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Buying property in UK after selling HK property

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  1. #1

    Buying property in UK after selling HK property

    Hi All,

    I am planning to move to the UK sometime this year and looking to purchase a property over there without a mortgage. With AML checks in the UK, is it enough to use proof of funds from the sale of HK property for the AML checks? For example, my HK property was purchased for $3m HKD and sold for $6m HKD resulting in $3m HKD in cash. Will I need anything else for proving source of funds?

    Thanks in advance


  2. #2

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    One suggestion I'd have (does not fully answer your question but..)...

    Use HSBC Premier locally to help you open an account with HSBC UK - takes a few weeks to a month, but should help you clear the AML checks with local help.

    Would also recommend that you reach out to Premier customer service and ask them to assign you an RM with UK experience (yes, this can be done - esp as you're probably at well over minimum AUM at Premier.. ) if you find that your current RM is too local in their knowledge.


  3. #3

    We got the solicitor here to certify copies of the sale agreement and the bank statements showing the payment into our account. This was enough for us to buy in the UK last summer.

    ndt, shri and butmo221 like this.

  4. #4

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    Agree with Zero, basically need official paper trail source of money. Good luck with your new life in UK!


  5. #5

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    I recently bought a flat for my son in UK in cash. Money came from various sources including earnings in HK. I basically had to prove where the money had come from...pay slips, tax documents, savings account statements etc.

    Basically provide as much paperwork as you can to proved the source of the money. I would expect the proof of proceeds from the sale of a house acceptable.

    It is just your house purchase solicitor who requires these and they can tell you what they find acceptable if you already have a solicitor.


  6. #6

    Zero, did you show them both HK and UK bank statements? I assume the solicitor will need to see the money transferred from HK bank account to UK bank account?


  7. #7

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    If you are a UK passport holder then bear in think the CGT implications. general advice seems to be move the money to the UK in one tax year and take up domicile in the next. You have time to do that now

    shri likes this.

  8. #8

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    Also if you buy in the UK whilst based overseas you get to pay an additional 3% SDLT. If you can, complete the purchase after you become domiciled in the UK to avoid this extra sum


  9. #9
    Quote Originally Posted by butmo221:
    Zero, did you show them both HK and UK bank statements? I assume the solicitor will need to see the money transferred from HK bank account to UK bank account?
    We paid for the house out of the HK bank account via the solicitors. If you're using a UK account you'll want to show the transfer to that account. Solicitor is looking for the paper trail from your source of funds
    drumbrake and butmo221 like this.

  10. #10

    Thumbs up

    Quote Originally Posted by Zero Gravitas:
    We paid for the house out of the HK bank account via the solicitors. If you're using a UK account you'll want to show the transfer to that account. Solicitor is looking for the paper trail from your source of funds
    very useful info. thanks

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