Gifting a Property
If you are thinking of gifting a property or a share of a property you own, we can help with this. As well as having a team of property specialists who can help with amending the legal title, you will have access to tax and estate planning experts who will be happy to discuss your proposals with you to ensure you are aware of any implications, including any tax charges which may arise now or in the future. We will help you plan ahead in a tax efficient way.
Securing a Loan
If you are considering making a loan to a family member or a friend, perhaps to help them get on the property ladder or for some other purpose, we can help you document the loan and agree the terms for repayment. If the person receiving the funds is a home owner, it may be sensible to consider securing your interest by taking a standard security (legal charge) over their property which would be registered with the property title deeds. We will advise you on this and can help with the preparation of all documentation, the negotiation of terms and with the registration.
We can help with all of the legal aspects relating to your remortgage and will liaise with your mortgage broker or direct with your bank to make the process as seamless as possible. When you eventually repay your mortgage, the standard security (legal charge) which is registered against the title to your property will need to be removed. We can help with this process and, if you wish, would then be happy to store your title deeds on your behalf.
Land and Buildings Transaction Tax (Stamp Duty)
The rules relating to Land and Buildings Transaction Tax which is the tax which applies to a property acquisition in Scotland can be quite complex. Depending on an individual's (and their family's) circumstances, an additional charge may apply in the form of the 3% Additional Dwellings Supplement. Our team of experts will advise on how this will apply to your individual circumstances and deal with the reporting and payment on your behalf. Where applicable, we will also help with applying for a refund of tax where a main residence is sold within 18 months of a new main residence having been bought.
We have significant experience advising clients who live overseas on both property purchases and sales. Our team of experts will guide you through the Scottish process and 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 of the property. Non UK residents now need to report the sale of a UK residential property to the UK tax authorities within quite a tight timescale and our tax experts will be happy to assist you with the tax reporting and will advise you if there is any tax to pay.