Buying Resale from Uk

[Hendriks]

Hello

Could I ask

how complex is it for a UK buyer to purchase resale?

What sort of time frame would it take ?

I understand that there is the ROFR hurdle but also another hurdle as it a foreign buyer?
Have to be approved for Tax reasons?


We have been for the 1st time and have a direct contract

we have enough points to go once a year but now want to go twice ie April and October

Our Home resort is Copper Creek

Resale wise we can get Copper for $155 vs 169.5 direct - this is with the $2500 add on offer for 200 points

We also like Animal kingdom and seen those for $110 to $115 and Saratoga for $99



We would like to book for Next April and currently availability is there and worried if we await resale it could take a while to go through

[Bella1]

Our original contract was Direct we then added on Resale twice from here.

It was extremely simple, in fact I think it is easier for us than for US residents as we didn't need notary signatures, we could just have a friend witness us.

We set of a HiFX account (this was 5 years ago so another company may be better now) for the money transfer which was also easy but you have to make sure you transfer a little more than you need as there are some fees at the exchanging banks, any excess left will be added in to your DVC account against next years fees so you don't lose anything.

No tax implications with purchase and no-one seemed to have an issue with a foreign purchaser.

I think you may be pushing for next April bookings if going through resale as it probably took about 6 weeks for us from first offer to completion and I think we were quite quick.

I would suggest buying a contract with the same UY for ease and book where you like to stay, are you going to want to move around or are you always going to want CC?

[Hendriks]

Many thanks
we like Animal Kingdom and in future would like to do split Animal KIngdom and Split CC

I went ahead and got 200 direct points for Copper but will now try and get an AKL contract for future years

Raj

[YorkshireT]

As Bella says, it is very easy Hendriks.
You do have to register for tax if you ever sell (only need to do it when selling not before) and want to claim the tax back, but most resale agents can sort out a tax person to do it for you for around $500.
There's less to sign doing a resale than direct believe it or not.
If you are lucky it takes 6 weeks from offer to getting points, but may take up to 10.
As I think you are aware, if you buy from a foreign seller, then you have to be careful that the title company is holding back the tax, as you get stuck with it as a buyer if it isn't paid, and I think if you were buying from a foreign seller you may need to be registered for tax then (not 100% sure on that but have read it before), which is maybe what you were thinking about.

[marlouwrig]

Originally Posted by YorkshireT

As Bella says, it is very easy Hendriks.

As I think you are aware, if you buy from a foreign seller, then you have to be careful that the title company is holding back the tax, as you get stuck with it as a buyer if it isn't paid, and I think if you were buying from a foreign seller you may need to be registered for tax then (not 100% sure on that but have read it before), which is maybe what you were thinking about.

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This is correct. We bought our latest contract from a foreign seller and were therefore responsible for ensuring the withholding tax was paid and we had to register for tax and obtain an ITIN.

Our title company, Magic Vacation Title put us in touch with a tax specialist who took care of the forms etc. Everything was done by email,post and a Skype interview (for ID purposes). It cost $50 and didn't hold up the purchasing process at all

[YorkshireT]

Originally Posted by marlouwrig

This is correct. We bought our latest contract from a foreign seller and were therefore responsible for ensuring the withholding tax was paid and we had to register for tax and obtain an ITIN.

Our title company, Magic Vacation Title put us in touch with a tax specialist who took care of the forms etc. Everything was done by email,post and a Skype interview (for ID purposes). It cost $50 and didn't hold up the purchasing process at all

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Very interesting, and also interesting it only cost $50 when buying from the foreign seller.
I heard the big advantage when buying from a foreign seller is that DVD don't take them on ROFR and waive through quickly. Did you experience the quick ROFR?

[marlouwrig]

Originally Posted by YorkshireT

Very interesting, and also interesting it only cost $50 when buying from the foreign seller.
I heard the big advantage when buying from a foreign seller is that DVD don't take them on ROFR and waive through quickly. Did you experience the quick ROFR?

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The whole process was superquick. We offered on 4th Jan 2017. ROFR was waived 20th Jan. We closed 4th February.

We didn't get our ITINs until sometime towards the end of April but as you can see it didn't hold things up at all. $50 was the cost of obtaining ITIN x 2.

[YorkshireT]

Originally Posted by marlouwrig

The whole process was superquick. We offered on 4th Jan 2017. ROFR was waived 20th Jan. We closed 4th February.

We didn't get our ITINs until sometime towards the end of April but as you can see it didn't hold things up at all. $50 was the cost of obtaining ITIN x 2.

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16 days for ROFR is quick, even if back in Jan 2017 it wasn't taking 30 days.
Someone on the other board recently commented they'd never seen Disney ROFR an international sellers contract.

[howerd]

Our contract going through at the moment is from a UK seller. We were also put in touch with a tax specialist and the whole process seems quite straight forward. The cost is $50 for 2 of us but our resale agent is covering the cost as they had not mentioned this would be needed beforehand.

Our ROFR went through in 21 days which is slightly quicker than others going through at the moment.

It is taking our sellers a bit of time to get their documents notarised but hoping this doesn’t hold things up too much.

[skstorm]

Originally Posted by howerd

Our contract going through at the moment is from a UK seller. We were also put in touch with a tax specialist and the whole process seems quite straight forward. The cost is $50 for 2 of us but our resale agent is covering the cost as they had not mentioned this would be needed beforehand.

Our ROFR went through in 21 days which is slightly quicker than others going through at the moment.

It is taking our sellers a bit of time to get their documents notarised but hoping this doesn’t hold things up too much.

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Yes I was avoiding international sellers like the plague at first but would love to find one now to try and get through ROFR at a price I am happy with so if any UK sellers want to sell their saratoga points ?