Independent legal advice 'a must when buying abroad'

Individuals planning to transfer money overseas so they can purchase a home abroad may want to take note of one expert's comments.

Editor of A Place in the Sun magazine Liz Rowlinson stated that "thorough research" is a must when looking to get into the foreign property market.

She noted the systems of buying overseas are "unfamiliar" and independent legal advice is something all prospective investors should seek.

People were warned to avoid selling agents as they "may not be qualified" and, as well as not acting in a person's best interests, they may not be accountable to any official body in the country.

Things to watch out for include additional costs that are not made clear during the buying process and the chance documents could be misinterpreted due to the language barrier, Ms Rowlinson remarked.

"Again, do your research without jumping in with both feet," the expert urged potential investors.

Those who have yet to decide where they want to snap up a second home may be interested to hear southern Spain, Florida, the Canary Islands, Cyprus and the Caribbean are all popular destinations.

Ms Rowlinson noted this is due to almost guaranteed year-round sun making the countries highly attractive to Brits.

However, the strength of the pound versus the euro may go some way in influencing where individuals look to buy, as living costs have risen substantially of late in Europe.

"There's no doubt that non-Euro countries such as Turkey, Egypt and Morocco have benefited from the rising cost of life in euro-land," Ms Rowlinson stated, adding that Mexico and the Far East are also good options for those who are "a bit more daring".

Her comments follow a recent observation by editor at the BuyAssociation Paul Collins that Brazil's property market has remained one of the most resilient in the world over the past couple of years.

Posted by Sarah Pitton

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