Multiple ownership of property

[Icebird]

Can anyone give advice on the best way for two unconnected people to go about buying property together? We are both self-employed and want to buy a farmhouse plus barn, outbuildings to turn into two homes plus one or two gites. I am divorced with a son, my friend is married with a family.

We wish to be near each other as my (builder)friend (and two sons) will do renovation/repair work on the property and I am the only French speaker. I also plan to move over permanently before the other family and will look after the property.

Given our scenario and the availability of suitable property in the department we are interested in, we have decided that pooling our resources and buying one, multiple building property might be the answer, hence my question.

Would an SCI be the answer in our situation or how else could we go about it? Thanks for any info.

Icebird

[Teamedup]

LAST EDITED ON 21-Apr-04 AT 00:06 AM (BST)

Do a search on here concerning SCI's, the british tax man, it would seem is after, or will be after, folks owning companies abroad.

[Val_2]

Yes I second that. Property ownership in France is a minefield and especially where the owners are not married or have a family in common. You need expert legal advice or you could end up with nothing and no where to live if things go wrong in the future.

[Will]

Original post edited to remove advertising content

MTC (1 posts)
01-Jun-04, 07:45 PM (BST)
3. "RE: Multiple ownership of property"
Hi,
One of the most practicable ways of avoiding the local law problems of property ownership is through either a UK company or trust structure. Both can be set up fairly quickly and inexpensively and provide a very sensible way of dealing with ownership. Another plus with the company structure is that should you wish to sell the property, you can do so by way of a share sale under English law and not get involved in French conveyancing since ownership will remain with the Company.