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| Things to look out for when buying property overseas | ||
Buying a property overseas is a major decision. Make sure you proceed with caution, do your research and always get independent advice.Know the risks when buying property abroad Exchange rate changes – even a small change to the exchange rate could drastically affect the value of your purchase. This could make a property – or your mortgage repayments – unaffordable overnight. Beware developers and the hard sell – don’t succumb to heavy pressure to sign up with a deposit before you’ve had a chance to think carefully and get independent advice. Check the paperwork – make sure that you have all the necessary permissions, licences and planning consents before you sign any form of contract or agreement. Tax – make sure you account for all the tax you’ll be liable to pay, both in the UK and in the country where you have the property. If you have a mortgage where you’re making repayments in a foreign currency, the lender must tell you if the exchange rate fluctuates by more than 20%. These rate fluctuations could affect your ability to meet your future mortgage commitments. To protect borrowers, lenders must offer you the option to repay the mortgage in another currency. Get independent legal and financial advice Always seek legal advice from a lawyer who is independent of everyone else involved in the deal – including the seller or developer and the estate agent. Ensure your lawyer is fluent in both English and the local language, and that they understand property law in the country where you’re buying plus how it relates to non-residents. If you’re appointing a UK legal firm, check that they are registered with the Law Society in the UK and specialise in international transactions and property conveyancing. If you’re appointing an adviser in the country where you’re buying the property, you should be able to find lists of English-speaking professionals on the website of your local British Embassy. Financial advice You can find an independent financial adviser via the links below. All of the following websites let you search by postcode and some let you search for specialist advisers only. If things go wrong when buying abroad An overseas property purchase is not regulated by the Financial Conduct Authority (FCA) so you will not be protected by the Financial Ombudsman Service or Financial Services Compensation Scheme if things go wrong, even if you use as FCA-registered financial adviser or mortgage broker in the UK to make the deal on your behalf. |
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| Wednesday, Apr 13, 2016 | ||
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