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.

Mortgages and Finance

In order to ensure our clients obtain the best possible deal when purchasing their dream home in the sun, we have recently formed a business relationship with Signature Mortgages. Based in Manchester, Signature shares the same view as us when it comes to personal service and client needs.

Signature Mortgages

Signature Mortgages will be able to advise you from the very first step of the purchase process. With their extensive relationships with all of the UK lenders, they will be able to assist and provide you with an extremely competitive re-mortgage on your UK property, if this is where you plan to release funds from for your deposit. Alternatively they are on hand to assist and advise alternative schemes for raising funds against your UK property if required.

Their assistance does not end there though. Once it is time to complete on your new overseas purchase, Signature will only be too happy to obtain a competitive overseas mortgage for you. Working direct with banks in the country of your purchase, they are best placed to offer advice and to guide you through the final steps. Once you have completed on your purchase, they will also be on hand to provide life cover and insurance, giving you complete peace of mind.

The overseas property market can be a minefield at times, but we are committed to ensuring it is a stress-free process for you. With our partners Signature Mortgages, we believe that your financial requirements are in safe professional hands.

To discuss your requirements with Signature, just use the details below;

Contact: David Jeffries, CeMAP
Mobile: 07815 123135
Email: daj@signature.uk.com
Web: www.signature.uk.com

Telephone: 0845 225 3399
Fax: 0845 225 3300
Address: Signature Group, Signature House, 437 Chester Road, Old Trafford, Manchester, M16 9HA

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Interactive Calculators

Signature Group have provided us with these interactive calculators to help you work out your estimated mortgage payments.

Click here to work out your estimated monthly mortgage payments

Click here to work out your likely maximum mortgage amount

This information does not contain all of the details you need to choose a mortgage. Make sure that you read the separate Key Facts Illustration provided by signature before you make a decision.