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Overseas mortgage advice
Back to top Back to main Skip to menuOverseas mortgage advice
Page: 1/2- Never sign a contract that you do not understand (for example - if it is in a foreign language).
- Always ensure that you seek specialist advice from independent Solicitors, Architects and Surveyors before considering a purchase overseas. They should be proficient in your chosen country's laws and processes and also know the specifics involved in buying a property there.
- Before proceeding with the purchase (and would especially apply to a re-sale property, regardless of age), ensure an Independent Valuation of the property is carried out, which should point out any problems with the property - ie: subsidence, damp, wiring defects - and could also possibly highlight any boundary disputes etc.
- Ensure you do not inherit a debt on the property before you purchase, which a solicitor should be able to check - ie: If the developer has borrowed money to build the development and this amount has been allocated against each plot as additional security to the developer's bank.
- Always give yourself a `cooling off` period if you see a `must-have property` and are tempted to put down a deposit there and then.
- If you are arranging finance on the property, ensure that this is stated in any contract and you have an 'opt-out clause' if the loan is not agreed (which will ensure any deposit paid is refunded).
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