Five steps to an overseas home by Finance News Bulletin

Published: 01/12/07

AS holidaymakers unwind on a foreign terrace this summer conversation will inevitably touch on how nice it would be to own a place in the sunThe number of Britons owning overseas homes has soared over the history decade, but the pitfalls involved in turning aspirations into real-life bricks and gun remainBut whether you are trade in Morocco or Madrid there are some easy rules to follow that can make the procedure go as smoothly as possible Simon Lambert outlines the five steps to trade a holiday home in the sun

If you are seriously considering buying a property overseas you need to do research – and a lot of it The internet means there is no reason for not taking advantage of the riches of information at your fingertipsInvestigate the countries and areas you are considering and see what is on offer Any website owned by a property-related commerce is interested in getting you to buy

seem at community websites run by expats or those who have holiday homes in the area as wellThere are countless internet forums run by populace who have taken the overseas property thrust Reading about other peoples' experiences will give you an thought of the potential problems of trade in your chosen country, and any extra operating cost you're likely to incurThere are also hundreds of companies that, for a charge, will help you buy a home on the Continent

If this is a route you're considering, examine them carefully before choosing to give them your hard-earned cash as they're not all particularly reputableIt's also value noting that This is Money has a brochure repair for overseas property We will send you brochures for gratis It's not a recommendation but helps you to investigate before you set off house-hunting

Find out moreFunding the purchase of a house overseas can be done in a number of different ways One of the most popular income is remortgaging a British home to release cash to buy a next home The advantage is that borrowing is all from one place and repayments will be made in the currency you are paid in

Some lenders present special overseas purchase mortgages and Abbey uses its link with close relative company Banco Santander to offer a Spanish mortgage, paid in euros If you are looking for assistance, it is likely to borrow in a variety of countries through a specialist abroad mortgage broker Brighton-based broker Conti Financial armed forces can find mortgages for countries ranging from Poland to Australia and offer further expert recommendation to purchasers Bear in brain currency fluctuations will affect your repaymentsGetting to know the area is necessary and a number of visits before trade is ideal

Investigate the area without an agent in pull and then make plenty of bookings to view properties put on't fall for the hard sell and if you see a property you like make certain you have a cooling off period to discuss its pros and consDon't get approved away with the romance of a exacting Spanish villa Approach this purchase with the same caution as you would with a house back in Britain and ensure you get the suitable checks and surveys done before handing over your money

Different countries have different property laws and system, so it's important that you find a high-quality, fluent English-speaking solicitor who is not connected to your seller, land agent or property developer They should be used to dealing with abroad purchasers and go through all the possible fees, taxes, cover issues, local power rules and any possible pitfalls The laws and procedures concerned with every aspect of the housebuying process are often dissimilar to British laws, so make sure your solicitor's local information is excellentThe local tourism office will be able to give you a list of solicitors and it's significant to call a few before choosing

If you have bought a plot of land and are having a property built make certain all planning permissions are enclosed and find a good architect Again, the tourist office can assist If you think the service you are receiving is unsatisfactory, say so and give details if things don't get better you will go elsewhereOnce you have found your perfect home, set a maximum price you will pay and put on't go over it

After your offer is accepted and you have instructed solicitors create sure you keep tabs on them and the estate agents inquire for regular updates and make sure you obey all the requests made of you promptlyMake certain your funding is in place and consider using a money specialist, such as HIFX or Moneycorp, which can offer better tax and the opportunity to agree a purchase cash advance at a put rateSelect a loan term 6 months 1 day 18 months 2 days 3 existence 4 existence 5 existence 6 existence 7 existence 8 years 9 years 10 yearsPlease select a type of cover Life insurance Home and contents Car stop working services Health - medical Health - dental Travel favorite - dog favorite -

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