Overseas Property FAQS

1. Are there any additional costs when buying property overseas?
2. Is it possible to rent my propoerty when I am not using it?
3. Sould I open a new bank account?
4. Should I use a U.K. or overseas mortgage?
5. What do I need to know about currency matter?
6. Do you offer financial advice?

1. Are there any additional costs when buying property overseas?
A. This depends upon which country you are buying property in, but in the majority of cases, land registry charges will be added to the purchase price of a property abroad. It is important to bear this in mind when considering which properties may fall within your budget.

Another set of costs will usually be the series of duties that needs to be paid to the government of the country you are buying property in.

Using a lawyer is essential when buying property overseas as it will ensure you avoid expensive errors, so you should also budget for legal expenses. It may also be necessary to hire an estate agent and translators. On average, the additional cost of buying property abroad is between 10-15%.

2. Is it possible to rent my property when I am not using it?
Many people let their foreign property as a means to raise extra income and some even invest in overseas property purely for this reason.

If you are considering doing this it is necessary to take into account which apartments or houses would appeal most to holidaymakers. This means carefully considering location, average rent prices in the area and proximity to restaurants and beaches.

3. Should I open a local bank account?
Yes, you will always need to do so. Depending upon your skill with the local language this should be very easy. Even those who do not speak it comfortably should be able to get help from a friend, as the forms themselves are not usually complicated.

Remember to bring the following when setting up an account; passport, birth and/or marriage certificate, several copies of passport photographs, proof of where you are living abroad (and possibly in the UK also), proof of your status in the country i.e. employed, retired, student etc.

4. Should I use a UK or overseas mortgage?
Both have their merits. Which would be better depends greatly on your specific circumstances. For more information, consult one of our advisors to determine whether a UK or international mortgage is best for you.

5. What do I need to know about currency matters?

Sterling can fluctuate sharply against foreign currency meaning overseas property can become considerably more or less expensive overnight. Make sure to keep an eye on the latest trends as it will affect the amount of money you pay when buying property abroad.

6. Do you offer financial advice?
Of course! We specialise in knowing the national and regional marketplace, networking with the best property specialists and finding bespoke property investment opportunities. We specialise in guiding you through the buying process in our chosen countries with as little hassle as possible. As we also offer tax planning and pension services we are more than happy to discuss your broader financial situation.

For further information on our overseas property service contact David Retikin at dretikin@prycewarner.com or call our international toll free number on 00800 27 46 59 71 or in the meantime, please feel free to download our courtesy guide.