Things to look out for when buying a property overseas

29th October 2017

Buying a property abroad is a big commitment, so do your homework first; don’t get swept up in the moment and always seek appropriate independent advice first.

Don’t be pressured

Never feel pressured into signing up for a property, that’s a really bad sign, so step back and take your time. Don’t base a purchase decision on a single holiday, visit at other times of the year and get to know the area.

If the property you are considering is a new development, then talk to other people who’ve bought a property from them, and ask them what their experience was like. Did they encounter any problems and were they happy with their purchase?

In addition, try to make contact with other expats who have moved to the area to learn about their experiences too. When considering a particular property, also, search news websites to see if there are any issues affecting the local area.

Your financial obligations

First and foremost understand all of your financial obligations when buying a property abroad, including taxes and fees, as well as the purchase cost and all of the deadlines for those payments. Also, be aware of the changing strength of the pound; and how this could impact on your purchase, it may be a great financial burden in a couple a month than it is now. Moreover, if your purchase is dependent on you securing finance, then make sure that this is written into the contract.

Protect you

Always protect your interests. Never sign anything you don’t understand, and never go to a meeting that you don’t understand. If you are not fluent in the language in which the sale is being negotiated, then always engage the assistance of an independent and professional interpreter to attend meetings with you and to translate documents for you.

Legal advice is a must

In addition, engage a lawyer who is entirely independent of the sales process including the seller, the developer or the estate agent. You’ll want legal representation, someone in your corner, who is fluent in English and the language in which the sale is being conducted, who understands the local law and how it applies to you. For example, some countries don’t allow non-residents to purchase a property at all.  If your lawyer is based in the UK, they must be experienced in international property purchases, try the law society website as a good starting point.

Your relocation   

Relocation to Monaco needn’t be complex if you engage the assistance of a professional relocations service to help you. They help you negotiate the vagaries of your residency application and the move logistics – so your relocation will go as smoothly as possible.