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Sunday, March 04, 2007
dealerjm
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Just about to complete and sitting on a hefty sum of Euros, when I read a thread about the benefits of bumping up the Spanish mortgage ( only borrowing 40% at present) and instead using the money to pay off more of the U.K mortgage (probably most of it!). Not only because the interest rates are still favourable in Spain ( though this is on the wane) but because I live in sin with my beloved and Spanish IHT seems to be a bit of a brute for her if I exited stage right!! By the way I was planning to put the Spanish property in joint names if this helps the analysis.
Any thoughts on this as I usually read these things and get them wildly wrong.
And yes, I know I should consult an expert, but they cost money, I'm never sure how expert some of these people are, and almost certainly someone out there has faced the same dilemma.
Thanks
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05 Mar 2007 12:06 AM
JeansSis
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" I live in sin with my beloved "
Do we hear wedding bells dealerjm ? Guess you may need to pay out for expert advice. PM Maria here.
Maria L. de Castro
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www.costaluzlawyers.es
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05 Mar 2007 6:04 PM
Smiley
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From IHT perspective you might be better to clear Uk debt than Spanish - however you need to consider your situation in the UK as well, as cohabiting couple dont enjoy the same benefits as married I believe - if you can put your other half on the Escritura you should do so but you may find it is too late without incurring transfer tax - authorities have tightened up on the whole procedure. To be more specific you need to be more specific.
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05 Mar 2007 6:51 PM
dealerjm
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Jeans Sis, tinnitus can be a terrible thing!! Take your point re expert help though.
Smiley,I would like to be more specific but not sure how specific ?? Spanish property circa £400k and U.K property circa £700k with both properties set for about £150k mortgage outstanding. My partner has no financial interest in either, but my thought was that in the event of my demise, she has six months in the U.K to sell the property to pay the U.K IHT, but in Spain I understand that she can't sell the property to pay the Spanish IHT.......so I concluded best to keep the mortgage higher in Spain and defray the amount of Spanish IHT by joint ownership.
At this point you go and mention transfer tax..............???????
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