In our experience, the most common tend to fall into one of the following categories:
The purchase of an investment property in Scotland which will be rented out to produce an income
The purchase of a holiday home in Scotland for personal and family use
The purchase of a property in Scotland to be used for children attending University
The sale of a former home in Scotland by a client now living overseas
The sale of an inherited property located in Scotland by an ex pat client now living overseas
The sale of an investment property which was rented out
The sale of a holiday home in Scotland or a property which was used by children who were attending University in Scotland
Remortgage of a Scottish property
- Changing the ownership of a property in Scotland
Whatever the reason, as well as needing to understand the property process, we understand that there is a lot to think about, particularly in relation to tax and succession.
It is important that a non UK resident who is considering buying, selling or transferring a residential property in Scotland consults a property lawyer who is experienced in advising international clients. Buying a property in an overseas country can be complex and the different taxes which may impact and the different options as to how the property can be owned in Scotland can sometimes make choosing the property itself seem like the easy part!
If you are selling or transferring a property you own already, there are also potential tax implications and there is an obligation to report the sale or transfer for capital gains tax purposes to the UK tax authorities within quite a tight timescale. It is therefore essential that you have access to expert advice when entering into any property transaction.
At Morton Fraser, we have considerable expertise in dealing with international property purchases, sales and property transfers. We understand all of the issues which arise. We will provide you with prompt, clear and straightforward advice which is tailored to your particular circumstances.
If you are based abroad and aren't therefore able to meet with us in person, we can consult with you via Skype or Facetime at a local time convenient to you.
Our team of experts will guide you through every step of the Scottish process in a clear and jargon-free way. You will also have access to our team of tax specialists who will be able to outline how Scottish and UK taxes might impact at the time of the purchase, during your period of ownership and on the sale or transfer of the property.
Why choose Morton Fraser
Our experienced team has acted for clients based all over the globe. Some are ex-pats who have chosen to relocate from Scotland while many have never lived in Scotland before. We understand that for many clients, this is a new process and before committing to buying or selling their property, there is a need to understand the wider implications to include tax and succession and, in the case of a purchase, advice may be needed on the best ownership structure.
Our team of specialists will discuss these issues with you and ensure you understand what taxes will apply at the time of the purchase, on an ongoing basis, on the sale of the property and even on death. We will help you decide how you should structure the purchase to help you plan ahead.
If there is any tax reporting to be carried out (for example to report the income you receive on the rental of a property), we can assist you with this so you don't need to look elsewhere.
By choosing Morton Fraser, you will also have easy access to our specialists in other teams who are experienced in advising international clients. Our succession planning lawyers can help you with preparing a Scottish Will and Power of Attorney and will liaise with your advisers in your home country to ensure you get the best advice. Our expert team of immigration lawyers are also on hand to help with any visa or immigration issues quickly.
Our approach to fees
We offer a fixed fee or a fixed percentage fee for our property services. We will always provide a clear outline of the work we are doing and complete clarity around the services we provide.