Go Back  British Expats > Living & Moving Abroad > Middle East > The Sand Pit
Reload this Page >

Buying new home in cash

Buying new home in cash

Old Apr 23rd 2012, 12:52 pm
  #1  
BE Enthusiast
Thread Starter
 
alfrombarking's Avatar
 
Joined: Nov 2008
Posts: 361
alfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to behold
Default Buying new home in cash

I'm not sure how tricky this would be but, I wonder if its a good idea.

The money is legal but its also all over the place (outside uk) will this be a problem? if so what should one expect?

I'm talking about a 500k property.


btw

http://www.bbc.co.uk/news/business-13116262

Last edited by alfrombarking; Apr 23rd 2012 at 12:56 pm.
alfrombarking is offline  
Old Apr 23rd 2012, 1:05 pm
  #2  
BE Forum Addict
 
Joined: Aug 2011
Posts: 2,536
mentalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond reputementalist has a reputation beyond repute
Default Re: Buying new home in cash

They don't literally mean cash, simply no mortgage. You can pay by cheque.
mentalist is offline  
Old Apr 23rd 2012, 1:49 pm
  #3  
BE Enthusiast
Thread Starter
 
alfrombarking's Avatar
 
Joined: Nov 2008
Posts: 361
alfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to beholdalfrombarking is a splendid one to behold
Default Re: Buying new home in cash

Originally Posted by mentalist View Post
They don't literally mean cash, simply no mortgage. You can pay by cheque.
I understand but its it advisable to write a 500k cheque to solicitor?

If things go wrong, will the money be protected by Financial Services Compensation Scheme (FSCS)?

What is it advisable to use one or separate accounts to make this payment?

What about the Tax issues?
alfrombarking is offline  
Old Apr 23rd 2012, 2:01 pm
  #4  
Bored liberal
 
Meow's Avatar
 
Joined: Feb 2007
Location: Over there ----->
Posts: 13,705
Meow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond repute
Default Re: Buying new home in cash

Solicitors have separate client accounts and it is quite normal to write them a cheque for a property purchase.

As for any tax liabilities on taking money into the UK that depends on your specific situation, how long you have been non-resident etc.

If the property is to be let, then your net rental income is taxable.
Meow is offline  
Old Apr 23rd 2012, 6:58 pm
  #5  
Millhouse is not a meme
 
Millhouse's Avatar
 
Joined: Aug 2009
Location: Disneyland, Dubai
Posts: 14,592
Millhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond repute
Default Re: Buying new home in cash

Shouldn't be a problem.

But, a mate of mine just did this. Took him months as he had to prove where he got the money from to meet KYC/Money laundering checks in the UK. Was a real hassle, but a nice problem to have.
Millhouse is offline  
Old Apr 24th 2012, 3:53 am
  #6  
BE Forum Addict
 
flares's Avatar
 
Joined: Nov 2009
Posts: 2,968
flares has a reputation beyond reputeflares has a reputation beyond reputeflares has a reputation beyond reputeflares has a reputation beyond reputeflares has a reputation beyond reputeflares has a reputation beyond reputeflares has a reputation beyond reputeflares has a reputation beyond reputeflares has a reputation beyond reputeflares has a reputation beyond reputeflares has a reputation beyond repute
Default Re: Buying new home in cash

My mate in UK who is a tiler and only ever deals with the folding went to buy a car from a Ford main dealer and was limited to how much he could spend 'in cash'. GBP 8k I think it was so he got a second hand Focus for 7,999
flares is offline  
Old Apr 24th 2012, 4:47 am
  #7  
Lost in BE Cyberspace
 
kittycat1's Avatar
 
Joined: May 2009
Location: Dubai
Posts: 5,965
kittycat1 has a reputation beyond reputekittycat1 has a reputation beyond reputekittycat1 has a reputation beyond reputekittycat1 has a reputation beyond reputekittycat1 has a reputation beyond reputekittycat1 has a reputation beyond reputekittycat1 has a reputation beyond reputekittycat1 has a reputation beyond reputekittycat1 has a reputation beyond reputekittycat1 has a reputation beyond reputekittycat1 has a reputation beyond repute
Default Re: Buying new home in cash

give me the money and I'll sort it out for you
kittycat1 is offline  
Old Apr 25th 2012, 10:14 am
  #8  
BE Forum Addict
 
UKCityGent's Avatar
 
Joined: Feb 2007
Location: Kuwait
Posts: 1,130
UKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond repute
Default Re: Buying new home in cash

Originally Posted by alfrombarking View Post
I understand but its it advisable to write a 500k cheque to solicitor?

If things go wrong, will the money be protected by Financial Services Compensation Scheme (FSCS)?

What is it advisable to use one or separate accounts to make this payment?

What about the Tax issues?
If you have dealt with the solicitors before then it shouldnt pose much of a problem - however if you are doing a transaction with a new solictor they will need Know Your Client details (usually passport, address and utility bill).

The money is always in a segregated account.

You will have to make sure that the solictor is part of the Law Society as they usually offer compensation as well - the FSCS does cover the transaction.

When transferring large amounts i always test the account with $100 to go (to make sure no transpoition errors - i have made a BIG mistake like that before !!) - else take a bankers draft directly to the solictors during a weekend trip !

For tax - use a company to reduce/limit your tax bill
UKCityGent is online now  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.