Buying property in the UK from abroad

[JagSquared]

Not sure if this is right forum so mods, feel free to move it if needs be.

 

I have a relative who is looking to buy a very small flat on the south coast from a EU member country nothing fancy and they wouldn't require a mortgage.

 

What they asked me to do was to find out what legal stuff they need to do as they are foreign nationals to purchase a property and as this isn't something I am familiar with I thought I would open it up to the Forum to pitch in with ideas.

 

I tried to google it but I cant find what I'm looking for. Any advice would be great.

[INTORRESTING]

The solicitor will need to do advanced money laundering checks with regard to id and source of funds but apart from that no problems and it is just a normal transaction.

[bri]

Yep as above . You'll need a uk solicitor to put the deal through. Once the ML checks are done you should be fine

[JagSquared]

Excellent, I will let them know.

 

Many thanks again for your help, if you have any links that I could ping over to them that be ace but Im aware Im pushing it.

 

Times like this is when I wish I could still rep.

[INTORRESTING]

Not really anything unless you want to point them towards the sra webiste or moneylaundering leaflets.

 

They need to appoint a uk solicitor, have photo id, utility bills and maybe a letter from their employer and proof of funds. They either need to come over in person with the documentation or get things notarised their end and send it over.

[JagSquared]

Cheers, one final thing if he wanted to put this in his daughters name (she studies here) would that involve any payment of tax? Or can he simply gift / sell it to her for a nominal amount?

[Monkeywool]

Jesus, as if it isn't hard enough to buy a house - now we got all the Johnny Foreigners buying them from abroad. Should be illegal and everyone should be deported etc.

 

*whistle*

[INTORRESTING]

Cheers, one final thing if he wanted to put this in his daughters name (she studies here) would that involve any payment of tax? Or can he simply gift / sell it to her for a nominal amount?

 

She can buy it, he can provide the money - again there will be money laundering checks. If she is a first time buyer she will avoid stamp duty too.

 

He needs tax advice and needs to decide whether it is a gift or a loan etc