Essential to have an exit strategy
When buying abroad people are buying a dream. It is not uncommon for people to be drawn into making acquisitions without having considered fully all the difficulties that may lie ahead of them. England and Wales have a very advanced legal system in place with regards to property and loans, but this should not be taken for granted as being similar to other countries. These were the main conclusions from Andrew Cullen, Managing Director of Powell Cullen solicitors, speaking on Thursday at the Mortgage Business Expo, Earls Court
“When buying in a foreign country you need to consider if you will be able to sell the property in five or ten years” said Cullen.
Cullen spoke to a packed seminar alongside Simon Conn, Managing Director of Conti Financial Services. “Lower interest rates, more disposable income, media coverage and cheaper flights have all boosted this market” said Conn.
Conn listed a number of countries as being popular new destinations for potential purchases including Eastern Europe, Dubai, South Africa, Turkey and Northern Cyprus.
Cullen added that buyers needed to be particular careful with regards to investing in countries with no tax treaties with the UK or face being taxed twice. He went on to say “Turkey is not the new Spain, there are very high risks associated with politics and religion”
