TOP TIPS
FOR
buying a property abroad
An increasing number of people are following their dreams and making a permanent
move to foreign climates or buying a second home abroad. If you’re planning on buying
abroad, avoid getting burnt and read our top tips before you buy:
Contracts
1
Never sign a contract you do not understand. If two versions are provided,
for example English & local language, ask your solicitor to confirm the English
version is a true translation. Always read the contract! Ensure you are fully conversant
with the terms and conditions you are about to agree to.
Arranging Finance
2
If you require mortgage finance, obtain an ‘Agreement in Principle’ before agreeing
to purchase the property, signing contracts or paying a deposit. If you are arranging
finance on the property, ensure that this is stated in any contract and seek an ‘opt-out clause’ if
the loan is not agreed (which will ensure any deposit paid is refunded).
Specialist Advice
Always ensure that you seek specialist advice from independent solicitors, valuers,
architects & surveyors before considering a purchase overseas. They should be
proficient in the country’s laws & processes. It is essential they confirm to you that all
required permissions, licences and planning consents have been obtained.
4
3
Valuation
Before proceeding with the purchase (especially with a re-sale property,
regardless of age), ensure an independent valuation of the property is carried
out, which should point out any problems with the property.