Emnick
07-06-2011, 03:58 PM
Hello All,
I am new to the forum so hope you can help;
My brother-in-Law is spanish and is a property developer. It appears that he is some financial trouble and has asked me for a loan of about £85k.
He says that he will sell me one of his apartments for this amount. Its an apartment of three bedrooms and three bath rooms and IMHO well in excess in value of the £85k.
I get the impression that he is stopping the bank from re-possing the apartment and by selling it on they cant get it. For all purposes the apartment will remain his, and he will pay me interest on the'loan' which I will pay tax on in the UK.
If the property is sold off too cheap can the spanish bank 'take' the property from me anyway.
I know that in UK the land registery would see if a property was under valued is it the same in spain and could I get into any legal issues if I help him
Thanks for any info
I am new to the forum so hope you can help;
My brother-in-Law is spanish and is a property developer. It appears that he is some financial trouble and has asked me for a loan of about £85k.
He says that he will sell me one of his apartments for this amount. Its an apartment of three bedrooms and three bath rooms and IMHO well in excess in value of the £85k.
I get the impression that he is stopping the bank from re-possing the apartment and by selling it on they cant get it. For all purposes the apartment will remain his, and he will pay me interest on the'loan' which I will pay tax on in the UK.
If the property is sold off too cheap can the spanish bank 'take' the property from me anyway.
I know that in UK the land registery would see if a property was under valued is it the same in spain and could I get into any legal issues if I help him
Thanks for any info