Legal know-how when buying abroad

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Legal know-how when buying abroad

Your regular solicitor or lawyer may not be able to help with your overseas property purchase, but that doesn't mean you have to go it alone. We've been speaking to The International Law Centre about how you can secure peace of mind over legal matters when buying abroad and they've provided the following 10 tips to get you started.

  • Don't sign any papers before you have shown them to a lawyer in the UK or an English speaking lawyer in the country where you are buying

  • Seek a lawyer who knows the local law and speaks the local language.

  • If it's "off plan" stay close to the project and maintain a realistic perspective - don't allow yourself to be sold a dream that won't come true.

  • What guarantees will you get from the developer that it will be built? Is there an escrow account set up with a UK lawyer to protect your money?

  • Most European countries and some non European countries require that bank guarantees must be given by the developer on all new builds to safeguard the buyer's money.

  • Is there enough legal documentatation to protect you and are all the necessary parties mentioned and tied into each other to safeguard you?

  • Does the vendor of the property actually own the property or does more than one person own it? Are they all party to the sale documents?

  • Will the rest of the development actually be built; such as all the amenities, or will you be left with a house and no pools, golf course or restaurants on the development?

  • Is there a management company set up to manage the whole development?

  • You may wish to use lawyers, agents or developers who sign up to the AIPP code of conduct when using their services to buy property overseas.

The International Law Centre

The International Law Centre is a firm of solicitors and international lawyers providing a service to clients who require international legal advice.

The ILC is regulated by the Solicitors Regulation Authority.

The ILC provides international legal advice on property law, wills and probate, litigation, commercial law and corporate law, and family law.

Visit The International Law Centre for more information