Other things to consider It’s in your best interest to at least learn the basics of the language. Although most foreign people can manage some English, it’s not a good idea to assume everyone understands it. Whether you need repairs, help at the local grocery store (to find your baked beans!), need to consult a local builder or to have the ability to program your phone answering service, understanding and speaking the basics will reduce your stress and that of those around you. Furthermore the locals will respect you for making an effort to learn their language. Start learning as soon as you know you’re going to execute your plans!
Contact a Lawyer As soon as you know which country you are going to be buying in, contact a lawyer – do this before you commit to any property! We can, should you wish, introduce you to a number of very reputable legal firms who speak fluent English. They will review the sale agreement, verify titles and carry out other checks to ensure that you’re protected. They will be responsible for paying any taxes and registering the property with the land registry if this is required in the country of purchase. Charges vary for this service but can be between 1 - 2% of the sale value of the property. In many countries, the buyer’s lawyer is also liable to investigate that the property being bought is free and clear of any charge, lien, mortgage, and especially of estate taxes (viz. land property and inheritance) or municipal taxes, damages to neighboring owners and so forth. This investigation, held by the buyer’ s lawyer, is the guarantee that the Title Deed of Ownership and the relevant certificates issued by the land registry indicate that no third party claims of any kind exist. Contact an Independent Financial Adviser or Accountant This is highly advisable. Depending on your particular circumstances, there may be many ways to save on taxes. Your tax status, whether you take out a mortgage or loan, register the property in your name or not, all these decisions have the potential to reduce or increase the amount of tax you will have to pay. It’s well worth your time and money to seek proper financial advice before going abroad to view property. Things such as deciding on who will actually own the property have a large impact on your financial situation. You’ll have the option of sole or joint ownership, making your children legal owners, buying through a limited company or putting it in a trust. There are pros and cons for each, make a decision on ownership preferably after you’ve digested the advice taken from the relevant expert(s) but before signing any deals. You can seek out a UK based advisor with knowledge of various countries; however I recommend that the best professional to speak to would be one based in the country of purchase as they will be up to speed on the relevant country’s laws.
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