Is it possible to purchase a property half cash and half through a SMSF? I don't currently have one but considering setting one up if it's possible as I want to buy a property in Northern Ireland, Uk
Thanks!!!gmh454Member@gmh454Join Date: 2003Post Count: 537
as Terry said it is possible but it depends, and those issues would take a small book, if you want more advice give more facts
Am I right in thinking you can setup SMSFs Terry?
Hi gmh454, I'm a uk citizen wanted to buy a property in northern Ireland but dont think its possible to get finance for buy to let non resident so I thought a SMSF which would own half the property (only have around 75k) and using half cash so I'd own the other half. Concerned this may be very complicated to setup.Charlie manly wrote:Am I right in thinking you can setup SMSFs Terry?
Yes, as a lawyer I can set up SMSF and provide legal advice, and I am in the process of registering as a fin planner so I will be able to give financial advice and provide a Statement of Advice (SOA) as well (soon). I can also provide taxation advice and estate planning advice. And I can also provide Finance advice as a mortgage broker as well.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
No Charlie you wont finance a property in Northern Ireland from a UK lending institutions in a SMSF or otherwise.
As discussed previously there is only 1 lender in the UK who will finance property to non residents and they are purely location based. :London and the SE only.
There are a couple of ways to finance an overseas deal inside a SMSF but will depend on a couple of factors.
Yours in Finance
Hi Richard, sorry I know you've told me finance isn't available for NI before. I'm just looking for a way around this without using all my cash to purchase.
Thanksnicolas_bMember@nicolas_bJoin Date: 2009Post Count: 21
I am currently living overseas and looking to buy a property with saved funds.
I am not planning on returning to Australia for a couple of years.
Is it possible to use funds from a SMSF to renovate the property I have purchased outright ? (Funds not associated with my SMSF)
For example completely update an apartment. (Kitchen. Bathrooms, flooring etc….)
Thank YouRichard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
Sorry don't quite understand your post.
Are you asking can I renovate a property using cash funds in your SMSF that is owned outright by your SMSF. If so the answer is YES
The bigger issue is how are you managing your SMSF when you are not a resident.
Unless you have a member of the Fund who is a resident your are breaching the SISA legislation and the Fund is likely to be non complying.
Yours in Finance