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I have some questions about buying property as a non resident
bustermove2017
Posts: 1 Newbie
Hello.
I left the UK in 2009 to travel the world and I have not been home since. I now reside in Thailand and am a non-resident UK national. I would like to buy a few properties in the UK and rent them to my family for super cheap.
I dont like the idea of having my money in the bank with the possibility of the bank going bankrupt due to any future uncertainty in global markets.
Right now I have funds in Thailand that I would like to use to buy a couple of properties under 100k and then allow my family to rent them from me for like 100 quid a month with the agreement that they maintain them in my absence from the UK.
The first question being, is this all legal and above board? I mean renting property to a family member for below market rates. I dont have to comply with any kind of renting regulations?
Do I have to pay any annual tax on the properties i own?
If my family pay the monthly rent into a UK bank account belonging to me, does that mean I will have to pay tax on this? If the answer is yes and they paid it into a bank in Thailand instead, is that breaking the law for avoiding paying tax?
If I buy a property and I dont have an address in the UK, how does that whole scenario play out? Where is it registered? How is it registered?
Thank you in advance for any help you can offer and I look forward to reading your replies.
I left the UK in 2009 to travel the world and I have not been home since. I now reside in Thailand and am a non-resident UK national. I would like to buy a few properties in the UK and rent them to my family for super cheap.
I dont like the idea of having my money in the bank with the possibility of the bank going bankrupt due to any future uncertainty in global markets.
Right now I have funds in Thailand that I would like to use to buy a couple of properties under 100k and then allow my family to rent them from me for like 100 quid a month with the agreement that they maintain them in my absence from the UK.
The first question being, is this all legal and above board? I mean renting property to a family member for below market rates. I dont have to comply with any kind of renting regulations?
Do I have to pay any annual tax on the properties i own?
If my family pay the monthly rent into a UK bank account belonging to me, does that mean I will have to pay tax on this? If the answer is yes and they paid it into a bank in Thailand instead, is that breaking the law for avoiding paying tax?
If I buy a property and I dont have an address in the UK, how does that whole scenario play out? Where is it registered? How is it registered?
Thank you in advance for any help you can offer and I look forward to reading your replies.
0
Comments
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It doesn't matter if you'll be charging your family members below market rates. You will be accepting rent in exchange for them have exclusive occupation of the property(s). You will still have to comply with housing legislation and that includes your repairing obligations. Which legislation depends on where the properties will be as the legislation is different in Scotland, Northern Ireland, England and Wales.
Your rental income will be taxable no matter which account you have the rent money paid into. It might even be taxable in Thailand too, you need to check the Thai tax rules.
You're breaking the golden rule of being a landlord - never let to friends or family.0 -
if you won't evict your own family, don't let to them. They could take you for a ride and stop pay rent.0
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