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Buying money for property purchase abroad
Foreign currrency for purchasing Overseas Property
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Get a currency quote for a foreign property and see how much you can save!
An increasing number of UK residents buy properties abroad, either as a holiday home or as a retirement home. All sorts of houses are purchased abroad from Villa's in Spain - for the sun, Chalet's in the Alps, Gite's in France, Italian farmhouses, second homes in Cyprus to West Indian beach houses. Buying property overseas has become easier and the proposition of cheaper airline flights has made accessing an overseas property more affordable. As well as purchasing properties in France, buying properties in Spain and buying properties in Italy, people are now widening the net buying properties all over the World.
People fund the purchase of a foreign property in many different ways. People retiring abroad usually sell their home in the UK to fund their dream retirement home in the sun.
Some people have funds available to make an outright purchase of a property abroad. Others use a mortgage to buy an overseas property.
However more and more people are finding that their UK home has lots of equity in it. It is straightforward to remortgage in the UK and so, many people are buying a property overseas by releasing cash from the equity of their home.
When buying a property abroad the period of completion may be over a period of months and a Fixed Term Forward Contract or a Forward Time Option Contract may be helpful to protect against the vagaries of the foreign currency markets. A deposit may secure a fixed rate for a period of time and hedge against any changes in the currency exchange rate. A small change in the foreign currency rate could have a dramatic effect on the cost of the purchase of a property abroad.
Let a Foreign Exchange Company help you buy your property overseas by offering competitive cheap exchange rates. The Vendor will have to be paid in local currency and the Exchange Company will provide a quotation for your foreign currency needs. They can also help private individuals purchasing their overseas property and can help agencies by providing their clients an excellent service and competitive Foreign Exchange rates.
Remember:
Some Exchange Companies don't charge fees for transactions over £5000 - shop around!
Search for Exchange rates from specialist Foreign Currency companies - they often compare favourably against high street banks and other sources.
Ask for the reasurrance of total security for all transactions and for receipts of payments of currency.
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The A-Z of buying a property Abroad
There are many things to be considered and planned for before you can buy your dream home abroad. Whether you are buying a retirement home an investment property or a much deserved holiday home in the sun. Many people are lucky enough to have capital to release for buying a property abroad, others finance the project with some form of loan or mortgage. Now is a good time to buy property in Spain as European interest rates are low and there is a wide selection of property options available, from developed plots, farmhouses and village locations, through to villas, townhouses and new apartment developments.
However and wherever you purchase your property there are some underlying principles to help you make the right decision. We have outlined some of them below and we have also listed some country specific advice for buying a property in Spain, buying property in Florida and buying property in France. Many other countries are becoming more popular and we see people buying properties in Estonia, purchasing properties in Bulgaria and buying properties in Italy.
Location, location, location.
This well worn maxim is as important when buying a property abroad as it is when buying at home. Research, research, research should also be a watchword. It is easy to get carried away with yourselves on your annual holiday. You're enjoying the resort so much you want to buy into it. Before making a life changing decision consider all your options and make a plan of action.
Take a Holiday
A holiday in the area under consideration will tell you a lot about the area where you want to buy a property. Be careful not to view it all with rose tinted glasses and try and picture the area on a quiet day off season. Are the facilities that you require on hand ? Do the shops suit your needs? These and many other questions will be answered later. A good way of getting an inside line is to ask those that have done it before. Many popular areas have a large ex-pat community to ask about the area.
Estate Agents
When buying a property abroad the advice of an estate agent may prove to be invaluable. Find an established company that will offer advice and not a hard sell. The whole process of buying a property abroad can be burdened with rules and regulations Make sure you have a good lawyer with an excellent command of English . For instance did you know that if you're buying in Spain you'll need to make out a will in Spanish before buying, or that you can inherit debts from a previous vendor?
If you are buying a property in USA take a look at our guide to exchange Sterling to Dollars for property purchase in America.
If you are purchasing a property in Australia, it will be our Australian Dollar exchange and transfer service that you will require.
For property purchase in Canada, the Sterling to Canandian dollar transfer rate is crutial, and our currency brokers are on hand to over their expertise and advise.
Remaining in Europe and buying a house? Spain is particularily popular at the moment and Sterling to Euro exchange rate applies to transfers to Spain.
Get a quote and see how much you can save!
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