It is essential that you treat purchasing abroad with as much care as you would in the UK. People have made many mistakes, particularly when they think they are getting a bargain for cash, taking the vendors word that everything is alright. Before proceeding with the purchase it is very important to get an independent valuation carried out. We can assist you with this. If you need the assistance of a foreign mortgage, the lender can arrange to do one for you and your Independent Financial Advisory will advise you in this regard.
Many countries abroad do not have much regulation in relation to property purchase and a developer or agent could try to tell you anything to effect a sale, so you need to be very careful. We would find out what the developers track record is , how long they have been trading, whether they have references from other buyers, whether their prices and or predicted rental returns are realistic in todays market.
TYPE OF PROPERTY
Before buying abroad we ask you to seriously consider the type of property you want and can afford. For example a villa with your own pool may sound very nice but you must bear in mind the cost of the upkeep of pools and gardens when you are not there. In hot countries plants and lawns need regular and daily watering for instance. Also security can be an issue.
We will discuss with you all your intentions for the property to try and ensure you don't buy something you don't regret.
We often have people coming into the office announcing we want to buy property in France, Spain or other countries can you give me some brochures. It is impossible for us to keep brochures for every country in the world, but we can obtain for you, once you know which country and area you wish to be in.
BANKING AND FOREIGN FINANCE
You are likely to need a foreign bank account and an accountant to account for any tax you may be liable for abroad. If you need finance it is best to have this approved before you go.
We can help you to arrange foreign currency.
You can now take out Spanish Title Insurance against all major risks and we recommend that you consider this option.