Buying Property Abroad

You might find these tips useful, if you are thinking of buying a foreign property.

There are many things that you need to think about before buying abroad, and it is worth doing your home work before investing your money.

We suggest you talk to our overseas financial advice partners who can help you with all the financial side of buying a property outside of the UK. Simply use our short online mortgage form to be put in touch with an expert.

Top Tips

1) Never sign a contract that you do not understand, for example if it is in a foreign language.

2) 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 process and also know the specifics involved in buying a property there.

3) Before buying the property ensure an independent valuation of the property has been carried out, pointing out any problems eg, damp subsidence, wiring defect etc.

4) Ensure you do not inherit debt on the property before you purchase, you solicitor should check this- but make sure you ask.

5) Always give yourself a cooling off period before you put down a deposit or make an offer

6) Try to arrange your mortgage in principle before agreeing to purchase the property, or before signing any contracts.

7)Arrange your mortgage in currency that you earn where possible, unless you are sure you will be able to earn rental income in the local currency, talk to your financial adviser about this.

8) Think about combining your cash with friends or family, it could bring you a villa with a pool rather that just an apartment.

9) Check the cost charged by the legal and governmental authorities for purchasing a property in your chosen country.

10) Open a bank account in your chosen country and ensure you get a certificate of importation for the money you bring into the country.

Alternatively, click on the investment advertiser links below:

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. 
The above mortgage detail is for information purposes only as does not constitute financial advice under the Financial Services and Markets Act 2000.