FTB...about to buy a flat in Scotland...lots of questions

Just moved to Glasgow and have put an offer in on a flat that has been conditionally accepted by the owner (accepted but the acceptance paperwork is not done yet). I think I've just about managed to wrap my head around the system in Scotland, but this has all moved really quickly and I am wondering if there's anything I should know, as an American buying in the UK.

I have ILR, but on my Italian passport. However, I would like to use my American passport to as my ID to buy the flat. Does that matter?

Are there any tax implications in the UK if I transfer a large amount of money from the US? I have never declared my US accounts here, which I don't think I'm required to, but I wonder if there's anything I need to do.

Any tips for transferring money from the US? Should I just use Transferwise?

As a first-time buyer I feel incredibly clueless and would love any advice or reassurance from those who have done it before.

I don’t believe you have to prove the right to live in the UK to buy a house here so I would think there is no problem in using your US passport as id.

When our son moved to England from the USA and bought a house within a few weeks of arrival he had to prove he had the cash to buy and where the money was coming from. (House sale, investments, savings etc). Otherwise no problem.

Transferwise (Wise) is great for moving money between the US and UK, I use it regularly.

I know that the system for house buying and selling is a little different in Scotland but it has been over 30 years since we moved to Scotland from England and back again a couple of years later,  so can’t offer any recent knowledge on the subject.

Just moved to Glasgow and have put an offer in on a flat that has been conditionally accepted by the owner (accepted but the acceptance paperwork is not done yet). I think I've just about managed to wrap my head around the system in Scotland, but this has all moved really quickly and I am wondering if there's anything I should know, as an American buying in the UK.

I have ILR, but on my Italian passport. However, I would like to use my American passport to as my ID to buy the flat. Does that matter?

Are there any tax implications in the UK if I transfer a large amount of money from the US? I have never declared my US accounts here, which I don't think I'm required to, but I wonder if there's anything I need to do.

Any tips for transferring money from the US? Should I just use Transferwise?

As a first-time buyer I feel incredibly clueless and would love any advice or reassurance from those who have done it before.

When you say 'declare your US accounts here',  you don't have to declare the accounts as such but if you are resident in the UK, you do have to declare your worldwide income so any interest or dividends should  be declared on your UK self assessment.
Other than that, there are no tax implications of moving your money, assuming you're filing on the arising basis.

I'd say Transferwise every time for small amounts but I have read that for larger amounts you may do better elsewhere.I'd get a couple of other quotes just to be sure.  It's a great time right now to be bringing dollars over. 

I don’t believe you have to prove the right to live in the UK to buy a house here so I would think there is no problem in using your US passport as id.

  I think Durhamlad is correct from the point of view of the government, but maybe not from the point of view of mortgage providers.  They won't lend money to someone who is at risk of not being able to live in the UK.  For me at least, they checked my passport and visa status very carefully. 

I think the mortgage providers are also required to get identity very carefully under money laundering rules so that's another reason to ask for ID.  I'd think that whatever document  you provide to prove that ID doesn't make any difference, so I don't see any reason why using your US or Italian passport means anything.  But I don't have any specialist knowledge (other than having a mortgage refused becuase my visa was near expiry) so I could well be wrong. 

Everyone is correct, anyone can buy a house in the UK.  They will happily take your money.  Your status (though legal) doesn't come into play.  You can be a tourist and buy something.  Doesn't mean Immigration will let you live there.   

Bringing money over is fine, you don't need to report it to anyone (unless it bumps you to needing to do an FBAR and you haven't had to file one before).

I'd say Transferwise every time for small amounts but I have read that for larger amounts you may do better elsewhere.I'd get a couple of other quotes just to be sure.  It's a great time right now to be bringing dollars over. 

Any suggestions of where to get quotes? The only company I've used before was xetrade but that was more than a decade ago.

Any suggestions of where to get quotes? The only company I've used before was xetrade but that was more than a decade ago.

I'd only be googling myself, (foreign exchange companies), but I'd check the Trustpilot rating (not infallible but gives an indication at least) before considering using.

I don’t believe you have to prove the right to live in the UK to buy a house here so I would think there is no problem in using your US passport as id.

If you're getting a mortgage,  yes, the applicant has to prove they have settled/pre-settled (ILR or LLR) status.  For EU/EEA people, that's passport and share code.  For others, it's passport and UK residence permit.

I'm a document assessor for a UK mortgage lender, so i deal with this stuff every day.

Good points about the mortgage and settled status. Since the OP didn’t mention a mortgage but did say the offer had been accepted I assumed the financial side was in order. Would/could a seller accept an offer without proof that the buyer can pay? 

Any suggestions of where to get quotes? The only company I've used before was xetrade but that was more than a decade ago.

I don't know if you've already transferred your money but there's a recommendation made in this thread for the best company for higher value transfers, @giblet

Reply 5.  https://talk.uk-yankee.com/index.php?topic=100334.msg1320673;topicseen#msg1320673