Moginie James... at home | Autumn 2010


 airpor t, at both sides of the water! If you are looking to purchase rental proper ty, a five hour trek from the nearest airpor t is not likely to bowl over holiday-makers.  weekends or a few precious weeks at a time at your proper ty, anything more than a one hour drive from the airpor t is likely to become tiresome. Within fifty miles of an international airpor t is a good distance to work to. Equally impor tant when choosing your location is to ensure you are not reliant on just one airline/ ferry to get there, as no-one wants to be at the mercy of strikes or overinflated rates.


Money, money, money  new pad. Do you have savings set aside, will you be downsizing your U.K proper ty or will you need to take out a mor tgage? Whatever your situation before committing to any purchase and paying a deposit, it is impor tant that you have your finances in place so that you are in a strong position should you wish to proceed with a sale. In par ticular if you are financing via a mor tgage ensure you have in place an “Agreement in principle”.


Always budget for additional charges into the price of the sale such as legal fees, taxes, any mor tgage arrangement fees, stamp duty, land registry, furnishings, service charges, flights, insurance, etc.


A par ticular issue when purchasing overseas is the inevitable fluctuation in exchange rates which can significantly affect the purchase price, mor tgage payments and any future rental income (should you wish to let the proper ty). A specialist currency broker will be able to source the best deal.


Opening a bank account in your chosen destination is essential in order to set up standing orders to pay utility bills and taxes. Take note that if you fail to pay your taxes in cer tain countries (such as Spain and France) this can lead to action by the relevant authorities.


Fly away Whilst viewing proper ties on internet sites is a great way to get an idea of what your budget can buy and the types of proper ties that are on offer, it is no


substitute for a good nosy around! It is vital that you view a proper ty in person as pictures can be deceiving - while you fall in love with the picturesque scenery and quaint bedroom it is unlikely to show if there is any damp, the proximity to neighbours or access issues. So hop onto a plane and get viewing!


Sealing the deal Don’t let your hear t rule your head! Once you find a suitable proper ty have a couple of days cooling off period prior to sealing the deal, to ensure it meets all your requirements before you embark on a major financial decision.


As is common practice in the U.K, appoint a surveyor before completing on a sale, who will be able to determine the correct valuation and uncover any issues. This may also be a stipulation of your mor tgage agreement, should you be financing the purchase in this way.


Legal eagle Before shelling out a single Euro, gain advice from independent surveyors and solicitors. They should be proficient in your chosen country’s laws and processes and be familiar with the specifics


regarding buying a local proper ty there. It sounds obvious, but never sign a contract in a language that you do not understand - insist that it is translated into English, or have your lawyer arrange this for you.


Do also make it a priority to ensure that the developer or seller has full title to the land or proper ty, and your solicitor should also check that you are not inheriting any debt with the proper ty.


Talking the lingo To get the most out of your proper ty abroad, why not you learn the local language? Here are a few ways to get chatting:   www.cardiff.ac.uk/learn


 online tuition: www.bbc.co.uk


  apple.com


Moginie James offer a wide selection of overseas proper ties - to star t your journey to your dream abode contact the Overseas Team on 02920 761 999 or visit www.moginiejames.co.uk


“Once you find a suitable property have a couple of days cooling off period prior to sealing the deal, to ensure it meets all


your requirements before you embark on a major financial decision”


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