INCLUDING BUDAPEST APARTMEMT IN U.K. WILL

If in doubt, simply put your wife on the property title now. I do not know UK tax law, but in some jurisdictions, if doing so enough years before death, might also reduce inheritance taxes.

Wow, not sure at all since Hungary is now part of the EU.
I do know there is a law in Hungary is unless it is stated in a contract written up and signed that if you have any children, they
automatically get half the property as an inheritance.
If you want to leave the flat 100% to your wife only then it is best to get it in actual writing.
I have heard horror stories from Hungarians who's spouse passed and the kids wanted their share of the property straight away, they had a legal right to sell their half of the property from under the surviving parents feet.
The living parent had to sell off their property to pay their kids off.
I know as it now stands if anything should happen to my husband our only son would get half right away. I don't care because I would just move in with him and his wife, drive them crazy and they would be sorry in the end.
I would double check legally, perhaps your lawyer here just didn't fully understand what you were asking.
let us know what happens, it is interesting to know.

In my HU
husband's family it was a huge mess up, hurt feelings and bad words.
His mother bought 2 large lots of land and also had a flat in the city.
His elderly uncle also had a flat in the 5th district and had no children.
When he died his only living sibling, my MIL should of gotten the flat but she let one niece have it.
Silly really on her part but the niece was smart enough to have her name put on the flat before the old man died.
My MIL could of fought it but didn't.The niece now rents it out for a pretty penny.
My MIL had the 2 lots of land. My husband was out of HU and his 2 siblings took the land which was meant for the 3 of them.They bulit houses and left no extra room for my husband to build anything ever.
he didn't care really but his mother did, she knew it wasn't right.
When her husband passed my SIL had a written contract to take over his half of the land and house. His only son was not going to get a thing.
She was suppose to take care of my in-laws in their old age in exchange for the other land and house.
She was cruel and mean to them and basically caused so much trouble that my FIL had a stroke because of her crap.
She walked away and let him die on  the floor, all alone, my MIL was in hospital at that time.
My MIL freaked out and decided to make sure my husband got something from them as he was the only one willing even from the US to help them out.She wanted to write her daughter out of he will but it was too late, the father was dead and her contract to get his half was now valid and couldn't be changed.Like I said, very insane laws here.
We traveled to HU almost every year to help them out at our expense.
My Husband and MIL had a contract where we wrote the sis and bro out of her half of the property.
We had to pay my MIL every month making deposits into her bank account to show we supported her in all ways.
When she died she was nice enough to give us back all the money we had sent her every month and that is basically why I found myself here in HU.
I almost wish she didn't leave us a penny because it cost more in every possible way, emotionally, physically and mentally more then if she had just written us out of her will.
That's the HU way, my mother had 6 kids and made sure when she died we all got exactly 1/6th of her estate in cash money, my mom was the best!!!

Forgot to mention Hungary was part of the EU when all this craziness was going on.
best to get the title in your wives name too while your still kickin' it.

Thanks for all help. Will get wife's name on the Property Title document.

Ian Moore

Sounds like the right start. I would probably double check if it is going to be a worry for you.
Property here in HU is so low at the moment, great time to buy but not to sell. We have lost at least 30% of the price we paid in cash money for our flat in Budapest. Still, thinking of just taking the money and running, not getting any younger and there are other adventures to live in other places.

Marilyn Tassy wrote:

We have lost at least 30% of the price we paid in cash money for our flat in Budapest.

Now is not a good time especially for US citizens to sell property they own in Hungary. Not just due to the Hungarian property market, but also due to the strengthening Dollar.

If you had sold a property for 10 Million Forint on April 9 2008, you would have received $62,000. Today, April 9, 2015, and assuming the market is flat in Hungary so you still could only sell for 10 Million Forint, that 10 Million Forint will only return you $36,000. A difference of about 40 percent simply due to the change in exchange rate from Forint to US Dollars.

Yes, that is basically why I am not back home in the US, don't want to rent this flat out and can't just give it away either.
Not a good time to sell but good time to buy.
Just hope we live long enough to see our investment come home. Maybe not, sometimes you just have to cut the cord and move on.

Not much new info for you but I would put your wives name on the title now.
it will cost some to do that but will save a hassle later.
This morning my husband was reading about this subject online in Hungarian.
There are so many insane twists and turns legally with inheritance issues in Hungary that is should be clear and in order if it worries you in any way.
He read some of the crazy laws here can even entitle distant relations to claim half of your property if you have no children with your wife.
Children automatically get half the property on your death in HU.Unless they are actually written out of the will.Husband read that if it is not in her name she is allowed to live in the property for the rest of her life but if she sells out half goes to either any children, your parents, siblings or distant cousins.
Very crazy lasws here, wish it was like in Calif. community property state.

barbara9876 wrote:

I live in Budapest temporarily ,and have an apartment in the city which I bought 7 years ago for rental purposes.

I will be returning to the U.K.to retire shortly and want to make sure that the apartment title transfers to my wife on my death. I have a normal UK will which leaves all my assets to my wife.

My lawyer in Budapest has told me that my UK will is valid in Hungary, but I am not sure what this actually means.

Didn't see this posting until just now.

You didn't actually say where your wife lives.

As far as I know, at your demise, any physical property located in Hungary is subject to Hungarian inheritance law.  That trumps wherever you "officially" live.  The rules are pretty clear as far as I remember.  Assuming no will, the wife gets half and the other half  is split equally with the kids.  Assuming no wife and no kids, then there's a hierarchy of beneficiaries thereafter.  Once you know Hungarian rules apply, it all becomes absolutely clear.

Concerning the idea the kids could try and turf out the remaining spouse/partnet of the deceased, I believe that that person can remain in the property until their death.  It might require some sort of paperwork.

The worst thing about inheritance tax in HU is that the land registry fees for transfer have to be paid, even for the inheriting person (at a reduced rate - I think it might be 2% flat rate).  There are exceptions - like orphans and other worthy exceptions - who do not have to pay the land registry fees.