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Monthly Wrap: Top tips on selling your overseas property & moving back to the UK

currency-newsMonthly Wrap: Top tips on selling your overseas property & moving back to the UK

Top tips on selling your overseas property & moving back to the UK

Has your love-affair with the expat lifestyle waned in recent years? Whilst it’s never straight forward to sell your property abroad, the challenges and pitfalls have become even more varied in recent years. After that, you also have the additional challenge of getting the best rates for your funds in a turbulent financial environment.

With Currencies Direct however, you can be sure that you’ll be able get the best rates for your funds when you move them back into the UK. Our top tips for selling abroad will also help you get your property on the market in no time!
 

Work with the right people

An important part of selling your property overseas is working with the right people. Firstly, finding the best estate agent for you will help you to get the best price for your property without delay. Estate agents should be registered with a country’s relevant regulatory body and have experience operating within your property’s market.

A legal expert is also crucial in navigating the choppy waters of local regulations and property law. These experts can perform legal formalities such as drawing up contracts and deeds and can also act on your behalf in the sale of your property. When choosing a notary, ensure that their credentials are legitimate, and they have experience in property law.

Finally, a financial advisor is important to ensure that you properly manage your tax obligations and reduce any hidden costs during the sale of your property.


Local laws & regulations

A crucial step in selling your property is navigating the complex world of local property law in your country of choice. As mentioned previously, the right legal expert and estate agents can go a long way to helping you avoid any pitfalls.

An area that can cause difficulties in overseas property sales are local tax laws. Each country has different tax regimes and different regulations such as purchase taxes, income tax on rents, and annual property taxes need to be adhered to before the sale of your property can go ahead.

Estate agent fees can also vary wildly from one country to another. In Spain for example, fees can be anything from 3-6% for their services. Ensure you double check the terms before entering into any contracts.


Market the lifestyle and manage first impressions

Outside of legislative and financial concerns, it’s incredibly important to ensure that your property is going to catch every prospective buyer’s eye. It can start with something as simple as ensuring that your property is clean and up to date. You can help increase your property’s ‘curb appeal’, how a building looks when viewed from a distance, by undertaking simple refurbishments such as painting patio areas and keeping windows sparkling clean.

A professional photographer can also help your property to look its absolute best when you take it to market. The upfront cost of a professional photographer can be high, but houses with better quality photography attached are likely to sell for a higher price.

Finally, consider actively marketing the lifestyle your property promises. Prioritise advertising your property on channels that your target market frequents. If you’re targeting expats then make sure you explain to prospective buyers how they’ll be able to enjoy the locale, the weather, and the culture!


Using Currencies Direct

Once you’ve successfully completed your sale, you’ll be looking for ways to transfer those funds back into Sterling for your move to the UK. With the geopolitical landscape constantly changing it’s more important than ever to get the best rates guaranteed for your money.

Currencies Direct promises amazing rates, no transfer fees, and an array of services that you can tailor to meet your needs:
 
  • Spot Contract – When you need to transfer funds quickly and efficiently, a spot contract is your best bet. All you need to do is agree the exchange rate, decide on the amount to transfer, and Currencies Direct will send you your funds straight away.
 
  • Forward Contract – Maybe you’ve finalised the sale of your overseas property, but you’re not completely sure when you’ll be returning to the UK. Or perhaps you’ve sold your property but wish to travel elsewhere before returning to the UK. A forward contract allows you to lock in a current rate for up to year, protecting you from any unfavourable shifts in the currency market.
 
  • Limit Order – Know the rate you’re looking for and not in a rush?  Let us know the rate you’re looking for and Currencies Direct will make the exchange as soon as it becomes available.
 

Conclusion

Whilst there are a number of potential difficulties selling your property abroad, the right help can make the process much easier. Surrounding yourself with the right experts can ensure the process goes smoothly.

Ensuring that your property projects the best first impression to prospective buyers can go a huge way to getting the best value when looking to sell. Make sure that you sell the glamorous, sun-drenched lifestyle your property could bring!

Finally, look to Currencies Direct for the best advice when moving your funds back to the UK. With multiple services available to cater for a variety of situations, Currencies Direct is the safe bet when you want to get the best rates for your funds.
 
Currencies Direct

Currencies Direct

Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.

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