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Dont cut corners on Overseas property

Overseas property buyers 'should not cut corners'

People from the UK who are planning to purchase a foreign property have been advised to go through each stage of the process properly.

According to Paul Collins, editor at Buy Association, aspiring buyers can occasionally be encouraged to "cut corners that they wouldn't normally do".

However, he warned that if they fail to take steps such as getting all the necessary legal checks carried out, they could face various problems in the future.

"It is immensely important that people can make sure they get proper legal representation," Mr Collins commented.

He insisted this is particularly important amid the current turmoil in the UK and European economy.

This, he said, is because many sellers, agents and developers tell prospective buyers that their prices are extremely low and that existing offers will not last for very long, while some are saying that the market has bottomed out.

As a result, many could seek to speed up the process of making a purchase without going through all the usual processes and procedures.

Mr Collins advised overseas property buyers to make sure they have proper legal representation. This would enable them to be confident their contracts have been looked at thoroughly.

"Never sign anything in a language that you don't understand without having a translation," he said.

Mr Collins added that his advice on purchasing real estate on another country has not changed since the onset of the global financial crisis.

Indeed, he said it has always been important for people to be "very careful with anything that they buy overseas".

This comes shortly after overseas property buyers were advised by HSBC to consider how far their money will go in various countries, as a particular sum could give a person considerable purchasing power in one market but relatively little elsewhere.

The organisation said this is because the size of the property a person can snap up with their budget will depend on individual factors unique to each nation, such as the strength of its housing market, tax levels and foreign exchange rates.

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