Advice required on buying property in Uk
Mar 7th 2015, 9:30 pm
#1
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Joined: Jan 2010
Posts: 97
Advice required on buying property in Uk
My daughter has just split from her partner and is trying to buy him out of their flat. She will need some money from me inorder to purchase this.
I would like to have the flat structured as " Tenants in Common' to safeguard myself incase she has a new partner or becomes ill etc. Is this possible in the UK and what are the tax implications if you live in Australia but own property in the UK. ? I think new rules are due to come in. Is it possible to organise this from Oz ? would I need a solicitor here as well as one in the UK. ?
Does anyone know a solicitor in Brisbane that deals with such Expac issues ? Or know of a good website with information I can get some knowledge from ?
Thanking you
I would like to have the flat structured as " Tenants in Common' to safeguard myself incase she has a new partner or becomes ill etc. Is this possible in the UK and what are the tax implications if you live in Australia but own property in the UK. ? I think new rules are due to come in. Is it possible to organise this from Oz ? would I need a solicitor here as well as one in the UK. ?
Does anyone know a solicitor in Brisbane that deals with such Expac issues ? Or know of a good website with information I can get some knowledge from ?
Thanking you
Mar 9th 2015, 4:33 am
#2
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Joined: Feb 2014
Posts: 592
Re: Advice required on buying property in Uk
I have asked my affiliate broker in the UK on the tenants in common.
Income is disclosable in OZ if being received. Capital Gains may also be applicable at some point of time.
You should also have an agreement on how you are going to manage the property so it is clear what you agree to as things can sort of turn nasty later down the track when one wants to sell and the other does or one wants to buy the other out etc etc.
If a formal Loan repayable then best also to have that drawn up proper as well.
Just some helpful tips for you to consider. I will come back later on the tenants in common side of things... :-)
Income is disclosable in OZ if being received. Capital Gains may also be applicable at some point of time.
You should also have an agreement on how you are going to manage the property so it is clear what you agree to as things can sort of turn nasty later down the track when one wants to sell and the other does or one wants to buy the other out etc etc.
If a formal Loan repayable then best also to have that drawn up proper as well.
Just some helpful tips for you to consider. I will come back later on the tenants in common side of things... :-)
Mar 9th 2015, 5:25 am
#3
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Joined: Dec 2013
Location: Consolacion,Cebu
Posts: 1,931
Re: Advice required on buying property in Uk
Suggest you and your daughter be the "tenants in common". This means you each own 50% of the property and share in any profits/loss etc. You should also ensure the agreement lays down who pays for what - maintenance, insurance, etc to avoid potential future problems. I used to own a property with my 2 brothers as "tenants in common". One brother lived there and the agreement stated he was responsible for paying all taxes & insurances, and any maintenance, other than general redecoration, could only be commenced once all 3 of us agreed and paid one third of the cost each. For example , we need some roofing work done , including removing an old chimney so we got estimates, got together , decided which to accept and split the cost 3 ways.
When we sold up , all costs were split 3 ways as was the capital gain.
No idea on Oz tax situation but I'm sure John in Oz can help there.
When we sold up , all costs were split 3 ways as was the capital gain.
No idea on Oz tax situation but I'm sure John in Oz can help there.
