Buying Abroad
So you have decided to purchase a property abroad, either as your main residence or a second property. You will probably already have a clear idea as to which country you wish to purchase in.
Overseas property websites can be a great place to start looking and getting an idea of prices but bear in mind that some of these properties may already be sold or under offer.
A good way to begin is to make a location checklist:-
- Do you wish to live on the coast or inland?
- How near to the airport do you want to be?
- Is public transport important?
- Do you want to live in the town or country?
- Are shops, bars and restaurants close by?
- What health services are available?
Contacting Estate Agents
You will need to contact estate agents directly. These can be found online, in national newpaper property sections and speciality magazines.
Many of these agents will be only too happy to email you properties available for sale based upon your requirements such as area, size, etc.
When you have decided to travel to view property make sure that you are aware of any charges that may have to be paid to agents before arranging viewings.
You must use professional advice to protect your interests, this is especially important when buying property abroad.
Only use estate agents who are officially registered and hold a license. Unless you speak the language of the country in which you are buying the property make sure that your agent and lawyer speak good English.
You must research all costs as these will vary greatly depending on where you are intending to buy your home. Taxes can be very high in some countries.
A good idea is to set up a bank account in the country in which you are purchasing.
Overseas Mortgages
Some UK lenders offer mortgages for overseas properties if you are unable to buy a home outright or you could obtain a mortgage from the country in which you are purchasing in.
A good idea would be to contact an independant financial advisor who specialises in overseas mortgages.
Once you have found your property you will need to pay a 10% non-refundable deposit, although some countries including Portugal and Italy require at least 30%.
Do not hand over any money until you have an intitial contract drawn up.
Remember that if you decide to live abroad for more than 6 months each year your status as a UK tax resident will expire after 3 years, however any UK income will still be taxed.
