Buying Property Overseas

Buying a property abroad is becoming more and more popular as thousands of Britons rush to buy their very own place in the sun. With UK house prices reaching record highs, and the ever increasing coverage of low-cost airline destinations, more and more of us are thinking about buying and perhaps living overseas. More than 2 million Brits own a house abroad - with over half of those owning second homes in Spain and France alone.

However, the process is not at all straightforward, and you will need to thoroughly research the procedures relating to the particular country where you are buying.

First Things First

Before you become too excited with visions of yourself relaxing in the sun at your new foreign home, you must take a good hard practical look at whether buying a property abroad is really the right thing for you. Make sure that you think about whether you want to go to the same place every year, and add up the costs of maintaining your new home and the flights back and forth. Find out how much flights are in peak season and off-peak. Do flights even run regularly off-peak? Even if you're lucky enough to be on the route of a low-cost carrier, don't assume that these routes will always be available, or that the prices will stay low.

You should also think about what the local area is like in the off season, and what it will be like living in the house during the winter months.

General Tips

If you've decided that buying a place abroad is the right decision, then make sure that you read through the following general tips before taking the plunge:

Solicitors

Always hire a solicitor to act for you - make sure they are English speaking if you are not fluent in the local language. In some countries, the locals do not use solicitors but you should insist. The solicitor will check that the seller owns the property and that there are no debts attached to it and that planning regulations have been met. You should be aware that in some countries solicitors act for you and the seller, so you must make sure you're getting independent advice.

Agents

Make sure you buy through a qualified and licensed agent. In most countries (including France, Spain, Portugal and the USA), agents legally have to be licensed and using an unlicensed agent means that you will not be protected if things go wrong. The agents in the countries noted above will tend to do more of the legal work than in Britain and so will charge more commission.

State Notary

Make sure you understand the role played by the state notary (notaire in France, notario in Spain). They are a state official, whose responsibility is to see that the sale is completed - they do not act for you or the vendor.