Expat thinking of changing things up?

by Readers Question

9:54 AM, 4th November 2016
About 2 years ago

Expat thinking of changing things up?

Make Text Bigger
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.Norway

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



Comments

Neil Patterson

9:58 AM, 4th November 2016
About 2 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.

Neil Patterson

10:00 AM, 4th November 2016
About 2 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.

Konstantin Matveev

11:17 AM, 4th November 2016
About 2 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


Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

OR

BECOME A MEMBER

Nottingham Council - Why do you refuse to work with Good Landlords?

The Landlords Union

Become a Member, it's FREE

Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agents

Learn More