Solicitors can also advise you on the structure of ownership e.g. buying the property as tenants in common, buying the property under a company or having a trust etc. You may also wish to seek accounting advice from a specialist property accountant to ensure that you are aware of possible tax issues and benefits from any restructuring.
After 22 October 2018, laws around foreign ownership of residential property have changed. As a result of these restrictions, the banks now require your solicitors to provide a confirmation in relation to the Overseas Investment Act 2005 (OIA) that as a conveyancer:
(i) they have complied, or before lodging the transfer will comply, with the OIA, and
(ii) if OIA consent is required under the amended laws, you have confirmed that consent has been granted. What this means for you is that you have to be able to provide the same confirmations to your solicitors.
The penalties for providing false confirmations are severe and may include the unwinding of the transaction.