James Vernor-Miles, who is a Partner within the Property & Landed Estates Department at Hunters, spoke to Overseas Property Professional (OPP) about how the recent legal changes over European wills affect foreign property owners:
“I do not think that Brussels IV will have an immediate direct effect on demand for UK property. Demand to buy UK property, by foreign residents, will presumably continue to be driven by the quality of these assets (as homes or as investments) and or the need to have a base in the UK for family or work reasons; rather than by any Brussels IV inclination. Don’t forget that the UK has opted out of Brussels IV.
“Prior to Brussels IV, foreign residents buying property in the UK should always have been advised about the effect of UK inheritance laws and inheritance tax laws relating to UK situs property. With broad testamentary freedom in the UK, and unpalatable intestacy provisions, many will have chosen to make a specific will dealing with their assets in England and Wales (slightly different laws relate to property in Scotland).”
Read the full Overseas Property Professional article here.