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ARTICLE · 05 NOVEMBER 2014

Trust Case Sharing For Property Purchasing

The Sovereign Group
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Mr Chan is Chinese resident and domiciled. He has two UK properties held through two BVI companies in which he holds all of the shares.

United KingdomCorporate/Commercial Law
Laurence Lancaster
Laurence Lancaster
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Situation

Mr Chan is Chinese resident and domiciled. He has two UK properties (referred to as Property 1 and Property 2) held through two BVI companies in which he holds all of the shares. Property 1 was valued at £4.5m on 1 April 2012 and valued at £5m on 6 April 2013. It has a current market value of £5.5m and is unencumbered. Property 2 was valued at £2m on 1 April 2012, £2.5m on 6 April 2013 and has a current market value of £2.8m. There is a mortgage on the property of £1m. Property 1 is used by the family when they visit the UK. Property 2 is occupied by Mr Chan's son who is studying law at UCL and hopes to remain in London for the foreseeable future. Mr Chan and family plan to move to the UK in the summer of 2015 and will use Property 1 as their main residence for the foreseeable future.

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