Completion - Declared value

[Allen]

For anyone shortly to complete.........see Daily Telegraph article - Saturday April 9th - Property section page 10

Reading it may save you money - when you eventually sell your property. I emailed it to my Spanish lawyer who found it very interesting and advised me to request full declared value...........

Underdeclaring the value of your property when you buy your property does save a few quid in VAT at the time - but as a non resident, when you sell your property you will pay more capital gains tax at 35% - unless you sell by the same method - which will gradually become more difficult to achieve.

[sunman]

Hi Allen

Haven't been able to track down the article but most interested. Any chance of forwarding to kevin.duffy7@ntlworld.com

I'l enlighten you to the conversation I recently had with our solicitor

Sunman

[Allen]

Hi Sunman

I've emailed the article to you - let me know if you don't get it.
I must say, that when my lawyer came back to me and told me that I didn't need to underdeclare if I didn't want to - I was a bit suprised. No one else had told me that.
As far as I understood, I was in the system - I've already been given the underdeclaration figure and that was it. The bank, the agent, the builder and presumably th Notary were going to go along with it.
I asked my lawyer how the builder would react if I requested full declaration - she thought he wouldn't be too pleased but there was nothing he could do about it - he couldn't refuse to sell - as can be the case with a private seller.

[sunman]

Hi Allen

Received your e-mail, many thanks.

Will reply tonight

Sunman

[dot]

completion - declared value

Allen - Coiuld you please send me a copy of the article in the Daily Telegraph from April 8-9 as I cant locate it. The email address is dorothy2102@hotmail.com, thanks as we are due to complete at end of year.

Dorothy

[dot]

completion - declared value

Allen - Coiuld you please send me a copy of the article in the Daily Telegraph from April 8-9 as I cant locate it. The email address is dorothy2102@hotmail.com, thanks as we are due to complete at end of year.

Dorothy

[spark240]

Why is everybody so concerned about selling when they havent even bought it yet !

[Doc]

Spark240.

This is a decision which must be made when you buy, otherwise it could end up costing you a lot more when you sell. Most people don't fully understand the capital gains tax implications when they under-declare at purchase.

Chris.

[Doc]

The following link should take you to the aforementioned article:

http://www.telegraph.co.uk/property/.../09/pbla09.xml

Chris.

[jacpops]

Hi Chris
Thanks for that link, it made very interesting reading. As some of you know from my earlier posts we fought hard along with our solicitor to not pay the cash and get the full amount on our deeds. I we had gone with our agents recommended sols we would have never have been able to do it. One word of warning, when checking your deeds at the solicitor before the notary appointment, and again at the notary make sure the full value is correct. Sometime you are allowed to pay by bankers draft but then when you get the deeds the lower value is still on there. Crafty of what?
Jackie

[Doc]

Again, this highlights the importance of having an INDEPENDENT solicitor (i.e. not the one that your agent/builder introduces you to. Let's face it, if you were being given work hand over fist by a particular agent would you risk losing that by upsetting the apple cart?

Well done for making your stand, Jacpops. It may reap dividends in the long run.

Chris.