i would like to buy property abroad, could you please tell me how can i do it?

Question

i would like to buy a property abroad.Could you please advise me how can i do it?is better to do it througt the agency?May be someone could advise me which agency is better to deal with? and where to take a mortgage abroad or in uk.
thank you in advance.

Answer 1

You need to locate a good English speaking solicitor/lawyer in the region/country where you intend to buy ... UK Solicitors (even if they claim to be 'specialists) will be both too expensive and unaware of the pitfalls waiting to trip you up ...

I suggest you start by finding newsgroup/forum for people who have already purchased in the target country .. or locate an "ex-pats" group - and ask them to recommend someone ..

If you want to purchase a 'new build', your could even contact the builders ...

If you have sufficient money (and don't mind paying for financial advise) there are many UK based Agencies who will be only to happy to take you for a ride (their fees will be insignificant compared to the 20-30% loading they will put on the purchase price )...

HOWEVER there are many things waiting to trip you up ..

Be aware that many countries have all sorts of restrictions re: sale to non-residents - even if it's allowed you might get charged 'non-residents' Property Tax :-)

Then there is difficulty in establishing legal ownership and access rights and are all the building permits OK ? eg. is your swimming pool shared with your Neighbours ? (or do you have a share in a swimming pool that you have to pay annual maintenance on ?) - or has it been illegally connected to the mains water ?

NB. In some countries eg Spain, even if all the paper-work seems to be in order, you could still discover years later that the local Council was bribed to allow illegal building and your £250,000 property will collapse in the smallest earthquake or a strong wind - or maybe it's been built on 'agricultural' land and the property will be bulldozed by the central government ...

Answer 2

Hello, if you are purchasing property abroad then find yourself a good broker. I recommend First rate FX, they are really good and they don't charge any fees to transfer your money overseas. Good luck.