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TIPS WHEN BUYING OVERSEAS

With the number of us Brits purchasing overseas property increasing every year it is becoming more and more important for people to understand the basics of the overseas property purchasing process before making any decisions.

A recent survey of 4,000 people showed 47% of the 18-29 age group plans to buy overseas with 64% of those being first-time buyers. Furthermore, 81% of this new generation intend to let out their overseas property when they are not there. In all, 40% of all Britons plan to buy abroad. But why is this and have they done their country homework, which would save much heartache later on down the road? Time spent researching the area while at home is much cheaper and more efficient than time spent overseas. Therefore ensure you research the area well before visiting the country. Make a checklist of questions that can be answered when you arrive at your destination.

With the advent of cheap airlines and the massive increases in house prices over recent years in the UK, it is no surprise that investing overseas is becoming an ever more popular choice. Financial freedom is something that many of us want but struggle to find and, in short, investing in property is one of the most reliable ways to achieve this, but nothing comes without pitfalls to consider such as the legal considerations that must be taken into account, as the systems in place in other countries can vary considerably form the UK. A qualified English-speaking lawyer is often the answer to overcoming these sorts of problems and independent advice is always important.

We have compiled a few handy tips, which we hope will help you when purchasing overseas whether it is your dream holiday home or a property abroad as part of your short-term or long-term investment plans:

Ensure you know why you are buying and what you are hoping to achieve with the purchase. Is it an investment vehicle or are you looking for somewhere to visit or live? If it’s for investment, is it for short-term capital gain to provide a one-off profit over a particular time? Or is it to provide long-term regular income?

Stay focused on what you originally had in mind. Stick by your objectives. It can be all too easy to be tempted in the sunshine to buy something that is not what you really want. See your chosen area at different times of the year to ensure that you like it whatever the weather. You should also try and give yourself a cooling off period to ensure you are making the right choice.

If you are buying more than one property and are looking to achieve a portfolio of properties be sure to spread the risk you may want to look at investing in different emerging markets or find a vehicle, which can take care of this for you.

Don’t rely solely on official or government websites for your information, In general, the questions you should be asking are:

Is the country politically stable? Will some future change, such as joining the EU, provide a shot in the arm, or could a similar change endanger your investment.

Is the economy growing? What about income levels and employment levels? Are foreign companies moving to the region and investing? (Their employees can be a good source of well-paid tenants).

How much property development is going on, where, and how much competition will this create for tenants and buyers? (e.g. in Bulgaria there is much talk of oversupply in the ski resorts and on the Black Sea).

Make sure there is a choice of airline routes and access points to your chosen area. People who rent property will want somewhere that is easy to get to and will often gravitate to those places with a nearby airport served by low cost airlines. People will also want to be near basic facilities such as restaurants and shops. Proximity to areas of natural outstanding beauty, tourist attractions or renowned eateries will add to the property’s rental attraction. Check out any future improvements to the transport facilities as these are likely to drive up property prices, so try and find out about any plans that are in the pipeline.

Speak to people who have purchased in the area that you are interested in. If you are opting for a buy-to-let investment, you can learn a lot about rental success in your area and get a realistic idea of the likely income that will be generated.

Always ensure that you seek specialist advice from independent Solicitors, Architects and Surveyors before considering a purchase overseas. They should be proficient in your chosen country’s laws and processes and also know the specifics involved in buying a property there.

Ensure you understand the tax implications for when you decide to sell. You should also check the inheritance laws of the country where you are buying. In France, for example, your children automatically inherit your house; it does not pass to your spouse. You may need to compile a separate Will.

Before proceeding with your purchase make sure that an Independent Valuation of the property is carried out. This will point out any problems with the property, for example subsidence, damp, wiring defects and could also possibley highlight any boundary disputes.

The cost of buying a property abroad (taxes, conveyancing, lawyers fees, agents fees, VAT etc.) is much higher than in the UK, so you will have to ensure you have budgeted accordingly. Also ensure that you are aware of the costs charged by the legal and government authorities for purchasing a property in your chosen country.

Ensure you do not inherit a debt on the property before you purchase, which a solicitor should be able to check i.e. if the developer has borrowed money to build the development and this amount has been allocated against each plot as additional security to the developer’s bank.

If you are arranging finance on the property, ensure that this is stated in any contract and you have an ‘opt-out clause’ if the loan is not agreed (which will ensure any deposit paid is refunded).

It is important to arrange your mortgage or finance ‘in principle’, before agreeing to purchase an overseas property, or before signing any contracts and paying a deposit.

Interest rates and borrowing costs will vary from country to country. It will be easier to manage a mortgage in the currency that you earn in. If you are going to receive rental income from your property in the local currency then a foreign mortgage may be a possible alternative option and will be dependent on the lender’s criteria.

You will need to open a bank account in your chosen country. Ensure that you check your chosen country’s exchange control procedures as you may need to get a Certificate of Importation for the money you bring in from your home country.

Set up standing orders in a local bank account to meet bills and taxes. Failure to pay your taxes in some countries, such as France, Portugal and Spain, could lead to court action and possible seizure of your property.


	Property Search to search our extensive list of properties select from the country list below. TIPS WHEN BUYING OVERSEAS With the number of us Brits purchasing overseas property increasing every year it is becoming more and more important for people to understand the basics of the overseas property purchasing process before making any decisions. A recent survey of 4,000 people showed 47% of the 18-29 age group plans to buy overseas with 64% of those being first-time buyers. Furthermore, 81% of this new generation intend to let out their overseas property when they are not there. In all, 40% of all Britons plan to buy abroad. But why is this and have they done their country homework, which would save much heartache later on down the road? Time spent researching the area while at home is much cheaper and more efficient than time spent overseas. Therefore ensure you research the area well before visiting the country. Make a checklist of questions that can be answered when you arrive at your destination. With the advent of cheap airlines and the massive increases in house prices over recent years in the UK, it is no surprise that investing overseas is becoming an ever more popular choice. Financial freedom is something that many of us want but struggle to find and, in short, investing in property is one of the most reliable ways to achieve this, but nothing comes without pitfalls to consider such as the legal considerations that must be taken into account, as the systems in place in other countries can vary considerably form the UK. A qualified English-speaking lawyer is often the answer to overcoming these sorts of problems and independent advice is always important. We have compiled a few handy tips, which we hope will help you when purchasing overseas whether it is your dream holiday home or a property abroad as part of your short-term or long-term investment plans: Ensure you know why you are buying and what you are hoping to achieve with the purchase. Is it an investment vehicle or are you looking for somewhere to visit or live? If it’s for investment, is it for short-term capital gain to provide a one-off profit over a particular time? Or is it to provide long-term regular income? Stay focused on what you originally had in mind. Stick by your objectives. It can be all too easy to be tempted in the sunshine to buy something that is not what you really want. See your chosen area at different times of the year to ensure that you like it whatever the weather. You should also try and give yourself a cooling off period to ensure you are making the right choice. If you are buying more than one property and are looking to achieve a portfolio of properties be sure to spread the risk you may want to look at investing in different emerging markets or find a vehicle, which can take care of this for you. Don’t rely solely on official or government websites for your information, In general, the questions you should be asking are: Is the country politically stable? Will some future change, such as joining the EU, provide a shot in the arm, or could a similar change endanger your investment. Is the economy growing? What about income levels and employment levels? Are foreign companies moving to the region and investing? (Their employees can be a good source of well-paid tenants). How much property development is going on, where, and how much competition will this create for tenants and buyers? (e.g. in Bulgaria there is much talk of oversupply in the ski resorts and on the Black Sea). Make sure there is a choice of airline routes and access points to your chosen area. People who rent property will want somewhere that is easy to get to and will often gravitate to those places with a nearby airport served by low cost airlines. People will also want to be near basic facilities such as restaurants and shops. Proximity to areas of natural outstanding beauty, tourist attractions or renowned eateries will add to the property’s rental attraction. Check out any future improvements to the transport facilities as these are likely to drive up property prices, so try and find out about any plans that are in the pipeline. Speak to people who have purchased in the area that you are interested in. If you are opting for a buy-to-let investment, you can learn a lot about rental success in your area and get a realistic idea of the likely income that will be generated. Always ensure that you seek specialist advice from independent Solicitors, Architects and Surveyors before considering a purchase overseas. They should be proficient in your chosen country’s laws and processes and also know the specifics involved in buying a property there. Ensure you understand the tax implications for when you decide to sell. You should also check the inheritance laws of the country where you are buying. In France, for example, your children automatically inherit your house; it does not pass to your spouse. You may need to compile a separate Will. Before proceeding with your purchase make sure that an Independent Valuation of the property is carried out. This will point out any problems with the property, for example subsidence, damp, wiring defects and could also possibley highlight any boundary disputes. The cost of buying a property abroad (taxes, conveyancing, lawyers fees, agents fees, VAT etc.) is much higher than in the UK, so you will have to ensure you have budgeted accordingly. Also ensure that you are aware of the costs charged by the legal and government authorities for purchasing a property in your chosen country. Ensure you do not inherit a debt on the property before you purchase, which a solicitor should be able to check i.e. if the developer has borrowed money to build the development and this amount has been allocated against each plot as additional security to the developer’s bank. If you are arranging finance on the property, ensure that this is stated in any contract and you have an ‘opt-out clause’ if the loan is not agreed (which will ensure any deposit paid is refunded). It is important to arrange your mortgage or finance ‘in principle’, before agreeing to purchase an overseas property, or before signing any contracts and paying a deposit. Interest rates and borrowing costs will vary from country to country. It will be easier to manage a mortgage in the currency that you earn in. If you are going to receive rental income from your property in the local currency then a foreign mortgage may be a possible alternative option and will be dependent on the lender’s criteria. You will need to open a bank account in your chosen country. Ensure that you check your chosen country’s exchange control procedures as you may need to get a Certificate of Importation for the money you bring in from your home country. Set up standing orders in a local bank account to meet bills and taxes. Failure to pay your taxes in some countries, such as France, Portugal and Spain, could lead to court action and possible seizure of your property.








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