Rarity....

mrskitty · 11-04-2008, 10:29

Looking for something completely different,i came across this article(although its a month old) and found it so refreshing.Good on her!

Widow who bought dream home for £8,000 in 1949 refuses to sell it - despite £8MILLION price tag | the Daily Mail

garinda · 11-04-2008, 10:55

Good for her, though eight grand was a fair old whack when they bought it in the forties, but nowhere near it's worth today.

I love(ed) Sandbanks. My Dad used to keep his boat moored there, at Davis's boatyard, and we had some wonderful holidays there as children.

We used to rent a house on the actual spit itself, connecting Sandbanks to the mainland. You went through the garden gate straight onto the beach, and it had balconies at both sides, so at the back you looked over the English Channel, from the Needles on the Isle of Wight to Old Harry on Purbeck, and at the back you over looked Poole Harbour, the second largest natural bay in the world, truly beautiful.

If you think about it, considering our thousands of miles of coastline, there are very few places in the U.K. which have houses which have direct asccess to the beach/sea, so it's not suprising Sandbanks has some of the most expensive real estate in the world.

The last time I was there it's all changed, and a lot of the old properties have been demolished to make way for apartments and houses for the Footballer's Wives market.

The house I always liked best is lived in by Harry Rednap, which is very close to the old lady's house on the map, or the one right next to the ferry, which used to belong to John Lennon's aunt Mimi.

I hope this lady enjoys the rest of her life living in her home on Sanbanks, I would.

Lolly · 11-04-2008, 11:14

I seem to remember reading recently about a man in the same situation. I think he bought his house in the 60's though. He is also refusing to sell. His argument is that he loves his house and isn't going to live long enough to enjoy the money himself, so his children can either live there or sell it and enjoy the money when he dies.

garinda · 11-04-2008, 12:33

Quote:

Originally Posted by Lolly

I seem to remember reading recently about a man in the same situation. I think he bought his house in the 60's though. He is also refusing to sell. His argument is that he loves his house and isn't going to live long enough to enjoy the money himself, so his children can either live there or sell it and enjoy the money when he dies.

I think that man was on a television series that Piers Morgan recently did about Sandbanks.

Lolly · 11-04-2008, 12:34

Quote:

Originally Posted by garinda

I think that man was on a television series that Piers Morgan recently did about Sandbanks.

I didnt watch it, but maybe it was an article in the paper the same day as it was on. I'd do the same though.

Margaret Pilkington · 11-04-2008, 12:35

I wouldn't want to sell up if I lived in a place like that and yes as Rindy rightly points out £8000 in the forties was a huge chunk of money.

BERNADETTE · 11-04-2008, 14:38

Good on the lady she should stay where she is happy

WillowTheWhisp · 11-04-2008, 20:37

Reading through the article it actually says that her house is worth £5 million and that a brand new one would be worth £8 million. I don't blame her for not wanting to sell it. She's happy there. She doesn't need to sell it. Why shouldn't she spend the rest of her life in the home she knows and loves? Good for her.

banjoman · 13-04-2008, 17:48

Just hope the kids dont get done on inheritance tax...I remember on a TV programme that they pointed out :

If both parents died and say the house was worth 500K, the kids would have to pay a big lump sum of inheritance tax. If the kids who didnt have that money, they would have to sell the house to pay the tax ??? I mean come on how is that fair.

If it was me, and I was that old lady, I`d sell it to the kids now for £1 with the legal agreement I can live there till I pop my clogs.

Neil · 13-04-2008, 17:52

Quote:

Originally Posted by banjoman

If it was me, and I was that old lady, I`d sell it to the kids now for £1 with the legal agreement I can live there till I pop my clogs.

That is ok unless she dies within 7 years, if she does they still have to pay the tax - its something like that anyway

cashman · 13-04-2008, 17:57

never been,but it certainly looks the business there, the inheritance tax is a real rip off, would consider moves to avoid the kids having to pay it, good on her fer wanting to stay, ya can,t put a price on memories.

garinda · 13-04-2008, 18:13

Quote:

Originally Posted by Neil

That is ok unless she dies within 7 years, if she does they still have to pay the tax - its something like that anyway

You're right, it's seven years.

A similar point is if you gift, or sell property for a nominal amount, then later come to need residential care, you are still eligible to use the money raised from that property if it's within seven years.

Princess Margaret tried to aviod the tax by giving her property in Mustique to her son.