How to Buy Your Dream Place in The Sun or Investment Property

 

After finding your dream home abroad how do you go about actually making the buying of it a reality? To help you through what can often seem like a daunting and confusing time we have listed below the main steps in buying that overseas property.

As with any property purchase all buyers should obtain professional and independant financial advise from a regulated and authorised advisor before proceeding with any purchase.

If you would like to speak to an independent advisor please contact us and we will put in touch with one. Please note that we do not receive any form of remuneration for this service and that the advisor is completely independent of My Choice Villas

The process is usually completed in around five steps each of which must be carried out with care and due diligence in order to make is as comfortable and safe as possible for you, the buyer.

Before we start..

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Did You Know

Property investment is one of the most profitable ways of making money if you do your research well and deal with people who understand the market. This is essential because success requires much more than striking it lucky in one market, it's about calculating risks and estimating growth and return

Some Hints & Tips to consider when approaching property investment:

• Budget - How are you going to finance your purchase?

• Growth - Is the area you are looking to invest in a growing area?

• Tourism - Is there a growing demand for tourist accomodation? A recent phenominum is "Does RyanAir fly there"

• War & Political Conflict - Do you really want to invest in a potentially unstable area?

• Location - Every country has good and bad areas to invest in

• Rationale - You should only invest in emerging markets for capital appreciation not short term gain.

• Foreign Exchange - How are you going to transfer sometimes large sums of money overseas safely and without incurring hefty fees?

To make the transfer of payments abroad as easy and safe as possible My Choice Villas has teamed up with one of the largest and most respected organisations in this field; HiFX who have consistently offered a transparent and professional service for us and more importantly our Clients. For many of you this may be the first time you have had to transfer large sums of money overseas and HiFX work closely with My Choice Villas to ensure that you recieve the best exchange rates and that your money is kept safe and secure at all time.

If you would like to know more about this and other foreign currency transaction; pension payments, salary transfers or other regular overseas payments please contact us today completely without obligation and we will return your call or click the link below to submit a request form.

 

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Five Steps to Reaching Your Dream

• Initial Contact
• Payment of Reservation Fee
• Contract
• Deposit
• Completion

• Step One. Find your property whether it through your own efforts or with our help via one of our property experts who can assist you to make an informed dicision on the style and location of a property that is most suited to you and your requirements.

• Step Two. You will be required to put down a £2,000 Reservation Fee which is fully refundable in order to take the property off the market.

• Step Three. Is the "Contract Phase" through which you will receive correspondence from your chosen legal team who will detail the purchase process, timescales, any associated costs and plans of your chosen property. If required we can put you in contact with fully independent UK solicitors to help you with the legal aspects of buying a property

• Step Four. Following on from Stage One, you will have 28 days to arrange the Deposit which usually ranges from 10% to 50% of the purchase price less the Reservation Fee (dependent upon which development is chosen plus VAT and 50% of the legal fees. These funds are then paid into a designated client fund by your legal team for security.

Please note that it is important to know in advance where you are to source these funds from as if they are not made then your chosen property may be returned to sale.

• Step Five. Finally, upon Completion which is normally about an 18 month process you will meet with your chosen legal advisors along with the developers legal representitive and a notary to pay the balance of any monies/fees due with either cash or via a mortgage. It must be noted here that the mortgage may not cover any local VAT or legal/notary fees.

Typical Fees Payable

Please note that this list is mainly based on buying a property in Spain, however many will apply in other parts of the World and it is essential to seek advice on exactly what you will have to pay and how before proceeding with any purchase.

• Transfer Tax (resale properties only)
• Legal document tax
• Value added tax, (new properties only)
• Land tax
• Notary's fees
• Stamp duty, (new properties only)
• Deed registration fee
• Surveyor's fee, (optional)
• Selling agent's fees
• Utility fees, (new properties only)

My Choice Villas is With You All The Way

You can be assured that we will help you in all aspects of buying your dream home or property overseas. Our independence puts us in a unique position where we are not under pressure from any developer or group of developers to sell you something that may not be fully suited to your requirements. In addition we fully agree with all the current advice that states it wiser to use separate legal and financial advisors and to assist you with your potential purchase we are more than happy to put you in touch with advisors who are not associated with My Choice Villas and who make no remuneration or reward to us whatsoever.

If you would like to discuss your requirements with us please contact us today and we will help you find your ideal Place in The Sun

 

Keep Your Tax Liabilities to a Minimum

 

My Choice Villas has teamed up with Tax cafe to bring you a variety of resources to help you pay less capital gains tax, inheritance tax and many other taxes

To help you we have put together a selection of books and articles which make interesting reading.

To view any of the publications please click the image and a new page will open to our online tax bookshop.

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