The great £2 mil­lion co­nun­drum

The Jewish Chronicle - - CLASSIFIED -

IN­HER­I­TANCE TAX doesn’t like the num­ber “two mil­lion”. Par­ents and grand­par­ents will be able to leave homes worth up to £850,000 to their chil­dren with­out at­tract­ing in­her­i­tance tax from 2017 and this limit will rise to £1 mil­lion by 2020. How­ever, for ev­ery £2 of value over £2 mil­lion, £1 will be de­ducted from the new “main res­i­dence thresh­old” from 2017, so those own­ing par­tic­u­larly ex­pen­sive prop­er­ties won’t get the same level of tax break.

The idea, first pledged as part of the Con­ser­va­tive Party pre-elec­tion man­i­festo, means that each par­ent is able to leave £500,000 in property — up from the cur­rent £325,000 per per­son — with­out pay­ing in­her­i­tance tax. But try not to leave £2 mil­lion-worth of property.

So what does £2 mil­lion buy you th­ese days? Among property for sale at that price in north Lon­don, you can pick up three-bed­room flats in Hadley Wood and Mill Hill, or a house in Muswell Hill.

Re­nais­sance, on Cock­fos­ters Road, Hadley Wood, com­prises eight three­bed­room apart­ments by Heron­slea Group, in gated grounds. De­signed for those down­siz­ing from large north Lon­don houses, the apart­ments are set Re­nais­sance, Hadley Wood apart­ments by Heron­slea, from £1.95 mil­lion via Sta­tons out across three floors and range from 1,990 sq ft to 2,743 sq ft. Prices start at £1.95 mil­lion through Sta­tons.

Sta­tons is joint agent, with Knight Frank and Jeremy Leaf, for St Joseph’s Gate, NW7, a grade II listed build­ing with mod­ern interiors by Berke­ley Homes. The three-bed­room apart­ments are priced up to £2.15 mil­lion.

Es­tate agent Mar­tyn Ger­rard is in­structed on Pin­na­cle N10, a de­vel­op­ment of 22 apart­ments and six houses in Muswell Hill. Built by Jamm Liv­ing, the one-, two- and three-bed­room apart­ments and five-bed­room houses are priced from £499,950 for 52 sq m to £1.385 mil­lion for 145 sq m. The houses start at £1,899,995.

Mar­tyn Ger­rard has been named “best let­ting agent” in its class at the Ne­go­tia­tor Awards 2015, or­gan­ised by The Ne­go­tia­tor Mag­a­zine. It also picked up sil­ver awards in the mar­ket­ing and Lon­don es­tate agent cat­e­gories.

Open­ing its first of­fice in Whetstone in 1964, Mar­tyn Ger­rard now has 11 high-street of­fices cov­er­ing ar­eas from High Bar­net, Mill Hill, Hen­don and Finch­ley to Muswell Hill, Crouch End and Ken­tish Town and the busi­ness is run by Mar­tyn’s son Si­mon. As well as let­tings, the agent han­dles property con­sul­tancy, in­clud­ing new homes sales.

An­other re­cent award win­ner, de­vel­oper Fu­sion Res­i­den­tial, took home a bas­ket of prizes from the UK Property Awards. Among them, it was highly com­mended for its Palazzo scheme. The concierge-ser­viced Palazzo in Beech Hill, Hadley Wood of­fers lux­ury flats, with the pent­house avail­able for £2.5 mil­lion. Agent is Deb­bie Wil­liams.

Buy it and there might be a lot less to leave the kids — but your re­tire­ment will cer­tainly be com­fort­able.

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