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Overseas Mortgages

Many people are now taking advantage of cheap and more available travel offers and are investing in a second property abroad. The purchase of a second property overseas is invariably very different from the house buying and borrowing process here. As a company we have specialist consultants who have experience in this area and can provide advice to purchasers on how to buy property abroad and on the various ways of financing the purchase.

Some of the key things to consider regarding you purchase are:

  • Am I paying the right price for the property?
  • How do I finance it?
  • Do I buy it in my own name or in a company name?
  • What are the tax implications associated with purchasing a property abroad?
  • What legal advice do I need?
  • Do I need a surveyor?
  • Do I need insurance?
  • Who will look after the property?
  • In what currency should I purchase the property?
  • What steps do I need to take if the property is empty for sometime whilst I am in the UK?
  • What are the risks involved in the property purchase?

A prudent purchaser will make substantial enquiries to ensure that the property they have seen and wish to buy is in fact what they are legally purchasing. Planning and title to ownership are major factors to consider.

If you decide to purchase a property in a foreign currency, it is very important to remember the additional risks involved, for instance, fluctuating exchange rates can directly affect the sterling price that you paid for the property. This is especially important if your purchase is in the form of staggered payments.


 

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