What are the process involved when getting an overseas purchase mortgage?

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What Are The Process Involved When Getting An Overseas Purchase Mortgage?

The process of buying a property overseas is similar to the process of buying a property in the UK. This will involve, finding a solicitor to deal with the buying process, getting the mortgage sorted, finding your desired property, and finally making the purchase of the property.

When looking for a lawyer, you need to find one who is familiar with the local law, and one who will be able to give you advice on the process of buying your property, how to pay for it, the legal liabilities and the taxation. Once you have a lawyer in place, you then need to make arrangements for your mortgage; it is good practice to do this before you look for a property as it may take a long period to acquire a mortgage. You may want to go for a UK overseas mortgage or you may wish to go for a mortgage from a local bank in the country you are purchasing in, to decide upon this it may be worth getting quotes.

Finding a property is the next stage in the process, this can be through estate agents, looking on the internet, going on destination or going to exhibitions held by property developers in the UK. It is often a good idea to visit overseas property developers exhibitions held in the UK, these will provide you with an excellent chance for research on locations, properties, costs etc. This will aid you in determining affordability. Most of these developers will almost always have an office based in the UK, so that potential customers can come visit them for information and even make purchases. These offices will generally have English speaking staff, you may be offered what is known as an inspection trip, this will include going on location to see the potential property, normally the agents will provide you with discounted rate flights and accommodation in the desired destination. When you have chosen a property, the next step will be to purchase it, this is similar to the processes of buying a property in the UK, where your lawyer will do most of the work, they will conduct a land registry search, draft a contract of sale, arrange a completion of sale in front of the locations notary public and make arrangements for the transfer of funds. You need to register for taxation with the local council, they will calculate your tax liability. You will also need an insurance on your property. When taking out an insurance you should state exactly what its purpose is, e.g. for permanent residence, holiday home, or a rental property. Once you sign the contract you are legally bound to complete the sale. You will be expected to make a deposit payment of at least 10% of the properties value. Once you have made the deposit payment the next step is to sign the title deed. Once the title deed is signed the purchase of the property will be complete, and your lawyer should arrange for the payment of any taxes and fees.

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What are the process involved when getting an overseas purchase mortgage?

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