Selling your overseas property can be a stressful experience, full of unexpected surprises and difficult decisions. Often, you’ll be doing it from a distance, putting your faith in the hands of a range of professionals whose job it is to make sure that all the legal boxes are ticked and money changes hands at the correct moments.
Complying with the law in other countries is usually a complex process best handled by professionals. What’s more, with many people owning properties in countries such as France, Italy and Spain, aspects of the legal systems are quite different to those in the UK and can be challenging to make sense of. That’s why employing the right professionals to guide you through the process is of prime importance.
In this article we’ll be considering three key figures essential to selling your overseas property and how you can save money in the process.
1. The notary
Notaries are highly-qualified legal professionals who are authorised to perform certain legal processes and formalities such as signing off property deeds. Usually they are lawyers by training, and will either have their own practice of be part of a larger notary firm.
Although notaries might be trained as lawyers, there is a crucial difference in that they are government accredited officers whose job it is to interpret the legal code and serve the public in non-contentious matters. In practice, this means they process property transfers, title deeds and powers of attorney.
In many countries you will likely need a notary to complete your property sale. Spain, France, Italy and Portugal, to name but a few, conduct most non-contentious legal affairs through a notary. Often, you can choose which notary you use, with some offering more services than others and charging different rates.
From your point of view as a property seller, this will likely mean attending a local notary’s office with your appointed lawyer, and then watching as the notary scrutinises and reads out all official contracts. When he/she is happy that they are all legal, they will then be signed by all parties and given the official stamp of approval, meaning that the documents or contracts are now legal, or ‘notarised’.
2. The lawyer
Unlike a notary, who is completely neutral in all matters, the lawyer you take on will be on your side and fighting your corner. He/she will know the national laws inside out when it comes to property conveyance, and it’s their responsibility to make sure all paperwork that is submitted to the notary is ship-shape and legally watertight.
When it comes to selling your home overseas, your lawyer is really the interface between yourself, the buyer, and the legal system in general. A good lawyer will handle most aspects of the sale, including drawing up contracts, liaising with estate agents and ensuring compliance with the law. They will, of course, charge a fee for their services, but decent lawyers are worth their weight in gold as they expedite the selling process in a smooth and timely manner.
When taking on a lawyer it’s vital to do a bit of homework. Always seek out recommendations from other people or online reviews, and never take on the services of anyone who is connected in some way to the estate agent handling your sale. Even if the lawyer is ‘as straight as an arrow’ there could be a potential conflict of interest in that they will likely want to please the estate agent more than they want to please you, simply in order to increase the likelihood of future business with them. To avoid this, always make sure your lawyer is fully independent and be careful when estate agents recommend the services of someone.
3. The currency transfer provider
Selling your overseas property successfully is a great feeling, but make sure you don’t fall at the last hurdle by getting hit with a lousy exchange rate and a load of transaction fees when you come to repatriate your money. To this end, always use a currency transfer provider when it comes to making that final transfer from the sale.
Unlike your High Street bank a reputable currency transfer provider, such as Currencies Direct, can take advantage of favourable market exchange rates, and can pass on these savings to customers: in this case, you. What’s more, their fee is usually included in the transaction cost, meaning there are no extra charges. When transferring a large amount, such as following a property sale, this can end up meaning thousands of extra pounds in your pocket.
So, when it comes to selling your property abroad, don’t make life needlessly hard for yourself; remember the roles of these three essential service providers and take the stress out of the whole process.
