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Inheritance . Buying/Renting Scotland

Bryando
Bryando Posts: 1,464 Forumite
in House buying, renting & selling
Hi,

My grandparents have told me they are leaving me money within their will. I was talking about getting back into employment and my intent of saving a substantial amount.

Was at this point out the blue he said I will be getting more than enough to purchase a house . I am a second executor and that was the only knowledge they had a will a few years ago. Was asked for my address from his Solicitor.

My gran is going down hill and he is being advised whether to carry out the will as if he was dead. Owning to the fact if my gran goes into a nursing home the impact on his funds. So I might be getting this sooner than later depending on how this pans out! Rules on how long back they can say he deprived himself my dad explained. So it sounds like the Solicitor is helping them use the law to their advantage. Fair enough.

Is there any books you would recommend in getting to learn about house buying/ renting out in Scotland? I would be buying to rent out as I live with my partner.

Grim thought of my Papa dying or my Gran being carted away owing to issues that are arising to the family. My Papa keen on me looking ahead with this information.

Thanks

Comments

  • Keep_pedalling
    Keep_pedalling Posts: 16,611 Forumite
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    My advise would be not to count your chickens, because it sounds like he is getting advice from some bloke down the pub rather than a solicitor.
  • Bryando
    Bryando Posts: 1,464 Forumite
    Clearly no idea of Scottish law and forward planning. My advice go and read the rules on deprivation of capital in Scotland . Aged uk I think provides a lovely presentation of information relevant to here.
  • Keep_pedalling
    Keep_pedalling Posts: 16,611 Forumite
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    Clearly a greedy grandchild who is more concerned with getting their hands on the money rather than it going to care for their grandparents in their time of greatest need.

    If your GM is going to need care in the immediate future then she cannot give her assets away without falling foul of depreciation of assets, and your GF can't either if the sole purpose of doing it is to enrich you.
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
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    Bryando wrote: »
    Clearly no idea of Scottish law and forward planning. My advice go and read the rules on deprivation of capital in Scotland . Aged uk I think provides a lovely presentation of information relevant to here.

    I'm confused. Are you not the OP?
  • G_M
    G_M Posts: 51,977 Forumite
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    Hmmmm so

    1) your gran has a fairly large amout of money

    2) she's poorly, and may need a care home

    3) because of the money she has, the local authority will not pay the care fees

    4) a 'solicitor' (really?) is advising (or is he being 'instructed' by family) giving away gran's money

    5) then gran will have no money, and I will have to pay her care fees (via the local authority etc

    6) and you will get a nice wodge of cash at my expense

    I think I'll decline to help, other than to warn of 'deprivation of assets'.

    After all - this is a moneysaving forum, and I prefer to save myself some money.
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    Name Dropper First Post Photogenic First Anniversary
    Bryando wrote: »
    Hi,

    My grandparents have told me they are leaving me money within their will. I was talking about getting back into employment and my intent of saving a substantial amount.

    Was at this point out the blue he said I will be getting more than enough to purchase a house . I am a second executor and that was the only knowledge they had a will a few years ago. Was asked for my address from his Solicitor.

    My gran is going down hill and he is being advised whether to carry out the will as if he was dead. Owning to the fact if my gran goes into a nursing home the impact on his funds. So I might be getting this sooner than later depending on how this pans out! Rules on how long back they can say he deprived himself my dad explained. So it sounds like the Solicitor is helping them use the law to their advantage. Fair enough.

    Is there any books you would recommend in getting to learn about house buying/ renting out in Scotland? I would be buying to rent out as I live with my partner.

    Grim thought of my Papa dying or my Gran being carted away owing to issues that are arising to the family. My Papa keen on me looking ahead with this information.

    Thanks

    Who is advising your grandfather? Dave from down the pub? There isn't a time limit on deprivation of assets.

    Perhaps you should wait until you've actually got your paws on the money. What's relevant for landlords today in Scotland might not be relevant once you get the money. For example, the new type of tenancy agreement which is expected to be introduced later this year.
  • bluedrop
    bluedrop Posts: 662 Forumite
    Bryando wrote: »
    Clearly no idea of Scottish law and forward planning. My advice go and read the rules on deprivation of capital in Scotland . Aged uk I think provides a lovely presentation of information relevant to here.

    Are you the OP?

    Split personality disorder?? or simply trolling?
    There is more to life than increasing its speed.
  • Keep_pedalling
    Keep_pedalling Posts: 16,611 Forumite
    First Anniversary First Post Name Dropper Photogenic
    bluedrop wrote: »
    Are you the OP?

    Split personality disorder?? or simply trolling?

    I believe the OPs comment was aimed at me.
  • seashore22
    seashore22 Posts: 1,443 Forumite
    First Anniversary First Post Combo Breaker
    This is a very confusing thread.

    It looks like deprivation of capital is the same as deprivation of assets in other parts of the UK, so this whole scheme is a bad idea.

    Op, you seem to think that deprivation of assets is to your advantage here. Why is that?
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