Expat thinking of changing things up?
I am in the process of selling my sole property in the UK, (which I have been letting for 10 years), and plan to buy 2 flats instead. My agent has priced the house at £325,000 and suggests 2 properties at around £160,000 each.
There is £45,000 left to pay on my repayment mortgage, therefore (excluding costs, taxes etc.), I need to borrow £40,000 to finance the 2 flats and after investigation, it would appear to be easier to raise this cash in Norway, (where I live), than trying to get an Expat mortgage.
My questions are :-
1. Should I set up a limited company ?
2. Are there any charges when transferring such a sum internationally ?
3. Is this the correct way ahead ?
Many thanks
Colin
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Member Since February 2011 - Comments: 3453 - Articles: 286
9:58 AM, 4th November 2016, About 9 years ago
Hi Colin,
My first question that stands out is how much are you gaining by making the above three transactions and then what are the costs involved?
The 2 flats would have to have an awful lot higher yield to offset agents fees, solicitor costs, raising finance, transferring money etc etc.
Member Since February 2011 - Comments: 3453 - Articles: 286
10:00 AM, 4th November 2016, About 9 years ago
Please also see our tax planning page to assist on the tax aspect too >> https://www.property118.com/tax/
Although I have no idea what the tax rules will be in Norway.
Member Since March 2015 - Comments: 5
11:17 AM, 4th November 2016, About 9 years ago
Hi Colin,
I can advise with regards to money transfer as I usually work with Chinese clients. The amount of fees for the transfer would be very marginal, I would say about 20 pounds at the most if done via bank but don’t get caught on currency exchange.
Thanks,
Konstantin