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Reply to: French property
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Previously on "French property"
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I suspect the main benefits are for your mother, who doesn't have the cost and hassle of engaging an estate agent and having randoms from Home or Away bitching about stuff to try and look like they're not scamming a free holiday.
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Sounds like a perfect way to buy. I doubt there are any tax incentives.
As it’s a purchase from your mother you should be able to conduct the transaction in sterling rather than euros further simplifying.
You’ll need to engage a French solicitor and for that I’d recommend initially talking to who your mother used when buying. It’s likely you’ll need a different solicitor due to conflicts of interest but get your mother to ask that question.
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Originally posted by Wilmslow View PostI have been very privileged enjoying visiting my mums apartment in South West France over the last few years - she is now wanting to sell-up and buy a property elsewhere in another country.
The problem is that I really like the apartment and the area, so I am seriously thinking about either buying her apartment or another similar one in the area. Rental income is good - the season is short (May to September), but it keeps its nose clean and has some profit, so a worthy investment.
If I did buy the apartment I would be doing just that as she needs the money for her next purchase, but, I am wondering if there are any tax incentives or pitfalls around the best way to invoke the transaction? It is worth around 200K Euros. I would be stumping up around 100K, re-mortgage my current house worth nudging on half a mill, with just a £50K mortgage, so increassing the mortgage to around £130K to enable a cash transaction. I have seen another apartment I also like for 150K Euros (around £135K), and would be just about as happy with both is there was an incentive either way.
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Originally posted by AtW View PostCan you handle French mafia?
'Like rabbit, but sweeter': the verdict on eating squirrel - Telegraph
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French property
I have been very privileged enjoying visiting my mums apartment in South West France over the last few years - she is now wanting to sell-up and buy a property elsewhere in another country.
The problem is that I really like the apartment and the area, so I am seriously thinking about either buying her apartment or another similar one in the area. Rental income is good - the season is short (May to September), but it keeps its nose clean and has some profit, so a worthy investment.
If I did buy the apartment I would be doing just that as she needs the money for her next purchase, but, I am wondering if there are any tax incentives or pitfalls around the best way to invoke the transaction? It is worth around 200K Euros. I would be stumping up around 100K, re-mortgage my current house worth nudging on half a mill, with just a £50K mortgage, so increassing the mortgage to around £130K to enable a cash transaction. I have seen another apartment I also like for 150K Euros (around £135K), and would be just about as happy with both is there was an incentive either way.Tags: None
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