General Finance | Fab after Fifty | Information and inspiration for women over 50

Downsizing after the Children leave home

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Article by James Butler The move from Freehold to Leasehold Property. When the children leave home, or as we near retirement, frequently the decision is made to downsize. Often the move is made from freehold house to leaseshold apartment. We asked a leading leasehold consultancy to talk us through the leasehold maze. 10 TOP TIPS FOR RESIDENTIAL LEASEHOLDERS 1. What is a Leasehold Property? Typically a Leasehold property is a Flat or part of a larger property or estate. When purchasing a Leasehold property you must be very aware that you are essentially purchasing a right of occupation and the associated protections only. In most cases you do not actually own the structural elements of the property, only those elements “demised” (allocated) to you and only for the residual...
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Divorce and Self-Help- Determining Assets

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Article by Sarah Pennells A ruling by the Court of Appeal says that divorcing couples can’t help themselves to each other’s financial documents without their knowledge. What does it mean if you’re going through a breakup? If you’ve never been through a divorce or your divorce was completely amicable then the idea of one partner snooping round the computer or filing cabinet of another might seem rather odd, but ‘self help’, as it’s called, happens in many cases in England and Wales (although it’s not something that has been allowed in the same way in Scottish divorces). It’s been something of a grey area legally, but up until this court case, the general view has been that couples could take copies of documents from desk drawers or filing cabinets (except when they’ve been locked) or from...
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Marriage Second Time Around and your Finances

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by Sarah Pennells It may be a second marriage for one or both of you, but it’s still the start of a new life together. This time round you’re a little older and a lot wiser; you know yourself better and understand where you’re prepared to compromise and where you won’t. You’re also likely to be wealthier in your own right and that means you have to think about how getting married may affect your finances. Sorting Out Your Will if you Remarry Many people put off sorting out a will but it’s vital that you draw up a new one if you remarry. Many people – wrongly – believe that divorce invalidates a will. It doesn’t, but getting married does. If you already have a will: if your will...
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Managing Your Finances when you Divorce

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Article by Sarah Pennells If you’re thinking about getting divorced, you’ll probably have braced yourself for a lot of uncertainty. But for many women, one of the biggest fears is about the financial consequences of breaking up. When I was writing my book, ‘Divorce; how to help yourself and your finances’ , I spoke to many women who were either already divorced or in the process of splitting up. Most worried about how they would cope financially after the breakup and all wanted straight answers about how their home and other assets would be divided. Unfortunately, there are few cast iron rules about who gets what (certainly if you get divorced in England or Wales, although it’s different in Scotland). But there are some guidelines that might help. How are assets divided? Big money divorces create all the...
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Lasting Power of Attorney for when you need help Looking after your Money

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Article by Sarah Pennells Who would sort out your financial affairs if you or a family member had a serious accident or became too ill to cope? Are you someone who likes to plan or do you prefer to leave it all until the last minute? If you’re a planner, you probably have savings, a pension, even a will; but have you planned for what would happen if you couldn’t make decisions about your own money? No? I didn’t think so! Figures show that while only one in three adults has made a will far fewer have made arrangements in case they can’t make their own financial decisions. But without a legal document, it would be down to a court (set up by the government) to decide who should run your...
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Last Minute Christmas Savers

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Article by Sarah Pennells of SavvyWoman.co.uk Christmas may come but once a year but for some people, the mess it makes of their finances lingers for many weeks or even months afterwards. If you’re smart you can save money and use your credit cards to ease the strain on your purse. But make sure you’re not caught out by the small print. Make store cards work for you I’m not a fan of store cards because the interest rates are so high (they can be almost 30% APR or more) but – if you’re disciplined – you can make them work for you, especially during the sales. Many stores will give cardholders access to previews or an additional discount off the sale price. However, it only works in your favour if you use your card and pay...
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Downsizing after the Children leave home

Divorce and Self-Help- Determining Assets

Marriage Second Time Around and your Finances

Managing Your Finances when you Divorce

Lasting Power of Attorney for when you need help Looking after your Money

Last Minute Christmas Savers

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