Best Exchange rates UK

The Best Exchange Rates UK shows its’ guide to buying property abroad.

Location checklist

One mistake a lot of people make when looking to either relocate abroad or purchase a second home is haste. Many people rush into making crucial decisions and this can lead to horrible problems along the line. Before you start looking for a property, it’s definitely worth asking yourself a few basic questions, which should save you time and money in the long run:

• Do you prefer the town or countryside?
• Do you want to be inland or on the coast?
• Do you want to be isolated or in the thick of it? (Most people prefer to be within about an hour’s travel time of a town.)
• How much outside garden space do you want or need?
• How close do you want to be to your neighbours?
• How close do you want to be to the centre of town and to shops, bars and restaurants?
• Where’s the nearest public transport, how frequently does it run and what time does it finish?
• How far is the beach? Do you want to be close to the beach?
• How close are you to the nearest airport? Is convenient public transport available from the airport to your house?
• How far is it to sports facilities, golf, tennis, swimming, and so on?
• How good are the local health and social services?
• What art and entertainment shows/exhibitions are available in the area?
• What are your neighbours like? Are they going to be friendly and hospitable?
• What is the exchange rate like? You will get the best deal in the country where you will get the best exchange rates.

Professional advice

Use qualified professionals to protect your interests and make the purchase of your new home a stress-free experience. This will include lawyers, accountants and estate agents; who are all a good source of advice and guidance. Only negotiate with ones that are officially registered and hold a licence, with relevant experience, preferably in your home country and the chosen country of relocation. Also, a travel agent or an exchange broker house will provide counsel on the place to secure the best exchange rates. Ensure you have a good lawyer with an excellent command of English and the native tongue, to deal with the endless stream of rules and regulations which you will encounter. 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? There will be hidden regulations where you choose to re-locate to; so be careful.

Costs

Make sure you research all legal issues and costs involved before even approaching the estate agent in the second country. Your solicitor/lawyer will advise and assist you. Before you have decided on a property it’s important to be fully aware of the legal process and costs involved in your purchase. Obtain professional advice and check your finances, taking account of these additional costs. It is important to search for the best exchange rates available when converting your currency to that of the new country. This is because a slight percentage change in the rate of exchange will have a huge influence on the value of your money, and could lead to you losing thousands.

Be well prepared with your finances; taxes can be high when buying property abroad. Set up a direct debit from a native bank account to pay for bills and be careful not to miss payments. Read all those annoying red letters; foreign banks are not lenient with those who don’t pay up in time. If you’re considering renting out the property when it’s empty, bear in mind that advertising in the UK for a property abroad could result in tax demands from both the English and foreign authorities. This, again, will be affected by the exchange rate between the two countries.

Making an offer

Make your offer in writing if possible (of course, subject to contract), and include not only the price, but also the amount of deposit, when you’re prepared to pay it, when you’re prepared to complete, what you understand to be included in the price (for example furniture and fittings if applicable) and, an often neglected point, that all machinery equipment and installations are in normal working order. In the modern world email will suffice in terms of putting your offer in writing.

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