The Buying Process

There are around five steps involved between identifying your dream new build property abroad to receiving the keys.

Step 1 - Initial Contact

An initial meeting or phone conversation with one of our property consultants to identify if property investment is suitable for you, what type of investor you are and what type of property and geographic location is suitable for you.

Step 2 - Reservation Fee

If you wish to proceed with the purchase you put down a fully refundable £2,000 reservation fee to take the chosen property off sale. This can be done before or after a Preview Trip (if you choose to visit the area).

Step 3 - Contract

You will receive a contract for your property in the post along with a letter from the lawyer you have chosen to aid you with your property purchase (see Legal Advice). The lawyers letter and contract detail the buying process, timetable and associated costs, plus plans of your chosen development and property.

Step 4 - Deposit

You have 28 days from the reservation date to put down a deposit (from 10% to 50% of the purchase price) plus VAT, plus 50% of the legal fees. This will be paid into the lawyers client account for security. If you fail to meet this deadline then we reserve the right to re-sell the property so it is important to have a clear idea where the funds for a deposit are coming from when you reserve a property. The £2,000 reservation fee will be deducted from the amount due at this stage.

Step 5 - Completion

Once your property is built (usually an approximate 18 month process) you will attend a completion meeting with your lawyer, the constructors lawyer and a notary. The balance of monies due can either be paid in cash or via a mortgage although the mortgage will not cover local VAT and legal/notary fees.

Currency Exchange

Because buying property abroad can be daunting, we want to make the whole process as straight forward as possible for our clients. That's why we've teamed up with the foreign exchange specialist HIFX to launch our foreign exchange service Your Currency Abroad.

YPA Foreign Exchange

HIFX were chosen because of their high levels of customer service and competitive exchange rates. As a leading currency specialist they have helped over 50,000 clients buy and transfer currency for overseas property acquisition.

Their consultants are regularly features in leading financial media including the Financial Times, Wall Street Journal, CNBC and CNN News in recognition of their currency expertise.

Our HIFX service provides clients with:

A thorough understanding of overseas property transactions and all it involves.
Efficient and cost effective purchase of foreign currency including free transfer of funds abroad.
Regular payment scheme for monthly transactions abroad to cover mortgage payments and running costs.
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Our foreign exchange service with HIFX provides clients with better exchange rates than high street banks, no charges for transfers abroad, monthly mortgage payments in Euros and property insurance.

For more information contact the Your Place Abroad Foreign Exchange team on 0845 370 5210.