Buying Abroad
Introduction to Buying Abroad
If you are planning to buy a property abroad or even just thinking about it, whether it is a farmhouse, cottage, apartment, villa or business, you must bear in mind that the foreign property market is currently a Seller’s market.
The International Property Law Centre LLP will help you avoid the pitfalls and risks associated with buying a home abroad, which is considered to be one of the largest financial transactions you may ever undertake.
Whatever type of home you decide upon, there are certain safeguards you should take to make sure your dream purchase does not become a nightmare.
Purchasing property abroad is no more complicated then buying in the UK. One of the most common mistakes is to assume that the purchase procedures are the same as in the UK. Not true, failure to take basic advice can result in disastrous financial losses.
Ask yourself why you want to buy a home abroad. Is your primary concern a good investment or do you wish to work or retire there. Where and what can you afford?
Unfamiliarity with the language is what complicates matters. A specialist at the International Property Law Centre LLP can translate and interpret all documentation and lead you through maze of intricacies from the initial contact with the Estate Agents to the placing of the Deposit, understanding the Contract, amending it if necessary to safeguard your interest, drawing up a Power of Attorney if you are unable to be there at the final signing ceremony with the Notary, and the checking over of the Searches and the final Conveyance document transferring ownership of your new home to you.
Buyers must be aware of properties with no title deeds, others built without Planning Permission and/or with a demolition order hanging over them, Bank taxes owed on the property that are inherited by the Buyer, structural faults or defective plumbing and/or wiring.
Buyers must also be aware of any open spaces in the vicinity of the property. Could this area be built on in the future? The Buyer should also take into consideration any noise and bustle that may be apparent if buying in the summer months but which may not be obvious if buying at any other time.
The most important tip is to have a well-informed independent legal advisor, and one who can speak both English and the language of the Country in which you are purchasing. This cannot be stressed enough since it will save you many headaches and the extra cost will be justified.
Your expert should advise upon how to purchase the property and in what capacity, the need to make a Will after the purchase has been completed and ensuring that the property is registered at the Land Registry in the correct manner.
You should also take advice on residency and type of property ownership similar to our joint tenancy and tenancy in common.
Your expert will raise general and specific enquiries in relation to the property and deal with aspects such as how much should be declared in the Deed of Sale and whether you should be proceeding by way of reservation/option Contract, or a full preliminary Contract.
International Property Law Centre LLP FeesRemember, that the extra money spent on a specialist international property Lawyer based in England will avoid you in greater expense and heartache in the future.
Please contact us for a quotation or call us now on 0844 578 4003.
The International Property Law Centre LLP
London Office: Frazer House, 32-38 Leman Street, London E1 8EW.
Tel: 0844 578 4003. Fax: 0844 578 4001.
(Telephone from abroad: +44 (0)207 173 6180. Fax from abroad: +44 (0)1482 240 192.)
Hull Office: 14 Scale Lane, Hull HU1 1LA.
Tel: 01482 224 900. Fax: 01482 240 192.
(Telephone from abroad: +44 (0)1482 224 900. Fax from abroad: +44 (0)1482 240 192.)
Email: info@iplc.co.uk
Regulated by the Solicitors Regulation Authority.
Registered address: 14 Scale Lane, Hull HU1 1LA.
The International Property Law Centre LLP is registered in England number: OC337700.
A list of the members of the LLP is displayed at the registered office as above.
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