Buying property overseas – frequently asked questions
If you are buying property overseas then you will have a number of questions about the process of buying, overseas investment property and relocating overseas. Below is a series of questions relating to property overseas and how to go about buying overseas investment property and relocating overseas.
Can I still claim my pension after relocating overseas?
UK state pensions can normally be paid anywhere in the world. Company and private pension should be the same but it will depend on the individual insurance company. Determine what the situation is before committing to buying property overseas and moving abroad.
Any extra costs to buying property overseas?
Yes. The extra costs you incur will depend upon which country you are buying in but in most cases estate agents fees, taxes, land registry charges will add to the purchase price of property abroad. Think carefully about what these costs will add to the cost and whether it is still profitable as overseas investment property.
Do I need a solicitor when buying property overseas?
Definitely. Too many overseas buyers still make the mistake of believing they can handle buying property overseas themselves. The law is different in other countries and pitfalls await those who do not contract the appropriate legal services when buying their overseas investment property.
Can I rent out my property overseas to earn extra income?
Buyers very often lease their property abroad in order to raise extra cash. Many pure investors buy property purely for rental purposes. Buy-to-let purchases are common amongst those looking for overseas investment property.
Can I live and work abroad?
UK citizens have been relocating overseas for centuries and are able to move most places in the world these days. Each country has its own immigration policy but those relocating overseas to an EU country are able to do so without needing a work permit or visa
Should I go for a UK or overseas mortgage?
There are advantages and disadvantages to both options. Whether you go for a UK or international mortgage will depend upon your personal circumstances but the right decision can mean a great deal more money to enjoy after relocating overseas.
Am I entitled to healthcare after relocating overseas?
Your entitlements to healthcare will depend on where you are relocating overseas to. The service is free of charge in some countries whilst taking out private insurance is a must in others. Checking the level of entitlement is vital if you are relocating overseas.
Why should currency fluctuation worry me when buying property overseas?
Currency issues can make your property overseas a good deal more expensive or cheaper in a short space of time. This impacts upon your monthly mortgage payments and a UK mortgage may be more beneficial than an overseas mortgage.
Where are the best places to buy property overseas?
This depends upon what you desire from a property overseas and whether it is a residential home or an overseas investment property that you are buying. Give careful consideration to this, and the other issues highlighted here, before relocating overseas.
