SECTION CHECKLIST


When buying an overseas property you will interact with a number of companies providing various services you will need to help make the transaction go smoothly.


Using an independent lawyer is essential to ensure your interests are protected. Remember, an agent is in most cases acting on behalf of the developer or vendor and you need someone to check everything for you


Make sure you understand what you are signing and don’t sign anything you are not comfortable with. Your lawyer should be able to explain anything that is not clear


Think about any tax liabilities before you buy the property, a lawyer or accountant should be able to help


Tax is normally levied on the purchase price and should be built into your budget. You will also be taxed on any capital gain when selling the property


Tax will be payable on any rental income but in most cases you will be able to avoid paying tax locally and again in the UK


Spend what you can afford and if you need a mortgage speak to an adviser to get an agreement in principle


It’s usually a good idea to match the currency of your mortgage with the currency of the earnings you will use to fund the monthly payments


Specialist currency brokers usually offer more competitive rates than high-street banks and allow you to forward fi x the rate of exchange to protect you from adverse currency fl uctuations


Title insurance and latent defects insurance can give peace of mind and help resolve issues of ownership and build quality, see page 53


Just as in the UK, your property will need to be insured and public liability insurance is essential if you plan to let out the property


AIPP CONSUMER GUIDE 35


SECTION 3 ESSENTIAL SERVICES


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