In message , at 08:37:36 on Wed,
18 Jun 2008, Norman Wells remarked:It's entirely consistent with the distribution of wealth down the generations that's being discussed here. I wonder if such payments count under the 7-year rule, or whether it's also a loophole?
why shouldn't they?
If that's what they want..
I'm not convinced by the incentive argument. If I sell a =A3300k house at 1.5% commission, the EA will get =A34500. If he gets me another =A35k, he will get another =A375. Or at least his company will. I don't know how commission structures work, but guess the agent might see =A325-40 of that. An incentive to put extra effort in? Not really.
TL
But in this case, it's clearly not what they want.
Exactly. Estate agents just want to shift properties at any price.
In message , at
01:15:21 on Wed, 18 Jun 2008, The Luggage remarked:I agree. Every agent I've had to sell through over the last 10 years would rather *drop* the price £5k to get a quicker sale and the house off his books and out of the adverts in the paper etc.
This is not "someone else", this is your family.
I would have said it clearly is. Or they could hand them over to soshul survisses.
OK, your grandmother has money, so you're entitled to it!
Is that better?
Thats why we did a deal that gave them 1% up to the advertised price, and 10% of anything above.
No, the grandparents are 'busy counting their money' not giving it away.
It's coming my way eventually. Either I have it now when I need it most, or later, less 40%, when I don't. Seems like a no brainer to me.
Sounds like no brain at all to me.
First point, it's her money and it's up to her entirely what she does with it.
Second point, assuming your parents are still alive, are you saying the money will come to you when she dies, or only via your parents? If the latter, you could be in for a long wait, so you'd better get on with making your own way in the world.
If the money goes first to your parents, it's then theirs to spend as they will, so, if they're sensible, you may receive nothing.
Third point, if your grandmother or your parents get to know what a begging, expectant child you are, maybe they'll change their minds about your inheriting anything.
If it were me, I'd certainly keep you waiting, just to see how you develop.
I must say I'd rather leave my money to someone whose first preference would be me alive rather than dead.
And how did that work out for you? It sounds an interesting approach.
If she has half a brain, she'll realise most of her money hasn't been earnt, but simply acquired through house inflation i.e. by doing precisely sod all. As a direct result of her wealth, the younger members of the family have to fight tooth and nail to keep a roof over their head. This is just two sides of the same coin. She's rich because they're poor, and vice versa.
Let's keep this in general terms. I made my way when I could comfortably pay the mortgage on a 3 bedroomed house and raise a family from one salary. Now it needs two salaries. Have you got that? It wouldn't be fair for me to be telling young people to do what I never had to. I had it easy, and I try to ensure that my kids and grandkids do too.
Well done! Does that mean you sold at the advertised price without an escalation to 10% for the balance, or the price was above that? If it was then by what sort of percentage on the base price?
It sounds superb, but I'd be left with the niggling thought that, if they got more, that they'd undervalued in the first place just to move the property when the potential was obviously there to sell it for more.
Not that I have any doubts about the integrity of estate agents, of course...
Lets see, my grandparents have 6 kids, and between us there are 8 grandkids, 3 step grandkids and at least two step-great-grandkids. Even if you leave the steps out I don't expect (or even want) to receive any money from my grandparents when they die. And in the meantime I'd rather they spent their money on themselves, given they're getting pretty old and frail now and could do with something to make their lives a bit better.
HMRC had that one sussed many years ago. Most people really do think that.
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