Foreign Property

If you are planning to buy, or even thinking about buying, a property in a foreign country, whether for private or business use, then before doing anything you should take advice from a specialist solicitor.

Buying property in a foreign country will most likely be one of the largest financial transactions you will ever undertake and is fraught with potential risks. Employing the services of a specialist solicitor will help you avoid the pitfalls that can occur, especially when dealing with a different culture and language.

Not speaking a country’s language is the biggest complication. It cannot be stressed enough how important it is to choose a solicitor that can speak both English and the language of the Country in which you are buying, as it will prevent many problems from arising.

A specialist solicitor will translate and interpret documentation and guide you through the whole process from initial contact with the Estate Agents, placing a deposit, understanding and amending contracts if necessary, conducting searches, checking the final conveyance document, setting up Power of Attorney in the event you are unable to attend the final signing ceremony and finally transferring ownership of your new property to you.

Buying property in a foreign country is no more complicated than buying in the UK. However, there are certain safeguards that you should take to ensure your purchase does not turn into a nightmare.

Irrespective of the whereabouts of the property you buy, a common mistake is to assume that the purchase procedures are the same as in the UK. This is not the case and failure to take advice can often result in heavy financial losses.

Typical pitfalls when buying property in a foreign country would include property built without Planning Permission, which may mean that there is a demolition order attached to it, outstanding taxes that are inherited by a Buyer, title deed issues, structural faults, defective electrical wiring, plumbing problems etc.

Your solicitor should also investigate whether any open spaces around the property can or will be built on, which may obscure views or create noise.

A solicitor will also be able to advise you on the different types of property ownership in the country you have decided to buy in similar to the UK’s joint tenancy and tenancy in common agreements and on how to include your new property in your Will.