Property Matters Overseas recommend that you seek out independent legal advice whan making a purchase of property abroad. It can
be difficult trying to negotiate the minefield of different tax
legislation, legal issues and mortgage regulations related to
each specific location of suitable overseas property. Consequently, we believe that your legal
advisors should have specific experience and knowledge of the
country in which you are looking to purchase your holiday home or investment property abroad.
Once you have placed a deposit on an overseas property, Property Matters Overseas can recommend
a legal advisor who will ensure that all the paperwork relating to your property purchase abroad is correct,
and that you fully understand all the contractual obligations
involved. We are happy to recommend legal firms that we have used
who will be able to offer independent, affordable help and advice to support you in your overseas property search.
If you are looking for a mortgage to help with the purchase of
your overseas property, Property Matters Overseas can recommend highly experienced financial
advisors that can access competitive and often exclusive rates,
usually on more favourable terms than you can achieve by approaching
high street lenders direct.
Property Matters Overseas is pleased to recommend a visit to The Mortgage Broker - who can give you an impartial comparison of the whole mortgage lender market to help you to find the best mortgage to finance your overseas property purchase.
"New research has shown that about 550,00 British people now own
a second home abroad and most would have traditionally used their
High Street Bank to convert their cash. This means that a potential
£1.8 billion has been lost because of poor exchange rates."
- Quote from Sunday Times Money pages February 5 2006
Did you know that the high street banks commonly charge up to
4% more on an average currency transaction than would a specialist
currency trader? This means that on an overseas property purchase worth
£100,000 your foreign exchange transaction could cost you up to
£3,032 more than necessary!
Property Matters Overseas uses a currency trader ourselves when we purchase property
abroad and we recommend that you see if you too can save money
by using their services. The company that Property Matters Overseas use is First Rate
FX, whose rates of exchange are the most competitive in the market
place and they do not charge commission or transaction fees.
Foreign exchange is their core business and we have found that
they make the process as easy as possible for their customers.
The 3 step process involves:
1. Registering with the currency trader
2. Agreeing an exchange rate and amount to exchange
3. Transferring funds to the trader who will exchange and forward
them to the beneficiary account overseas.
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A factor that needs to be taken into account when buying an overseas
property is the exchange rate that you will pay. During 2005
the Sterling/Euro exchange rate moved between 1.40 and 1.50. This
type of fluctuation could make a big difference to the actual
cost of your new property abroad. Setting the rate of exchange and securing
the price that you will eventually pay for your new overseas property can
take the pressure off buying abroad. If you contact First Rate FX they would be happy
to explain how you can take any worry out of the fluctuating markets
by arranging a Forward Contract.
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