Expat Focus: Simon, can you tell us a bit about your background and how Conti Financial Services came into being?

Simon Conn, Conti

Simon Conn: My career in the financial services industry began in 1980 when I worked as a Sales Consultant for Legal & General’s Direct Sales Force, specialising in arranging both UK and overseas mortgages.

In September 1992, I left Legal & General to become an IFA in order to broaden my knowledge of the industry before setting up Conti Financial Services in 1994. As Managing Director, I built up the company to become the UK’s leading overseas mortgage broker.

In October 2007, Conti merged with Anchor Mortgages Ltd. This has enabled Conti to give clients direct access not only to its expanding overseas mortgage market, but also to competitive mortgage deals for the purchase of property in the UK domestic market, for both UK residents and foreign nationals.

I’m now Sales & Marketing Director of the merged group.

Expat Focus: What services does Conti offer?

Simon Conn: Conti Financial Services provides mortgages for purchasing holiday homes, investment and retirement properties in more than 45 countries, and remortgaging in 15 countries. It is currently linked to more than 20,000 independent financial advisers, mortgage specialists, agents & developers worldwide.

All mortgage applications are processed and underwritten by Conti’s teams of specialists, who know the exact mortgage application requirements for each overseas lender. It provides a complete hand-holding service, advising on the most favourable lending rates in the country of interest, and negotiating competitive loan-to-value schemes over timescales to suit the client.

Conti’s website also provides an excellent and informative service for customers, including an up-to-date information and news facility for market trends, industry issues, and country profiles to assist them in choosing their dream homes abroad. It gives prospective homebuyers access to a ‘quick quote’ mortgage calculator and we can provide an online AIP (Approval In Principle) within 48 hours. And, through partnerships with expert companies, we can also provide help with areas like insurance, legal advice and currency exchange.

Expat Focus: What is a typical day in the office like?

Simon Conn: To be honest, there is no typical day! It might sounds like a cliché, but no two days are the same. We already arrange mortgages in more than 45 different countries, but spend a lot of time looking for new opportunities, whether it’s researching new markets, approaching new intermediaries, looking into additional lenders in existing markets, or new marketing initiatives. It’s important for us to be aware of industry news and issues so that we can react accordingly, so I like to keep on top of developments by reading news websites and trade publications. I do quite a few presentations at industry events and travel back and forth to London to do these and to meet with clients or journalists. I also like to keep up to date with the team at Conti and attend regular meetings with them. And I still deal direct with some of our customers.

I tend to work on a mixture of these things each week!

Expat Focus: What mortgage issues do expats typically encounter?

Simon Conn: There are certain aspects of buying property abroad which expats should always consider before parting with any money or signing on the dotted line. A common mistake is that people assume buying property abroad will be the same as buying at home. Not so! Property law and mortgages are very different, and each country presents a myriad of local practices, customs and regulations.

Most problems occur when papers are signed on a whim, or properties are bought unseen. It’s unlikely that this would be seen as a prudent approach if buying a property in the UK, so it makes little sense to do this abroad.

Expat Focus: What tips could you offer expats who are buying property abroad?

Simon Conn: There are numerous potential pitfalls attached to buying property abroad, but here are some of my top tips to make the process as hassle-free as possible.

1. Contracts

Never sign a contract that you do not understand. If two versions are provided, i.e. English & local language, ask your solicitor to confirm the English version is a true translation.

2. Arranging Finance

If you require mortgage finance, obtain an ‘Agreement in Principle’ for your mortgage before agreeing to purchase the property, or before signing any contracts and paying a deposit.

3. Specialist Advice

Ensure that you seek specialist advice from independent solicitors, valuers, architects and surveyors before considering a purchase overseas. They should be proficient in your chosen country's laws and processes.

4. Valuation

Before you proceed with the purchase, ensure an independent valuation of the property is carried out, which should point out any problems with the property - e.g. subsidence, damp, wiring defects.

5. New Build

If buying from a developer, what’s their track record and how long have they been trading? Are references available from previous buyers? Check comparable properties in the area and any re-sales offered on the same development.

6. Title/Property Ownership

Does the developer or seller have full title to the land or property? Ensure you do not inherit a debt on the property before you purchase, which your solicitor should also be able to check.

7. Local Money

Open a bank account in your chosen country and, where relevant, ensure you obtain a Certificate of Importation for the money you bring in from your home country. Set up standing orders in your local bank account to meet local bills and taxes.

8. Extras

Bear in mind that bills don’t end at the asking price. Lawyer's fees, IVA, local and national taxes, insurance, etc must all be met in your host country and can often add a further 10% to your cost of acquisition.

9. Tax

Check the inheritance and capital gains tax laws of the country where you are buying. For example, in France your children automatically inherit rights to your house; your estate may not automatically pass to your spouse and you may, therefore, need to compile a separate will.

Expat Focus: What do you do to relax?

Simon Conn: I have a dog and find walking a great way to clear my head, as well as getting some exercise. I live in Brighton so need no excuse to enjoy the fantastic beach and the views it offers! I have a holiday home in Portugal (naturally, my mortgage was arranged through Conti) so like to spend holidays and the odd long weekend there with my wife and daughters. I love football and am an avid Brighton & Hove Albion (‘Seagulls’) fan, and if I’m not at a match, I occasionally like to put my feet up and watch a bit of TV.

Expat Focus: Simon, many thanks for your time!

Any readers who are interested in Conti's services and would like to contact Simon and his team may do so here.