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If you are ready to purchase your dream property abroad then arranging an “Overseas Mortgage” can be daunting. Overcoming the language barrier and the different laws and regulations in other countries can make it seem that much more difficult.
Your mortgageforce™ consultant will guide you on mortgage options, but can also offer support in terms of the buying process for the country that your property is in. This will include guidance on contracts, taxation rules, valuations and even suggestions on the best agents to consider when looking for property abroad.
Often, the problems generally associated with buying a property abroad are:
Contracts are often written in a foreign language and you have little or no time to check them out. It is therefore important to have representation from someone who can translate and explain the contract terms at short notice.
Property and land law varies from country to country and can be quite different from the UK. You should ensure that you seek specialist advice from independent Solicitors, Architects and Surveyors before considering a purchase overseas. They should be proficient in your chosen country's laws and processes and also know the specifics involved in buying a property there.
In some countries the property can carry debt secured against it by previous owners. For example a developer may have borrowed money to build the development with individual amounts being secured as loans against each plot as required for additional security by the developer's bank.
Deposits paid or even agreed for properties may not be returned. Always ensure that the contract provides an 'opt-out clause' in the event that the loan is not agreed (which will ensure any deposit paid is refunded).
One of the most important considerations when buying property overseas is to arrange the finance in advance. Often transactions are much quicker than the UK and having the mortgage arranged in principle, in advance, will put you in a stronger position and provide you with less to worry about once the property is in place.
A mortgageforce™ consultant will present you with the most suitable options available and guide you through the process.
Mortgage Force Ltd is authorised and regulated by the Financial Services Authority, and is entered on the FSA register (www.fsa.gov.uk/register) under reference 301046.
Each mortgageforce™ franchise is independently owned and is directly authorised and regulated by the Financial Services Authority.
You can check this on the FSA register (www.fsa.gov.uk/register) or by contacting the FSA by telephone on 0845 6061234.