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Britons Urged To Seek Advice Before Purchasing Foreign Property

by Phillip Morton, Investors Offshore.com

21 October 2004

A UK-based legal expert is urging the ever-increasing number of Britons willing to take the foreign property plunge to ensure they are fully prepared to take on the risks of buying property abroad, warning that financial disaster looms for the unprepared and poorly advised.

Adrian Taylor, property expert and partner at national law firm Rowe Cohen, recently noted that a number of factors have combined to make buying property abroad more popular than ever.

"We have an ageing population, poor weather, open borders across Europe, cheap flights and a very buoyant property market here that has enabled people to release equity in their homes,” he observed.

However, Mr Taylor warned that there are many pitfalls awaiting the foreign property buyer who has failed to take the appropriate advice on the financial and legal implications of their purchase.

"Too many people take the plunge with too little preparation. We have all seen horror stories on reality TV programmes featuring people who have simply upped sticks and turned up in a country without even speaking the language. It's nothing short of insanity,” he cautioned.

Taylor went on to advise prospective investors to take a few basic steps before embarking on a foreign buying trip:

  • Seek advice from a bi-lingual UK solicitor experienced in the laws of the country of your choice;
  • Confirm that your solicitor has had hands-on experience of dealing with contacts from the destination country;
  • Ensure your solicitor can offer you the advice you need, whether buying a house or land; and
  • Ask if you can be put in touch with local experts, such as architects, builders and accountants.
"If people do their homework and get good advice right at the outset, they can save themselves a great deal of heartache, time and money further down the track,” he suggested.

Bulgaria, Croatia, the Czech Republic and Turkey are set to be the next big markets for adventurous Brits, according to Taylor.

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