Whatever type of home you decide upon, there are certain safeguards you should take to make sure your dream purchase does not become a nightmare.
Purchasing property abroad is no more complicated than buying in the UK. One of the most common mistakes is to assume that the purchase procedures are the same as in the UK. Not true, failure to take basic advice can result in disastrous financial losses.
Unfamiliarity with the language is what complicates matters. A specialist at Kobalt Law LLP can translate and interpret all documentation and lead you through maze of intricacies from the initial contact with the Estate Agents to the placing of the Deposit, understanding the Contract, amending it if necessary to safeguard your interest, drawing up a Power of Attorney if you are unable to be there at the final signing ceremony with the Notary, and the checking over of the Searches and the final Conveyance document transferring ownership of your new home to you.
Buyers must be aware of properties with:
- No title deeds
- Others built without Planning Permission and/or with a demolition order hanging over them
- Bank taxes owed on the property that are inherited by the Buyer
- Structural faults or defective plumbing and/or wiring
Buyers must also be aware of any open spaces in the vicinity of the property. Could this area be built on in the future? The Buyer should also take into consideration any noise and bustle that may be apparent if buying in the summer months but which may not be obvious if buying at any other time.
Seek an Advisor
The most important tip is to have a well-informed independent legal advisor, and one who can speak both English and the language of the Country in which you are purchasing.
This cannot be stressed enough since it will save you many headaches and the extra cost will be justified.
Your expert should advise upon how to purchase the property and in what capacity, the need to make a Will after the purchase has been completed and ensuring that the property is registered at the Land Registry in the correct manner.
You should also take advice on residency and type of property ownership similar to our joint tenancy and tenancy in common.
Your expert will raise general and specific enquiries in relation to the property and deal with aspects such as how much should be declared in the Deed of Sale and whether you should be proceeding by way of reservation/option Contract, or a full preliminary Contract.
Remember, that the extra money spent on a specialist international property lawyer based in England will avoid you in greater expense and heartache in the future.
If you would like legal help buying a property overseas you can contact Kobalt Law LLP.