors

Welcome to the first edition of inhouse for 2006 which

effectively kick starts our campaign for the year. Inside you will find

a fabulous selection of properties in all prices, many of which are

new to the market or have had subtle price reviews. We firmly

believe that 2006 will be a year of property growth, with interest

rates set to fall and the national media putting a positive spin on the

economy and property in general. This month we have many of

our regular contributors, in particular Vantis Accountants for

business and tax advice, Bang & Olufsun market leaders in quality

sound and vision equipment for your home and leading local

solicitors Foskett, Marr, Gadsby & Head of Epping offering

professional advice in all aspects of the legal world. We now

distribute 2200,,000000 inhouse magazines throughout prime

locations in Chigwell, Loughton, Woodford Green, Buckhurst Hill

and surrounding areas. Our entire database receives each issue on a

complimentary basis and full details of all the current articles,

together with previous articles from our well respected

contributors, feature on our website wwwwww..llaawwlloorrss..ccoo..uukk so you do

not have to look far for expert advice!

Please forward your comments, thoughts and suggestions on

inhouse magazine for future editions, as we look forward to being

of service to you throughout the coming year.

Many thanks

Sandra and James Lawlor

Partners, Lawlors Property Services

> STAFF FEATURED: WOODFORD GREEN OFFICE (MAIN GROUP PIC)

L to R: Andrea Paterson, Darren Murphy, Julie Allen, Mark Kiezner, Charlotte Coghlan

life inbackbone of our success storyand these included Julie Allen(Assistant Manager), AndreaPaterson, Charlotte Coghlanand Darren Murphy who allwork tirelessly and efficientlyto bring Purchaser to Vendor.Since our return to work inJanuary the market hasdefinitely shown serious signsof improvement, particularlyin the Woodford Green area,with many more housesappearing on our books andan unprecedented level ofsuccess being recorded at thisearly stage of the year.

Partner James LawlorF.N.A.E.A. is mentoringthe Woodford Greenoffice and will bespending considerable

time in the area lookingat properties withmembers of the staffand giving expertadvice. If you wishto place your property on the market at any of our

offices please do hesitate to contact us at yourearliest convenience.

january/february 06 inhouse 0504 inhouse january/february 06

Residential Homes

LAWLORSPROPERTY SERVICES

offices in Loughton, Chigwell and Woodford

WOODFORD OFFICE457 High Road, Woodford Green, Essex, IG8 0XE

t: 020 8506 0828 f: 020 8506 9101e: [email protected]

specialising in sales and lettings:

Woodford Green, Sth Woodford,Buckhurst Hill, Nth Chingford andWanstead

Sunday Hotline 10am - 2pm 07736 234422 Sunday Hotline 10am - 2pm 07736 234422

IINNGGAATTEESSTTOONNEE RROOAADD,,WWOOOODDFFOORRDD GGRREEEENN ££334499,,999955

Offered to the market is this three bedroom semi detached property situated in the popular Ingatestone Road.The property has been completely re-furbished throughout by the current vendor and is offered withimmediate vacant possession. Property benefits include a through lounge, newly fitted kitchen and familybathroom, partly decked garden and external utility room.

PPRROOSSPPEECCTT RROOAADD,,WWOOOODDFFOORRDD GGRREEEENN

££226699,,999955

Offered to the market is this well presented three bedroom Victorian terraced property situated in this residentialroad in Woodford Green. The property benefits from a first f loor bathroom and many original features throughout, anewly fitted kitchen, dining room, lounge, 75ft rear garden and off street parking and is located within easy reach oflocal shops and Woodford Central Line tube station with its links to the City & West End.

MMOONNTTAALLTT RROOAADD,,WWOOOODDFFOORRDD GGRREEEENN££448800,,000000

Offered to the market is this beautiful four bedroom semi-detached family residence. The property has beenexceptionally maintained by the current vendors and offers solid oak wood panelling to the hallway and a handmade solid oak kitchen, there are two bedrooms both with en-suite facilities and a luxury family bathroom,making this a truly family orientated property.

HHIIGGHH RROOAADD,,BBUUCCKKHHUURRSSTT HHIILLLL

££224477,,550000

Situated in this popular development lies this two bedroom first f loor apartment which benefits from a spacioussitting room with access out to a private balcony, kitchen breakfast room with breakfast bar, generous masterbedroom and family bathroom. This apartment also benefits from its own garage and one allocated parking space.

WWHHIITTEEHHAALLLL RROOAADD,,WWOOOODDFFOORRDD GGRREEEENN ££442299,,999955

Lawlors property services are pleased to offer onto the market this delightful three bedroom semi detached propertyon Whitehall Road. The property benefits from two reception rooms, modern fitted kitchen, summer room andgarage. The property offered in immaculate condition and an internal viewing is highly recommended.

CCHHEESSTTNNUUTT AAVVEENNUUEE,,BBUUCCKKHHUURRSSTT HHIILLLL

££227799,,999955

Offered to the market in this pleasant tree lined turning in Buckhurst Hill lies this terraced property offering agenerous sitting room/dining room, kitchen/breakfast room three bedroom’s family bathroom and potentialfor off street parking. To fully appreciate the property on offer we recommend an internal viewing.

QQUUEEEENNSS RROOAADD,, BBUUCCKKHHUURRSSTT HHIILLLL ££662255,,000000

Lawlors are proud to offer onto the market this amazingly spacious six bedroom semi detached propertysituated in the ever popular Queens Road, Buckhurst Hill, Presented in immaculate condition Benefits includesix bedrooms, contemporary style open plan living accommodation, en suite to master bedroom, cloakroom,utility room, garage and off street parking and an internal viewing is highly recommended.

MMAALLVVEERRNN DDRRIIVVEE,,WWOOOODDFFOORRDD GGRREEEENN

££665599,,999955

Lawlors Property Services are delighted to offer as the vendors sole agents this very desirable four bedroomdetached residence situated in the sought after location of Malvern Drive. Property benefits include threereception rooms including a 36ft lounge/diner, the first f loor offers a newly fitted en suite shower room to themaster bedroom and a further newly fitted family bathroom.

MMOONNKKHHAAMMSS LLAANNEE,,WWOOOODDFFOORRDD GGRREEEENN££ PP..OO..AA

An exciting opportunity to purchase this very spacious five bedroom detached residence in the sought afterlocation of The Monkham's Estate. We understand from the vendors planning permission has already beengranted to extend this property to a seven bedroom home with three en suite bathroom's. To fully appreciatethe accommodation on offer we recommend an internal viewing.

BBAARRCCLLAAYY OOVVAALL,,WWOOOODDFFOORRDD GGRREEEENN

££667700,,000000

Set in the heart of Woodford Wells is this stunning five double bedroom semi detached Victorianresidence built in 1895. Benefits include: Lounge, dining room, cloakroom/ W.C, conservatory, kitchen /diner, Cellar, master bedroom, four further bedrooms, family bathroom, rear garden approximately 100ft.

WWEESSTTBBUURRYY LLAANNEE,,BBUUCCKKHHUURRSSTT HHIILLLL££446600,,000000

Lawlors Property Services are delighted to offer for sale this four bedroom detached residence situated within easyaccess to Buckhurst Hills trendy boutiques, eateries and central line station. The property is truly for those of us wholike to entertain, with an open plan ground f loor and games room to the lower level. To fully appreciate theaccommodation on offer we would strongly recommend an internal inspection.

MMOONNKKHHAAMMSS AAVVEENNUUEE,,WWOOOODDFFOORRDD GGRREEEENN

££772255,,000000

Situated on the ever popular Monkhams Estate is this fabulous five bedroom detached residence within easyaccess to Woodford central line station and local amenities. The accommodation is arranged over three f loorswith each room well appointed and of a generous size. To fully appreciate the accommodation on offer wewould strongly recommend an internal inspection.

january/february 06 inhouse 07

HHOORRNN LLAANNEE,, WWOOOODDFFOORRDD GGRREEEENN ££11000000 ppccmm• Two Bedrooms • Victorian• Original features • Wooden Flooring• Outstanding Condition • Close to Central Line

WWooooddffoorrdd 002200 8855006600882288

GGRREEAATT WWOOOODDCCOOTTEE PPAARRKK,, LLOOUUGGHHTTOONN ££11445500 ppccmm• Three Bedrooms • Furnished/Unfurnished• Excellent Condition • Garden• Garage • Viewing Recommended

LLoouugghhttoonn 002200 88550022 55558888

FFIIEELLDD CCLLOOSSEE,, BBUUCCKKHHUURRSSTT HHIILLLL ££PP..OO..AA..• Six bedrooms • Stunning detached house• Four bathrooms • Conservatory• Viewing recommended • Available Now

WWooooddffoorrdd 002200 88550066 00882288

LLOONNGG GGRREEEENN,, CCHHIIGGWWEELLLL ££11880000 ppccmm• Five Bedrooms • Three Bathrooms• Garage • Refurbished• Close to underground • Available Now

CChhiiggwweellll 002200 8822881100112233

RREEPPTTOONN PPAARRKK,, WWOOOODDFFOORRDD GGRREEEENN ££PP..OO..AA..• 6 Bedrooms • Four Bathrooms• Immaculate condition • Double garage• Viewing Recommended • Available Now


MMAANNOORR RROOAADD,, CCHHIIGGWWEELLLL ££22550000 ppccmm• Four Bedrooms • Detached House• Swimming Pool • Spacious• Prestigious Location • Viewing Recommended


Sunday Hotline 10am - 2pm 07736 234422

Hemnall Street, Epping• Two bed apartment • Allocated parking

• Close to underground • Furnished

Loughton 020 8502 5588 £900 pcm

Hillyfields, Loughton • Two bedroom split level maisonette • Garden

• Spacious throughout • Available now

Loughton 020 8502 5588 £800 pcm

Brunel Road, Woodford Green• Two bed terraced house • Redecorated throughout

• Viewing recommended • Available now

Chigwell 020 82810123 £1100 pcm

Great Woodcote Park, Loughon• Five bed detached house • Heated swimming pool

• Three bathrooms • Outstanding kitchen

Loughton 020 8502 5588 £POA

Ely Place, Woodford Green• Four bed detached house • En-suite to master

• Refurbished throughout • Garage

Chigwell 020 82810123 £1675 pcm

Buckhurst Way, Buckhurst Hill• Three bed end of terrace • Landscaped garden

• Conservatory • Close to underground station

Woodford 020 85060828 £1250 pcm

Manor Road, Chigwell• Six bed detached house • Leisure complex

• One bed granny f lat • Outstanding accomm.

Chigwell 020 82811023 £POA

Tewkesbury Close, Loughton• 2 bed end of terrace • Close to Loughton Station

• Tasteful décor throughout • Viewing recommended

Loughton 020 85025588 £950 pcm

LATEST

LETTINGS

First Floor, 165 High Road, Loughton, Essex, IG10 4LF


08 inhouse january/february 06 january/february 06 inhouse 09

Residential Homes

LAWLORSPROPERTY SERVICES

offices in Loughton, Chigwell and Woodford

CHIGWELL OFFICE116 High Road, Chigwell, Essex, IG7 5BJ



Chigwell, Abridge, Repton Park,Lambourne End and Stapleford.


HHIIGGHH RROOAADD,, CCHHIIGGWWEELLLL££661199,,999955

Four Bedroom, Ground Floor Apartment, boasting video security entryphone, lounge, diningroom, kitchen/breakfast room, master bedroom with en-suite bathroom, family bathroom &cloakroom/WC.

CCHHIIGGWWEELLLL PPAARRKK DDRRIIVVEE,,CCHHIIGGWWEELLLL

££448855,,000000

Four Bedroom Semi-Detached property with spacious accommodation appealing to a family &no on-going chain. Cloakroom/WC, lounge, dining room, breakfast room, kitchen, familybathroom, second family bathroom, single garage & off-street parking.

NNEEWW FFAARRMM DDRRIIVVEE,,AABBRRIIDDGGEE££559999,,999955

Gated Three/Four Bedroom Barn-style property. Set over two f loors and the patio with viewsof landscaped garden the property boasts: kitchen/breakfast, lounge, cloakroom/WC,bedroom four/study with en-suite bathroom & double car port.

LLAAMMBBOOUURRNNEE RROOAADD,,CCHHIIGGWWEELLLL RROOWW,,

££556655,,000000

Spacious Five Bedroom Semi-Detached property which has been extended affording excellent living accommodation. Locatedwithin close proximity to all major routes to Chigwell Village, surrounding areas and the dual carriageway leading to NorthCircular. Immediate inspection advised to avoid disappointment. Cloakroom/WC, lounge, dining room, study/family room,kitchen/breakfast room, utility room, family bathroom, storage room, dressing area, off-street parking & single garage

CCLLAARREEMMOONNTT PPLLAACCEE,,CCHHIIGGWWEELLLL££449999,,999955

Tthree bedroom, first floor modern apartment in this purpose-built development which has captured the attentionof the local community with its contemporary design and excellent location in the heart of Chigwell.Cloakroom/WC, bedroom three with en suite bathroom, lounge, kitchen, master bedroom with en suite bathroom.

FFOORREESSTT DDRRIIVVEE,, EELLMMBBRRIIDDGGEEGGAATTEE,, FFYYFFIIEELLDD

££665500,,000000

Located in the stunning Essex countryside lies this unique picturesque development, Elmbridge Hall.Amazing Four Bedroom Detached house with detached double garage located on approx a quarter of anacre & panoramic countryside views from most aspects, viewing is highly recommended.

RREEGGEENNTTSS DDRRIIVVEE,,RREEPPTTOONN PPAARRKK,,££999999,,999955

Six Bedroom family home, arranged over three f loors. Located within the superior Regents Drive, the propertyitself backs onto woodlands and features include: four bathrooms, detached double garage, garden in excess of70ft and Amtico f looring. The property is maintained to the highest standard throughout and must be viewed.

RROOSSEEBBUURRYY SSQQUUAARREE,,RREEPPTTOONN PPAARRKK,,

££559955,,000000

Four bedroom family home arranged over three f loors with four good size bedrooms and has the benefit of twoen-suites. The current owners have maintained the property to a high standard and offer: cloakroom/WC,kitchen/breakfast, utility room, lounge, family bathroom, single garage, master bedroom and en-suite &bedroom two with en-suite.

HHAAIINNAAUULLTT RROOAADD,,CCHHIIGGWWEELLLL££559955,,000000

Four Bedroom Semi-Detached property is located within a sought after position, close to Chigwell CentralLine Tube Station and local amenities. Having no on-going chain, immediate viewing is crucial to avoiddisappointment. Cloakroom/WC, lounge, TV/study, dining room, kitchen/breakfast room, utility room,master bedroom with en-suite bathroom, family bathroom & off-street parking.

TTHHEE MMAANNOORR,,RREEPPTTOONN PPAARRKK

££446655,,000000

The Manor is set within 235 acres of glorious parkland and ancient woodland, each benefiting from at least oneterrace or balcony. The contemporary specification has been chosen for its quality: fully fitted kitchens arecomplimented with a complete range of integrated appliances. Electronic security gates guard the entrance tothe development and CCTV cameras operate at strategic locations.

KKEENNSSIINNGGTTOONN HHOOUUSSEE,,RREEPPTTOONN PPAARRKK,,££552299,,999955

Stunning Three Bedroom, Ground Floor Apartment offers an abundance of natural light with spacious lounge 22'6 x 14 andentrance/dining hall 14 x 13'8 and two underground parking spaces. With no on-going chain this property has to be viewed assoon as possible to fully appreciate its luxury. Entrance/dining hall, lounge, kitchen/breakfast room, master bedroom with en-suitebathroom, bedroom two with en-suite bathroom/main bathroom, two allocated underground parking & south facing rear garden.

FFOONNTTAAYYNNEE AAVVEENNUUEE,,CCHHIIGGWWEELLLL,,

££441155,,000000

Three Bedroom Semi-Detached property with scope to extend to the side, subject to the usual planningconsents. This property offers spacious accommodation, attached garage, off-street parking and is withinwalking distance to both Chigwell and Grange Hill Central Line Tube stations and local amenities. No on-goingchain. Cloakroom/WC, lounge, dining room, kitchen/breakfast room, family bathroom & single garage


Jan Rickler - Client PartnerVANTIS

3rd FloorCrown House151 High RoadLoughtonIG10 4LG

Email: [email protected]: www.vantisplc.com

David Kirkwood - Client PartnerVANTIS

3rd FloorCrown House151 High RoadLoughtonIG10 4LG

Email:[email protected]: www.vantisplc.com

This article is intended for general guidance only and, whererelevant, represents our understanding of current law andInland Revenue practice. Action should not be taken withoutseeking professional advice. No responsibility for loss by anyperson acting or refraining from action as a result of thematerial in this article can be accepted and we cannot assumelegal liability for any errors or omissions this article may contain.

If you need any further advice,please contact Jan Rickler or DaveKirkwood in our Loughton officeon 020 8502 0411.

Feature - SIPPS

When something seems ‘too good to be true’ it usuallyis, especially in the tax world.

For a number of years confidence in pensions has beenshaken with amongst other things poor stock marketperformance and recently Gordon Brown has reducedconfidence even more.

You may recall our article in the October/November 2005issue of inhouse in which we identified the possibilitiesthat we were told would exist on 6th April 2006 for aSelf Invested Pension Plan (a SIPP) to purchaseresidential property.

So what is all the fuss about?Unfortunately the Pre Budget report issued on Monday 5th December broughtwith it some unexpected changes to the forthcoming simplification ofpension’s taxation. The simplification process has been ongoing for three yearswith A Day, the implementation date, set for 6th April 2006. From when thegovernment’s proposals were first made the topic of residential propertybecoming an acceptable investment for SSAS and SIPP pension arrangementswith considerable tax advantages has consistently made the headlines andfilled numerous column inches encouraging the idea of buy-to-lets, holidayhomes and even principal residences becoming pension scheme assets. Thecounter argument has been to see this as a perk for the rich with full tax reliefflowing from the Treasury.

With only 4 months to go the Chancellor dropped the bombshell thatresidential property owned in a self directed pensions scheme (currently SSASor SIPP) will have no tax advantages over any other method of ownership. Manypeople will be very well advanced in their planning. This complete U-Turn willcome as a major shock leaving many people significantly out of pocket.

The Pre Budget report also places a number of other investments into aprohibited category along with residential property and legislation will beintroduced to remove all tax advantages from holding such assets. These otherinvestments tend to be viewed as more exotic and have traditionally not beenallowed in pension schemes – classic cars, fine wines, art and antiques.

The fears of many people that allowing such investments would lead to abuseand possibly distort the housing market have obviously hit home with theChancellor. However there will be widespread concerns about leaving such amajor change to the last minute when the impression has always been giventhat the new rules would proceed unchanged despite these misgivings.

The view from Government had been that the restrictions on borrowing (i.e.only up to 50% of the fund value could be borrowed to finance purchases)would prevent widespread residential property ownership and indeed that wasseen as the only rationale for such illogical borrowing restrictions. The viewseems to have now been abandoned but it is interesting to note that theborrowing restrictions are still in place and will considerably impede atraditional area of pension scheme investment – commercial and industrialproperty ownership.

But the Chancellor says my pensioncan buy a residential property?Well that’s true, technically, but this would be disastrous for the followingreasons:

• All tax advantages would be removed so that a SIPP would be in thesame position as an individual

• Tax would be payable on rent received and capital gains in the future.

• Tax payers would suffer a tax charge up to 40% of the value of theproperty by way of repayment of tax relief obtained on contributionsinto the fund.

• The fund would suffer a penalty of 15% of the value of the property

• If certain limits are exceeded there could be a further penalty of 15% ofthe value of the property.

• If more than 25% of the pension fund is invested in residential propertythe fund will be de-registered and suffer yet another tax charge of 40%

All this amounts to a tax charge of well over 100% making prohibited assetsprohibitive as well.

What if my SIPP purchased a residential property before 5th December 2005?

The good news isthat some protection

is available but the badnews is that the property must never

become residential. This means that the‘option’ to purchase ‘off-plan’ will have tobe sold out of the pension fund before it iscompleted as a residential property. We arestill unsure whether any profit made by a

pension fund in these circumstances will betaxable.

What is defined asresidential property?Well we don’t really know yet! This will need to bedefined in the legislation. It may be that a shopwith a residential flat above, let out separately tothe shop, will be allowed within a SIPP. Only afterthis definition is published can investmentdecisions be made!

How can my pensionfund invest in residentialproperty now?Whilst we don’t yet know the precise details, theGovernment has hinted at the possibility ofpension funds investing in ‘genuinely diversecommercial vehicles that invest in prohibitedassets’

These forms of investment are bound to be veryrestrictive and a Real Estate Investment Trust,based on a model popular in the United States, hasbeen stated as an example of such an investment.

The details are presently very scanty but furtherdetails will follow.

I still want to purchase a buy to let property toprovide income in retirement, what are thealternatives?

• To buy in your own name. Tax is payable atyour highest rate, up to 40% on both netrental income and any capital gain on sale.

• To buy within a company

• A small company pays tax at 19% on rentalincome and if any capital gain is made onsale this is also restricted to 19% if the gainis less than £300,000

• On retirement dividends could be paid up toyour higher rate tax threshold with nofurther tax liability.

This area can be complex and companies bringwith them extra administration costs and specialistadvice should be sort.

What other pensionsurprises were there inthe Pre Budget Report?

• Inheritance Tax (IHT) – This years Finance Billis expected to include rules that confirm thatIHT will be payable on the value of pensionfunds left on the death of a member. Manyhad thought that a SIPP, being a trust, wouldescape IHT but this is clearly not the case.

• Pension Recycling – Benefit Crystallisation atage 75. New rules will be announced thatwill introduce a minimum pension age from75 even though no benefits haveprovisionally been taken. Again the details ofthis are extremely vague at this stage.

SummaryWhilst the introduction of prohibited assets forpension schemes is very unfortunate, we shouldn’tignore the very real savings in Tax and NationalInsurance, that pension planning makes available.

Every one of us will need an income to live on inretirement and a pension is still, by far, the bestway of providing for this.

A SIPP remains a very useful tool in pensionplanning, as it gives the investor full control overit’s investments.

Ignoring prohibited investments, there is still awide range of investments that a SIPP can invest in,including commercial property.

If you need any further advice then please contactJan Rickler or Dave Kirkwood at the VantisLoughton office on 020 8502 0411.

Vantis is the AIM listed business advisory group thatspecialises in helping business people improve theperformance of their businesses. Through 20 locationsacross the UK, the company offers a range of specialistskills, including business advisory, accountancy,bespoke tax planning, business recovery and advisoryservices, sports advisory and management services,outsourcing, corporate finance, asset finance andindependent financial advice. Working together withour tax experts in the UK, we are able to provideworkable solutions for landlords and individual homeowners in the UK and abroad.

SIPPs:How the fact became fiction.


Take a few moments to browse through this selection ofproperties which I personally believe standout from thewide selection of properties we are currently offering.

In particular I would like to draw your attention to this fine property inStradbroke Drive, Chigwell which features on the front cover of our magazine.Prior to Christmas the property was on the market for £2,450,000 and nowas a fresh start to the New Year the price has been reviewed to under£2,000,000, with a view to attracting a quick sale. The accommodation isbreathtaking and up to the minute in design, offering fabulous familyaccommodation in one of Chigwell’s premier roads.

january/february 06 inhouse 13

byJames Lawlor

PARTNER F.N.A.E.A.

Woodland Way, Woodford Green

£950,000Gravel Lane, Chigwell

£335,000

Kings Avenue, Woodford

£799,995

Ravensmere, Epping

£835,000Meanwhile in Woodford Green, we have been favoured with

instructions on a fine family Tudor Style house, in Woodland Way,Woodford Green, offering a unique view over the beautifulKnighton Woods. Our clients have been in the property for manyyears and have enjoyed the benefit from the extensive familyaccommodation which includes four bedrooms, two bathrooms,three reception rooms and a lovely family room which overlooks thegarden. Our client is considering property through us in Chigwelland would like a sale for spring. £950,000, sole agents.

Another personal favourite must be this stunning Edwardiandetached property on the popular Monkhams Estate, a mere fewminutes walk to Woodford Green Station and Broadway. The factthat the property has now been reviewed from £825,000 to£799,995 must make it one of the areas best buys considering ithas a superb 100’ garden and magnificent high ceilings. Furtherdetails are available on our website.

Currently being offered through our Loughton office is anunusual modern style residence in Epping called Ravensmere, whichoffers a third of a acre and panoramic views over surroundingcountryside. This property offers further planning permission toextend and whilst this is already an impressive residence, a furtherextension can only enhance its appeal. At £835,000 this is a mustsee property.

For kerbside appeal may I draw your attention to this lovelythree bedroom semi-detached property in the semi rural part ofChigwell adjacent to Gravel Lane. This property not only offerssubstantial scope to extend (subject to planning) but offerswonderful views from the garden over surrounding countryside. At£335,000 this property must be seen.

For all our latest news and information you can visit our websitewww.lawlors.co.uk on a daily basis to be kept fully up dated.

I wish you all happy viewing and much

success in your search for a new home.

Stradbroke Drive, Chigwell

under £2,000,000


I have been aware for some while that whilst manyof us have benefited from the rise in house pricesover the years, the flip side of high property valuesis that many more people are falling within theInheritance Tax Threshold and they (or theirbeneficiaries) are losing 40% of the value of theirestate to the taxman. However, I learnt that whilstHouse prices had risen on average by 140% theinheritance tax threshold had increased byonly 30%.

We have found the best ways to achieve a savingis to make a “Discretionary Will”. Not only canthey be used for inheritance tax (IHT) mitigationpurposes but, they can also used to enable fine-tuning of the provision made for beneficiaries. Thisis particularly useful where a client’s circumstances,or those of their children, are complex and likely tochange significantly prior to their death.

However it is clearly fundamental that every one ofour clients are aware of the importance of makinga Will (discretionary or otherwise), particularlysingle or divorced persons and unmarried couples,as the intestacy rules very rarely reflect their wishes.

It is helpful for a non-legally binding ‘letter ofwishes’ (or ‘side letter’) to be deposited with theWill, for the future guidance of the trustees. Thismay be updated as required, as the Testator’scircumstances or wishes change.

Examples of tax-mitigation

The advantage of discretionary Wills from an IHTviewpoint is best illustrated by comparing themwith standard non-tax planning family Wills.

In the following examples it is assumed for thesake of simplicity that each spouse has an estatevalued at £250,000 and the NRB is also set at£250,000.

(a) Standard non-tax-planning family Wills

1) The husband dies leaving an estate valued at£250,000 to his wife. There is no liability toIHT, due to the ‘spouse exemption’. However,when the wife dies her taxable estate is thevalue of her own estate of £250,000 plus thevalue of the estate she has inherited from herhusband (£250,000), ie a total of £500,000.

2) The IHT on the wife’s estate is calculated asfollows:

Value of total estate - £500,000

Less tax-free NRB - £250,000

Net taxable estate - £250,000

IHT on taxable

Estate at 40% - £100,000

3) Therefore the couple’s children receive£400,000 (ie £500,000 less £100,000 in IHT).The Inland Revenue receive the balance of£100,000.

(b) 2 Year Discretionary Wills

1) If however the couple had made joint 2 yearNRB discretionary Wills the wife has 2 yearsfrom the date of her husband’s death todecide whether she can afford to divert theNRB legacy - or any part of it - from herhusband’s estate direct to the children. If shedoes nothing then after the discretionaryperiod of 2 years has elapsed she willautomatically receive the NRB legacy bydefault. However clearly this will not result inany IHT savings upon her death, as thisproduces the same position as under astandard family Will.

2) However if she wishes to divert the NRB legacy(or part of it) to the children she can, alongwith her co-Trustees, execute a Deed ofAppointment to that effect. The trusteescannot out-vote each other but must actunanimously. As the wife is one the Trusteesand the sole default beneficiary, by doingnothing she will receive the NRB legacy bydefault. The diverted legacy is treated for IHTpurposes as if it had been made upon thehusband’s death by Will direct to the children,and is, by definition, exempt from IHT as it fallswithin the husband’s tax-free NRB.

3) By diverting the NRB legacy to the children, thewife’s estate will be worth £250,000 less thanit would otherwise have been (ie £250,000rather than £500,000). So upon her deaththere will be no IHT liability, as her estate fallswithin her own NRB of £250,000. The result isthat the children receive £500,000(ie £250,000 from each parent) and the InlandRevenue receives nothing. The IHT savingis £100,000.

Simple gifts by surviving spouse v giftsunder discretionary Wills

What if the wife had, instead of executing a Deedof Appointment, accepted the NRB legacy fromthe husband’s estate and then gifted it to thechildren? In such circumstances the gift is aPotentially Exempt Transfer (PET) by the wife to thechildren. Therefore if she should fail to survive thedate of the PET by a period of at least 7 years, itwould be deemed to remain part of her taxableestate for IHT purposes, and accordingly therewould be no tax saving.

2) It is almost invariably advantageous for anycouple owning joint estates worth more than theNRB to make 2 year discretionary Wills rather thanordinary non-tax planning family Wills. It is thedramatic recent increase in the value of houseprices, out-stripping increases in the NRB, thatusually results in an IHT liability arising for manycouples. It has been calculated that the NRB shouldbe £450,000, rather than only £275,00 (as it is forthe 2005/2006 tax year), if it had been index-linked to house prices. Therefore IHT has beencalled a ‘stealth tax’.

3) The vast majority of our clients own jointestates worth more than the NRB and are likelyto be delighted to have the opportunity tosave IHT of over £100,000.

The matter is complex and only to be undertakenwith guidance from qualified specialists. Let usguide you thought the legal minefield withconfidence for any informal discussion pleasecontact me in the first instance

< Duncan GadsbyPARTNER

Feature - Wills

DUNCAN GADSBY (PARTNER), FOSKETT, MARR, GADSBY & HEAD181 High Street, Epping, Essex, CM16 4BQ • Tel: 01992 578642


Residential Homes offices in Loughton, Chigwell and Woodford


PROPERTY SERVICES

LOUGHTON OFFICE165 High Road, Loughton, Essex, IG10 4LF



Buckhurst Hill, Theydon BoisEpping, Loughton and Ongar.

LAWLORS

GGRRAANNGGEE CCOOUURRTT,,LLOOUUGGHHTTOONN££226655,,000000

This property is a re-modernized top f loor apartment benefiting from the original parquet f looringand a newly fitted kitchen, bathroom. Situated within this sought after courtyard development andclose proximity to the shopping facilities of the High Road and central line station.

HHIIGGHH BBEEEECCHH,,LLOOUUGGHHTTOONN

££337744,,999955

We offer to the market this well presented three bedroom Edwardian semi detached property. The propertybenefits from three bedrooms, two reception rooms and set within close proximity to Epping forest and Loughtoncentral line station this truly is not a property to be missed and an internal viewing is highly recommended.

AALLGGEERR RROOAADD,,LLOOUUGGHHTTOONN££662255,,000000

Offered to the market is this four bedroom detached property, ideally located for Loughton centralline station and High Road. Benefiting from two receptions, kitchen, utility room, cloak room andintegral garage on the ground f loor and four bedrooms plus family bathroom on the first f loor.

TTHHEE DDRRIIVVEE,,BBUUCCKKHHUURRSSTT HHIILLLLSS

££669999,,000000

Offered to the market is this five bedroom double fronted detached house boasting immense character. Occupyinga superb location this property offers many character features including several reception rooms a galleried landingand a rear garden in excess of 75 feet. This property must be viewed internally to be fully appreciated.

HHIIGGHH RROOAADD,,LLOOUUGGHHTTOONN ££336655,,000000

A well presented three bedroom detached property, ideally located for Loughton central line station and highroad with all it fashionable boutiques and cafes. The property benefits from two receptions, kitchen and dinningroom on the ground f loor plus, three bedroom and bathroom on the second f loor. An internal viewing is highlyrecommended to appreciate all this property has to offer.

GGRRAASSMMEERREE CCLLOOSSEE,,LLOOUUGGHHTTOONN

££558800,,000000

Located in a cul de sac off St Johns Road is this four bedroom detached house with double integral garage. Withaccommodation including a lounge / diner, fitted kitchen with separate utility room and ground f loorcloakroom, master bedroom with ensuite shower room plus three further bedrooms and a family bathroomthis property offers ideal living accommodation for a family.

BBRRIIDDGGEE BBAARRNN,,EEPPPPIINNGG££11,,115500,,000000

Lawlors are delighted to present this award winning country grade 2 listed barn conversion with grounds extending toapproximately five acres. The property has a stable block with separate living accommodation, a triple timber carport with furtherstorage newly converted above. Within the barn there is a beautifully galleried landing, feature fire place, beamed walls and ceilingsa real designer’s dream of a home. Fiddlers Hamlet is a most picturesque part of Essex, this is surely a property not to be missed.

RRIICCHHMMOONNDD PPAARRKK,,LLOOUUGGHHTTOONN

££11,,225500,,000000

Offered to the market is this five, double bedroom, property set on the prestigious GreatWoodcote Park estate. This well maintained property offers spacious living accommodation,Porterage and communal grounds.

CCHHUURRCCHH LLAANNEE,,LLOOUUGGHHTTOONN££669999,,999955

Offered to the market for only the second time in its history is this four bedroom detachedresidence which is situated in a prime position on Church Lane. With three reception rooms,kitchen, utility, swimming pool, off-street parking and two garages, this property must be seen.

RRAAVVEENNSSMMEERREE,,EEPPPPIIIINNGG

££883355,,000000

An unique opportunity to acquire a property set in approximately a third of a acre. In one of the most soughtafter turnings in Epping and Ideally located between the Central Line Station and Epping High Street. Theproperty also offers subject to the relevant planning permissions the ability to extend and increase this alreadyimpressive residence.

WWOOOODDSSIIDDEETTHHEEYYDDOONN MMOOUUNNTT££11,,445500,,000000

A rare opportunity has arisen to purchase this highly desirable country home, located in Theydon Mount. Setwithin approximately 6.5 acres the property is predominantly set across the ground f loor offering a selection ofreceptions, bedrooms and two kitchens, with further bedrooms and bathrooms on the 1st f loor.

GGRREEEENN HHIILLLLSS,,BBUUCCKKHHUURRSSTT HHIILLLL

££224499,,999955

Offered to market is this spacious two bedroom apartment. Benefiting from communalgrounds, allocated parking space and garage en block to the exterior. Kitchen, shower room anda spacious lounge/diner.

WHY WAIT UNTIL MONDAYTO VIEW THE HOUSE OFYOUR DREAMS?SOMEBODY ELSE MAY HAVEGOT THERE FIRST!

DOING ANYTHING THIS

SUNDAY?

DON’T DELAY - VIEW TODAY! CALL 10.00 - 2.00pm

LAWLORS SUNDAY HOTLINE: 07736 234422WHERE BETTER HOMES ARE FOUND

Inhouse Jan/Feb 2006 Edition

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