Buying Uk property

Old Feb 24th 2024, 1:51 am
  #1  
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Default Buying Uk property

So Ive been spending a few months post retirement in UK every summer , Dales and Northern Pennines areas enjoying life walking in the hills, clean air small villages. Saw a few properties on last trip and made an offer on one that I particularly liked.
Offer accepted. My plan was to spend up to 120 days a year there as based on tax advice , thats how long I can spend. I was fine with that.
My daughter had found a conveyancing solicitor when she bought a flat in London so I opted to use same one.
They couldnt "accept " my Makati address ( their system didnt work for Philippines ) so needed to waste GBP 100 to get some docs notarised.
Fast forward 14 weeks, and lots of dicking around between the vendors lawyer and mine and leaseholder, mainly about specific wording on certain forms.. box ticking and bureacracy. Eventually all that was done, received contract etc.
Then it comes to how will you pay. With money in my HSBC HK or HSBC Expat account I replied.
They sent me an app to upload bank statements, all good.
Then the question , was how can you show the money is yours , etc. Simple ( I thought ) !!! I worked for 40 years in various countries. Which countries they replied.
And then the fun started. I worked in China for a Singaporean country. Sent lawyer contracts, pay slips that i still had a few of - even though I was retired 6 years ago . sorry cant accept money from China.
Ok lets Try Taiwan, which actually has a better money laundering score than most Asian countries. sorry cant accept money from Taiwan.
Sorry cant accept money from Philippines even though I worked here for 5 years too.
Ok, lets try KL Malaysia where again I worked for a large international Singaporean company, contract was with the Singapore company. Nope money from Malaysia not accepted. Darn.
So now Ive found out , that only money from most European countries, Scandinavia, Iceland Japan HK Singapore, Australia and New Zealand is accepted. UK considers all other countries in world as high risk for money laundering. Who knew !
Back to search through old files that I should have thrown out years ago and found a couple contracts from the 8 years I worked in HK. 1988 to 1996...years and years ago. Now waiting for lawyer to respond on this.
I had no idea it be this way. And so I'm thinking if ever I depart these fair shores and sell my condo here, the money whilst sufficient to buy myself a good sized house with grounds in UK, will not be accepted as its money from the Philippines .

No idea how the Russians and Saudis buy their property , I'm guessing in offshore companies. Its been a very interesting time with lots learning.
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Old Feb 24th 2024, 3:48 am
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Default Re: Buying Uk property

Anyway, how were you thinking to work out occupying the scenic area property only for 120 days a year?
Some years ago I tried to keep a UK property rented out and use it for visits every so often. Didn't work out.
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Old Feb 24th 2024, 4:51 am
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Default Re: Buying Uk property

Was planning for April and May then August and September. Not really interested in renting it out ,but hopefully theres family who would enjoy a week or so in the rolling hills from time to time. Its not very expensive.
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