Getting Money from abroad

dgtazzman

Why worry yourself over it and put in so much effort. Either they come up with the money asap, or they are unable to proceed and you have no other choice than to put your flat back on the market. It's up to your buyers to sort this out, not you.

If it's just the bank account that's an issue, there's nothing stopping the woman from opening an account in the UK, doesn't take much time or effort to do so.

G_M

John_Fla wrote: »

No they are not married, It can't be tax fraud as the MIL didn't make the transfer.

No, but what is intended, and what you seem keen to assist with, may well be tax fraud.

As kinger101 says, this really is not your problem to resolve (unless you are in fact the French lady involved?).

As a seller, you should limit yourself to putting pressure on the buyer (a British man) to Exchange contracts, by a set date, or you should seek another progressable buyer.

The buyer's finances are his concern, not yours.

FBaby

Are you asking because you are questioning the validity of their excuses? Personally, I would because as indeed stated already, why can't she just open an account in the UK, or if not possible, in France?

It doesn't make sense.

davidmcn

Also, is it really the case that French banks have some sort of policing role in their capital taxation system? I would have expected them to do much the same as here i.e. do the transfer without question and leave you to work out the tax implications yourself.

Thrugelmir

John_Fla wrote: »

Easier said than done, I've already had one buyer pull out after a month and accepted a slightly lower offer for a quick sale.

I really really do not want to loose the house I've bought, am under pressure from the vendor for a quick move, she is unaware of my predicament.

Not your predicament it's the buyers. I'd have a plan B in case. A substantial gifted deposit passed to an unrelated party from overseas is not the way to conclude a quick sale.

G_M

davidmcn wrote: »

Also, is it really the case that French banks have some sort of policing role in their capital taxation system? I would have expected them to do much the same as here i.e. do the transfer without question and leave you to work out the tax implications yourself.

I believe the French banking system is much tighter than here.

For example, if you bounce a cheque in France it's a serious matter. You can have your account closed and get black-listed by all banks, or even face criminal charges I believe. Whereas over here, you get charged a fee and then allowed to cary on banking irresponsibly (to the ongoing profit of the bank).

So I can imagine the French banks might have "some sort of policing role" (though I don't know).

robatwork

Your question doesn't make much sense.

You need to keep yourself at arm's length from your buyers, and about 1,000,000 miles from your buyers' relatives.

Do not take payment even 1 centime (ok ok cent) from this lady. How she gets her money to her daughter is 100% their problem and not yours.

Reading between the lines here, you haven't sold your flat at all.

What does your Estate Agent say about presenting you with a ready and willing buyer?

xylophone

As far as I can see, the male Briton is buying the property in his sole name.

He has a French girlfriend.

The girlfriend's mother wishes to make a gift to her daughter.

Presumably she can do this under French fiscal laws.

Assuming that this is the case, the French girlfriend can receive the money in an account in her own name, wherever held, and can then give the money to the British boyfriend.

The boyfriend is therefore receiving a gifted deposit and presumably would need to declare this to the mortgagee.

The mortgagee might be concerned that the property is in his sole name but the person gifting the deposit, while not on the mortgage, is going to live in the property.

However, as others have said, the financial affairs of the prospective purchaser should not be of direct concern to the OP and it is doubtful whether he should become involved in any way.

Either the purchaser is in a position to exchange and complete or he isn't.

It seems to me that the OP should either get confirmation that the purchase can proceed in the normal way within an acceptable timescale or he bites on the bullet and remarkets the property?

Yolina

I'm French and have been living in the UK for over 20 years, I can confirm that anything involving gifting and transferring from France is a right utter PITA :rotfl: (and getting worse)

I can't see a way of transferring the money to the daughter's boyfriend's account without incurring a tax bill.

Even the allowed transfer to children isn't totally painless as it's effectively an advance on the inheritance. It needs to be declared and paperwork done with associated costs of course. They really haven't thought that one through, have they?

kinger101

xylophone wrote: »

As far as I can see, the male Briton is buying the property in his sole name.

He has a French girlfriend.

The girlfriend's mother wishes to make a gift to her daughter.

Presumably she can do this under French fiscal laws.

Assuming that this is the case, the French girlfriend can receive the money in an account in her own name, wherever held, and can then give the money to the British boyfriend.

The boyfriend is therefore receiving a gifted deposit and presumably would need to declare this to the mortgagee.

The mortgagee might be concerned that the property is in his sole name but the person gifting the deposit, while not on the mortgage, is going to live in the property.

However, as others have said, the financial affairs of the prospective purchaser should not be of direct concern to the OP and it is doubtful whether he should become involved in any way.

Either the purchaser is in a position to exchange and complete or he isn't.

It seems to me that the OP should either get confirmation that the purchase can proceed in the normal way within an acceptable timescale or he bites on the bullet and remarkets the property?

I posted something earlier but it seems to have disappeared. Gifts to children in France are also subject to taxation. I think the tax-free limit is 100,000 euro, but I wouldn't be able to read the actual legislation (with my Del Boy French......mange tout).

http://france.angloinfo.com/money/general-taxes/french-tax-changes/

What you outline would seem the best approach to minimize tax, assuming that the tax laws don't apply to French NR/domiciled too.

But the main thrust of my earlier post was it's not the OP's responsibility to find ways to transfer the funds. All they can do is put pressure on them for updates and be ready to remarket.