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Overseas property buyers 'should visit house before purchasing'

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Consumers who intend to transfer money online so they can buy a property outside the UK have been told not to make a purchase without seeing it first.

According to Tim Morgan, a partner at Emerging Real Estate, anyone who is buying a residence overseas should act just as they would if they were purchasing a property in the UK.

For instance, he said people would not buy a house in Britain without physically seeing it for themselves before parting with their money. As a result, Mr Morgan believes the same principle should apply with any foreign investment.

"Investors need to take exactly the same considerations that they would in the UK - no more and no less," he commented.

Mr Morgan also encouraged overseas property buyers to work with an independent qualified lawyer throughout the purchasing process, as these would be able to act on their behalf and represent their interests.

This coincides with observations from Shelter Offshore that more and more people from the UK are thinking of relocating overseas.

The website said that it has recently seen a "significant surge" in the number of people expressing an interest in moving to another country.

Shelter Offshore attributed this partly to the current economic climate in the UK, as many consumers are struggling with job insecurity, limited career prospects and increases in the cost of essential items such as petrol and food.

As a result, more Britons could be set to enter into a cheap currency transfer so they can buy a foreign residence over the next few months.

Shelter Offshore added that many prospective expats are being realistic about their prospects and not looking to "live the dream".

However, the website said they could see their emotional wellbeing improve if they move to a destination that offers a better work-life balance and a nicer climate.

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