Corporate foreign exchange news

Foreign property buyers 'need to think ahead'

Friday, 06 August 2010 09:13:17 GMT

Published by Jamie Jemmeson
Many foreign property investors end up disappointed in their new life abroad because they have failed to anticipate what they will need for a good quality of life overseas, it has been claimed.
Paul Collins, editor of BuyAssociation, said that it is particularly important for retirees to think carefully about how close they would like to be to local shops, amenities and healthcare facilities.
He said that many foreign property buyers can find their new home isolated after moving in.
However, the essential piece of advice for anyone buying abroad, outright or via a foreign property mortgage, was to seek independent legal advice.
"Something we come up against time and time again is people have used the same lawyer as their developer or of the seller of the house and run in to all sorts of problems that way," he said.
His comments followed recent research from Skyscanner showing that Spain is once again the UK's favourite foreign property destination.
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