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: 3454 - Articles: 286
9:58 AM, 4th November 2016, About 10 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: 3454 - Articles: 286
10:00 AM, 4th November 2016, About 10 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 10 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