HOW TO BUY
OVERSEAS PROPERTY
SAFELY 2013
THE CONSUMER GUIDE FROM THE INDUSTRY BODY I N AS S O C IAT ION WIT H
We’re not here to sell property. We’re here to make sure it’s sold properly.
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WELCOME Welcome to the AIPP’s Consumer Guide for 2013 ‘How to Buy Overseas Property Safely’. The AIPP was set up at the beginning of 2006 by a group of like-minded people working in international property who shared a real desire to improve the professional standards and customer service of all companies involved in the business. We soon realised that one of the ways in which we could also support potential buyers was by providing relevant and first-hand knowledge on how to purchase property safely. So this Consumer Guide sets out to pass on invaluable buying information to anyone planning to buy a property overseas whether for retirement, as a second home or for investment. We know that buying a property overseas is one of life’s landmark moments and that some simple safeguards can be forgotten. Do remember that there are few, if any, guarantees when buying property, at home or overseas and please take steps to make sure you have covered the fundamentals. Do use an independent lawyer – one with only your interests at heart. Please do the finances; take into account the fact that mortgage rates can change; check on the rental returns promised and take expert advice on how fluctuating exchange rates will affect your payments and the cost of your property. Not all agents and developers belong to the AIPP and have signed up to a code of conduct. So ask the agent or developer you are buying from to provide references and do take them up and, if buying off-plan, make sure you are clear about how the development is being financed. Finally, bear in mind that if you are buying property overseas as an investment (as many people have done in recent years), big returns may come with significant risks. Be careful to assess the possible downsides to an investment property as well as the exciting investment figures promised should all go to plan. For every negative story about buying a property overseas, there are many, many more successful tales of happy buyers enjoying their purchase. Good luck and enjoy! Sue Ash Chair Association of International Property Professionals (AIPP)
Association of International Property Professionals Ltd St Clements House, 27-28 Clements Lane, London EC4N 7AE Tel: +44 (0)20 3207 9095 Fax: +44 (0)20 3207 9182 Email: enquiries@aipp.org.uk Web: www.aipp.org.uk UK Company Number: 5677417. Copyright © 2011 by AIPP. All rights reserved.
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SECTION 1
SECTION 2
SECTION 3
PLANNING YOUR PURCHASE
BUYING YOUR PROPERTY
ESSENTIAL SERVICES
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Why and where to buy Understanding what you want from your property will help narrow down the choices of where to buy
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What type of property to buy – new build & off plan Is a brand new property for you?
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What type of property to buy – resale Does someone living there before you reassure you or put you off?
10 What type of property to buy – fractional Access luxury property for a fraction of the price; does this growing model of ownership suit your needs?
11 Know before you go Planning to move overseas permanently? Sound advice from the Foreign and Commonwealth Office on how to make it a success
13 Inspection trips If a developer is paying for your visit you need to understand what is expected from you
14 Deals, deals everywhere With offers and discounts everywhere, how do you identify a good deal?
16 Role of the agent You’ve met an agent who knows what they are talking about, but do you understand their role in your purchase?
17 Role of the developer They have built it and you are buying from them - be clear on what you’re getting
23 Legal Appointing an independent lawyer is just the start
24 Tax There’s no escaping it so understand the tax implications and get it right
25 Mortgages Finding the right lender is a key descision
26 Currency Go to a specialist - they can save you money
27 Insurance Protect yourself against anything from poor workmanship to a dispute over land titles
18 Buying costs Drawing up a realistic budget will help you assess purchase and ongoing costs
28 Insurance Services Advice and a range of products from the AIPP to give you reassurance
20 Letting your property Offset your annual running costs with rental income – here’s how to go about it
29 SIPPs Just what type of property can you put in your pension?
12 Planning your purchase Section checklist
22 Buying your property Section checklist
31 Who’s who in the buying process Section checklist
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SECTION 4
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ABOUT THE AIPP
MEMBER LISTINGS
32 The role of the AIPP Find out what we do, how we are relevant to you in your property search and why our members are well placed to help you
33 What the AIPP badge means Our membership offers overseas property buyers added reassurance
38 Member listings We believe AIPP members are the people you should be doing business with when buying overseas. Here’s how to get in touch with them
49 Associate member listings Some of our members don’t sell property but provide a range of services to help the buyer of overseas property
34 What if something goes wrong? How buying through AIPP members can give you recourse to support and resolution
35 AIPP Code of Conduct Our members sign up to a code of conduct - good news for buyers
36 AIPP Awards Once a year we reward members who have excelled in their approach to their business – here’s who came out on top in 2012
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WHERE TO BUY ABROAD? hen considering whether you should buy a home overseas you should always first ask yourself why you are buying it. Identifying this clearly from the word go will make decisionmaking during your property-hunting easier – and prevent you avoid making a costly mistake by buying the wrong property. Few of us can afford to buy a holiday home that is a bad investment so by asking yourself some simple questions at the outset, you can spare yourself some heartache – and thousands of pounds too. First up, don’t assume that somewhere you like visiting will automatically be the ideal place to buy – though it could be a good starting point. For a start, if you want to rent it out regularly you need to be sure that plenty of other people will share your taste in location; whilst if you are planning on relocating there yourself, a few summer weekend minibreaks will not provide a fully rounded picture about life in that town or resort.
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So what are your motivations? Differentiate between a property that is going to be
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purely for your own personal enjoyment; one that is also going to need to be rented out for part of the time to pay for itself; and something that will earn you as much money as possible because it will be your pension pot, or an income stream.
Investment the main aim? The latter – a pure investment – will need to offer scope for capital appreciation combined with high rental income yields. So research how it will produce cash – don’t forget that on top of rental income and capital appreciation there is also capital gains by adding value – by renovating, converting or extending a property. Emerging or depressed markets will generally offer greater capital appreciation, and for this reason Spain, Florida, Greece and Turkey are currently popular, but the recent boom-then-bust has taught us to look at the long-term view, not for instant profit. The global downturn has also shown that buying in the long-established markets can be a far safer bet that the so-called emerging nations of Eastern Europe, North Africa or the Far East. Five years ago EU
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Emerging or depressed markets can offer greater capital appreciation, and for this reason Spain, Florida, Greece and Turkey are currently popular, but the recent boom-then-bust has taught us to look at the long-term view
QUESTIONS.. YOU MUST ASK.. Why do you want to buy overseas? Ask yourself exactly what you want from a property in terms of lifestyle and/or investment. What is your budget? Compare local property
accession was such a buzzword for investors, yet now we are all pondering the wisdom of buying in one of the eurozone’s so-called bailout countries. It’s not so much about political instability but economics and bad debts. For rental income, city lets can be far more lucrative than rural locations, as can popular beach areas, year-round resorts and golf communities. Investors will also analyse tourist growth, occupancy levels in rental properties, management costs as well as infrastructure changes and transport improvements over the long term. Savvy investors will also consider risk and exit strategy. Risk means whether a country is a so-called “safe” place to invest in terms of buying process transparency, land ownership and title issues. Exit strategy means asking how easily will you be able to sell on your home, when, and to whom. Will the locals buy it? How wide is the market for it internationally? Recent events have shown that truly international markets – like Ibiza, Marbella and Lake Como, for example, have fared much better than areas dominated by (and reliant upon) one nationality. Professional investors will also look at the exchange rates in markets, and try to buy in depressed markets with ailing currencies.
prices with the travelling costs to get
Lured by lifestyle?
there and running costs.
If something is purely for your own enjoyment, you will be guided by lifestyle and your budget. What type of area will you seek: beach, golf resort, mountain bolthole or rural retreat – and how will you spend your time there? Access will also come into it as you need to decide how many times you wish to go each year, how long it will take you to get there and for how long each visit. Will you want winter sun and to play golf all year-round? France remains very popular for many reasons, including stability and affordability, but access is a significant factor because it is possible to drive there – useful for families with lots of camping equipment. Spain also remains our other favourite destination because of the climate, amenities, beaches and great selection of cheap flights to choose between.
How essential is accessibility? Consider how frequently you want to go, how long it will take, and if potential renters will make the same trek. How important is rental income? To maximise your chances, focus on dual season / winter-sun locations which bring in a greater number of weeks’ income.
Budget will also be fundamental, and you may need to weigh up the cost (and time) of travelling to somewhere with low property prices versus a more accessible location with higher prices. Climate also comes into this of course: year-round sun for wintertime escapes also means higher air fares. For those wanting to relocate or retire abroad permanently, the decisions alter yet again. If a job or family links don’t dictate your location, climate, cost of living, tax, and quality of life will probably factor. Common cultural ties and lack of language barrier make America and Australia popular, though less accessible than France and Spain, and low cost of living draws people to countries such as Cyprus and Turkey – or the Far East. AIPP CONSUMER GUIDE
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WHAT TO BUY –
NEW-BUILDS rand-new properties can be divided into those that are bought off plan (before they are built) and those that have already been constructed. Until five years ago, buying off plan was the investor’s favoured method of buying property, but then thousands of new homes stalled on the drawing board or the building site. So where does that leave buyers now? Well in some buoyant markets, off plan is still thriving (parts of Turkey spring to mind), especially at the higher end of the market, where a custom-built property is required. Of course buying off plan has historically been a way of paying less for a new property - purchasers secure a discount by taking a leap of faith and buying something not yet built. After paying a deposit you then pay the rest in stage payments as the build progresses. But in topsy-turvy markets where new-builds can’t compete with the affordability of heavily-discounted resales, many people won’t take the risk of waiting a year or two for a property to materialise and off plans have lost some of their shine. Of course there are advantages of cherry-picking the best units in a development and influencing the plans, whether in reconfiguring a layout, getting the best views, or choosing the floor tiles and fittings. The key thing is whether the developer is able to deliver what he promises – and what guarantees you might have if he doesn’t. Many of the dubious builders have long gone out of business now but you should check out the developer’s track record and recent projects. Ask yourself whether the risk of buying something that doesn’t yet exist really is a better proposition than a resale property you can move into/start renting out in three months’ time, but which won’t match the brand-new feel of a property you are the first to live
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in. And the same goes for if you are buying a newly completed property on a part-completed development. Unfortunately there are developments far and wide full of newly built but unsold properties, so you have to ask yourself have they been built in the right place, are they built to a decent quality, or are there just too many of them for the level of demand? You don’t want to buy on a ghost community where unpaid maintenance fees can mean ill-kept common areas. Buying a “distressed” property or bank-owned property comes with its own complications (see page 20 Deals, Deals…) and independent legal advice is imperative. Equally, though, do consider the benefits of new build, which deservedly has many converts. Unlike off plan, you see exactly what you’re getting, and at the same time benefit from a brand-new property. There are usually no nasty surprises about size, blocked views or how close the neighbours are. New-builds are built to the latest building standards, and usually come with a ten-year guarantee – though remember, these might not be the same as the UK – and in countries such as Italy fitted kitchens aren’t included in the price. Although you may be liable to a VAT type tax on new-builds (in France it is 20 per cent), generally you could expect very little extra outlay on top of the purchase price, although beware of over-priced furniture packages. But a big plus point is that new-build properties are usually easier and cheaper to maintain, and this is a distinct advantage for those renting out their homes. In some highly competitive (and lucrative) holiday rentals markets such as Ibiza and Kalkan in Turkey, the latest generation of new-builds (with integrated technology, sophisticated lighting etc), have become almost a must-have.
OUT WITH THE OLD, IN WITH THE NEW? Do the benefits of buying off plan outweigh the risks for you? What guarantees are there the developer will be able to deliver the project? Due diligence by an independent lawyer is a MUST. This should include planning permissions and building guarantees. Ensure your deposit is protected in case the developer is unable to complete the project. What taxes will be payable on your newbuild property? Some countries (eg Spain) have temporarily reduced VAT on new-builds to encourage buyers. Are all the fixtures and fittings – and kitchen - included in the price? AIPP CONSUMER GUIDE
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WHAT TO BUY –
RESALES econd-hand, pre-loved, call them what you want, but the home that has already been sold to someone else has enjoyed a comeback since off plan projects stalled from Miami to Marrakech. Suddenly something that has already borne the wear and tear and eclectic tastes of a previous owner became a lot more attractive than an architect’s drawing or a half-built home on a development after the global downturn. What you see is what you get. You can see the location, the way the terrace catches the sun (or not) in the afternoons, the persistent hum of the nearby bypass and the quality of the build. In other words, you get a feel for something that has actually been lived in and how it will wear over time. When this has been a century or so, you’re definitely looking at something that has a certain staying power, and no doubt plenty of character and history, but period homes come with their own issues. Failing to comply with modern building regulations – such as those that relate to earthquake zones – is one area; being draughty, damp, with outdated
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plumbing and electrics is another downside. With newer resales these shouldn’t be an issue, but obviously you don’t get the pristine blank canvas that you do with a new-build. Either way, it’s essential to have a survey undertaken before you buy. In many countries, like France, it may not be the custom to get one done – or be required by lenders - but it will pick up any potential problems with the property that could end up costing you thousands. An independent lawyer is essential too to verify the vendor has the legal right to sell the property and to check for any title issues or debts connected with it, as well as if any alterations to it have been legal. Older properties in certain countries will be subject to historic ownership issues and/or multiple owners within a family (especially Morocco) so the purchase can be much more complicated than a new-build. Complex inheritance laws where properties are co-owned by dozens of people who will need to give their permission for a property to be sold could mean months or even years of delay. For this reason it can be much simpler buying a new-build in regions such as the Balkans, or Morocco.
YOU SEE WHAT YOU GET? Use an independent lawyer to do thorough checks on title deeds, associated debts, planning permissions and inheritance laws. Get a survey done. Know exactly what you are buying. How much will it cost to update/ maintain? Can you extend and/or improve? If you want to lockup-and-leave or rent it out, will an older property be as hasslefree and as attractive as the latest new-build? AIPP CONSUMER GUIDE
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WHAT TO BUY –
IS THE TIME RIPE FOR FRACTIONAL? wning an overseas holiday property is an expensive business, involving maintaining and managing it from afar – or paying someone else to do it for you – even though you might not be able to get there to enjoy it for more than a few weeks a year. So in these cash-strapped times, when most of us are especially wary about investing all our savings in one place, surely fractional ownership is a great solution? Fractional ownership allows you to own a share – or fraction – of the property that equates to a set number of weeks usage per year. The idea has worked well in the aircraft, yachts and motoring sectors – all “luxury” products like holiday homes that most people can only enjoy for a proportion of their hectic lives. Of course it also means that people can afford to “own” something they would not be able to afford in its entirety, thus opening up a “luxury” lifestyle to them. That’s all well and good, but fractional ownership in overseas property has suffered from being tarnished with the same brush as timeshare. In timeshare schemes – so popular then so exploited in Spain during the 1980s - you don’t own a share of the underlying asset, you only buy time periods of usage, say two weeks a year for twenty-five years. Fractional schemes do differ, you generally own a share of the property’s freehold, thus having a stake in an appreciating asset (if property prices are going up, not down, that is). You essentially pay for a share, such as a tenth, and the cost will be the proportionate share of the property’s value, such as £50k of a £500k villa – roughly (there is always a mark-up from the developer for admin/management costs). The key to the success of fractional schemes is their financial backing and management, so you
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really must do your research on this subject, and consider getting advice from a legal expert who has specialist knowledge of the fractional sector. If fractional schemes do fail it’s because of poor management and their inability to sustain occupancy levels – a need for high levels means that fractional schemes tend to be found in areas with good yearround appeal: tourist hotspots such as Tuscany, city-break destinations, golfing regions such as the Algarve – or the USA. In North America, the fractional home market is most highly evolved, and varies from several parties co-owning a recreational home (such as a ski chalet or golfing apartment) to more formalised forms of co-ownership in a resort property. Whilst the informal type of fractional ownership is of course prone to disputes between owners, they will not come with the fees required to run resort or developer-managed schemes. However a well-run management scheme should be efficient and make your ownership trouble-free. But someone’s got to pay for a more complex (and thus potentially problematical) form of ownership so investigate what this premium really equates to, what the running costs are and whether it is as cost-effective as it appears to be. One downside is that you will have no control over the décor/upkeep of the property, but that can also be seen as a plus for those seeking a hands-free investment. Finally, as always, consider your exit strategy. How easy is it to sell on your fraction? Are there any contractual restrictions on how and when you can sell? It’s still early days for many European fractional schemes so happy-ever-after stories of buyers selling on their fractions are hard to locate, yet this in itself is perhaps evidence that contented buyers haven’t been in a rush to sell yet. Do your own research and try to speak to other investors so you too can make an informed choice.
FRACTIONAL QUESTIONS YOU MUST ASK… What exactly will I actually be owning and how much control over it will I have? What will be the monthly running costs/ service charges? Will the management be effective enough to ensure good occupancy levels? What will be my exit strategy? Fractional is typically much more attractive to lifestyle buyers than pure investors, but it’s still important to find how and when you can sell the fraction. AIPP CONSUMER GUIDE
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KNOW BEFORE YOU GO or some property buyers the motivation is a permanent move abroad. The Foreign & Commonwealth Office (FCO) has a wealth of advice and tips on starting your new life overseas, including the issues you should consider before you go and what steps you can take when you arrive to help yourself settle into your new community. The FCO’s Director of Consular Services, Charles Hay, says: “A new life abroad offers wonderful opportunities. But in the excitement of making plans for a future in the sun it’s all too easy not to take into account possible downsides or the problems that can occur. Local laws can be complex and full of pitfalls for the unwary, so I urge you to get independent legal advice to safeguard yourself and your property.”
country, they will automatically check to see if you can get the E121 as well. If so, you will receive the same free or reduced-cost medical treatment as a qualified pensioner of the country you are in. The European Health Insurance Card (EHIC) is not valid once you move abroad and we recommended getting private health insurance. Ë Find out about accommodation costs - It may be better to rent to begin with to familiarise yourself with the area. Make sure you seek independent professional legal advice before purchasing. Your local British Embassy, High Commission or Consulate can provide a list of English-speaking lawyers who can assist you. Buy with CARE: go into it with Caution, make sure you seek Advice - local laws can be complex and unclear. Do your own Research then Evaluate before proceeding.
Before you leave:
When you arrive:
Ë Work out what your retirement income will be
Ë Register with the local authorities - This may give you access to the local welfare services after a short period of time. If you are moving to another EEA country you must apply for a residence permit within three months of arrival. If you do not register you may be unable to access local benefits and could even be breaking local law. Ë Learn the local language - Try to fit in with the local community, you will find day-to-day life much easier if you can make yourself understood. Ë Make a will - If you die intestate abroad this can cause difficulties for your heirs. Seek professional legal advice. You may require separate wills for assets and property held in the UK and other countries. Ë Find out about British Associations - There may be clubs, publications and charity organisations for the expatriate community, lists are available from your local British Embassy, High Commission or Consulate. Ë Keep your vote - You can register to vote as an overseas elector for up to 15 years after you were last registered in the UK. To register, contact the electoral registration officer at the local council where you were last registered as an elector when living in the UK. For further information see the Electoral Commission websites www.electoralcommission.org.uk and www.aboutmyvote.co.uk.
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- Be clear about your financial situation on your retirement and allow for exchange rate fluctuations and inflation. Ë Request a UK State Pension Forecast – This will tell you in today’s monetary value the amount of state pension you have earned already and the amount you can expect to receive at state pension age. You will still receive your state pension if you live overseas, but it may not be increased annually if you are going to live outside the EEA or if you reside within the EEA but are not covered by EC social security regulations. Ë Find out about your tax liability abroad If you retire abroad you may still have to pay UK tax on income you receive from the UK. You may also have to pay tax on UK income in the country in which you live. Ë Find out about your welfare rights abroad You may be able to claim a benefit in your country of residency, but the benefits you receive in the UK may also be affected by your move abroad. You can find out more about the ‘habitual residency test’ on the DWP’s website (www.dwp.gov.uk) or the Citizens Advice website (www.citizensadvice.org.uk). Ë Let people know your change of address - Let your Social Security Office, HM Revenue & Customs, National Insurance Contributions Office – Centre for Non-Residents, and the DWP know when you are going to leave and give them your address abroad. Ë Find out about health costs abroad - When you ask the Department of Work and Pensions about getting your pension paid to you in another EEA
To find out what the British Consulate, High Commission or Embassy can do for you when you’re moving abroad, and for a list of useful contact details, visit www.fco.gov.uk/travel AIPP CONSUMER GUIDE
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SECTION CHECKLIST:
WHAT SORT OF PROPERTY DO YOU WANT? Why are you buying abroad? If it is a holiday home you only really need to make sure you and your family will enjoy the property . Will you need to rent the property out to help cover costs? If so, how many weeks’ rental can you expect to secure? Climate and amenities will have a bearing on where you choose if you seek year-round rentals. If you hope for holiday rentals, make sure you buy a property where they are authorised (especially beware of restrictions in Florida and the Canaries). How accessible is your property? Within 90 mins of an airport is better for rentals. If the property is an investment, do you intend to make money by capital appreciation, rental income, or by improving it?
What type of property best matches your needs? If you are buying to let, a new build property on a managed complex might be the most hassle-free, rentals-friendly option (rather than an older property) New-builds: your lawyer needs to verify that the building has all the necessary licences and permits in place (due diligence) Make sure you know what is and is not included in the purchase price. If buying a resale – especially a distressed sale - make sure there are no outstanding debts against the property and be sure to check the title deeds. Are you buying the right size of property for your needs (enough bathrooms)? Could part-ownership or fractional work for you? If planning a permanent move abroad then the Foreign and Commonwealth Office has information that will help make your move a successful and happy one – see page 11
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INSPECTION TRIPS lthough not the major players they used to be in the overseas property world, inspection trips can be a great way of finding your ideal property abroad. Buyers tend to be much better informed about properties since the end of the boom, and often prefer to plan their own research trips, but the fact is a trip organised by a reputable agent can be a great way of finding a property. Inspection trips tend to be arranged when you have identified a specific area, worked out your target price range, and need to see what’s out there. Now buyers tend to be serious, such “freebie trips” are the subject of less controversy than they once were: buyers aren’t in the market for time-wasting and agents can’t afford to host them without very good reason. The key is to manage your expectations and make sure they tally with the organiser’s. You really shouldn’t consider going unless you are reasonably serious about buying in the area. What will be paid for exactly (flights are often part-covered or accommodation offered at a
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discount), what does the agent expect in return and are you happy that the proposed schedule meets your needs? If you are paying for your own flights you will not feel beholden to giving your time to anyone and you can arrange your appointments with agents at will. A sensible itinerary on an inspection trip will make the most of your time in the area with an expert – but not try to pack too much in as this may leave you confused. Will you require some spare time to look around yourself? Would it be useful taking along a trusted friend for a second opinion? Prepare questions before the trip, and once you’re there, keep a clear head during viewings, and don’t be afraid to speak up if you aren’t finding it useful or relevant. You don’t want to be getting on the flight home feeling you’ve had a wasted two days. Most trips won’t end in a sale immediately but that doesn’t mean they haven’t been a success. Don’t be brow-beaten into any instant decisions, let the sun and sangria wear off before acting. A clear understanding of what you are looking for and an equally clear dialogue with the agent, will help pave the way for a sucessful trip.
TOP TIPS FOR.. SUCCESSFUL.. TRIPS.. Do your research and agree the terms of the trip in advance. Pay your way for more freedom. Can the agent speak English and do they know the area well? Maximise your time by seeing as much as possible. Take a map, make notes and take pictures as you go. Keep a cool head – don’t feel pressurised to buy on the spot. AIPP CONSUMER GUIDE
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DEALS, DEALS, EVERYWHERE erhaps the biggest generalisation one can make about overseas property markets in 2012 is that they are deluged with deals. In the drawn-out wake of the global downturn most major markets – with some notable exceptions such as Switzerland and Scandinavia – have a hefty proportion of homes worth at least 10-20 per cent less than they were five years ago. It is clearly a buyer’s market right now and if an overseas property purchase is on your agenda and you can afford it, the current climate puts you in a strong negotiating position. But when faced with such volumes of “bargains” buyers can easily be fazed. How do you tell a genuine good deal from something that is not? How can you be sure you are buying something that will recover its value in five or ten years? There is a certain amount of truth in the mantra of the downturn: “if it sounds too good to be true, it probably is.” Even if you are buying for lifestyle reasons, you should still think of your exit strategy (will it be sellable in a few years and who is likely to buy it?) as you never know what might happen that might mean you need to sell it sooner than originally planned. So, you need to sort the wheat from the chaff and make sure you make a sound – and safe – investment.
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First of all, at the risk of repeating ourselves, you must always use independent legal advice. Secondly, when dazzled by drastic pricereductions, you mustn’t forget the most basic of rules of buying a property – location, location, location! A cheap price doesn’t always mean a good deal, and, just as if when contemplating buying a half-price coat in a high street sale, ask yourself whether you’d still want to own it if it was at its original price? Let’s take Spain for example, where there are around 330,000 repossessed properties in the hands of banks alone, never mind the ones being sold by agents or individuals desperate to sell. Bear in mind that banks have got properties because owners can’t sell them, so they are unlikely to be in prime locations, and any great buys have probably been cherry-picked by their employees. Don’t try approaching banks yourself – unless you are fluent in Spanish – as they are not very well geared to dealing with foreign buyers. If you are offered bank-owned properties
There is a certain amount of truth inthe mantra of the downturn: “if it sounds too good to be true, it probably is.”
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via an agent, bear in mind that an agent may have his own agenda – and be pushing properties from a specific bank he has links with, for example – so do your own research on a property. Going back to location, is the property genuinely close to the coast (if that is what it is promoted as being), and is it on a healthy and well-established development? Who else is buying on the development, are many of the properties empty – or, worse, never been lived in? If the bulk of the properties on a development aren’t occupied you may have problems with unpaid community fees which will lead to problems with the upkeep of common areas (another danger sign to look out for). All these things make a visit to the property yourself essential; you won’t be able to ascertain its genuine condition – or that of its surroundings – without it. Your lawyer should investigate thoroughly if a property has any debts, including utility debts, as banks may not have time to keep on top of the management of their hefty portfolios. If you are tempted by buying something at auction, again, it is also essential that you inspect it yourself and get full legal checks done on its background. You must also have completed all the research you need to make an educated decision about your maximum bid on the day of the auction.
What have neighbouring properties been selling for? What is its rental potential? How much is it going to cost to get into good shape? Needless to say, your finance should also be in place beforehand, and if you have any doubts on the day, walk away. If you are thinking of buying in Florida, many of the pieces of advice above will be just as relevant, with particular caution urged when buying on condominium complexes. Although some parts of the Florida market are fast-recovering, there are still a lot of short sales around which require extra caution and expert help. These are properties in negative equity, being sold off cheaply by the agent/lender to prevent it going into “foreclosure” (being repossessed). Many agents steer clear of dealing with short sales for the simple reason they can be too problematic and time-consuming. So bear this in mind – it is not the easiest arrangement for a buyer based across the Atlantic and unfamiliar with the workings of American agents and banks. Short sales take an average of three months to complete, so you need patience and good legal advice to make all those background checks. Foreclosed properties can also have their own problems, often based on the fact they would have remained unoccupied for a period of time, potentially leading to all sorts of issues of neglect or dampness where humidity is a factor.
BARGAIN.. HUNTERS... BEWARE.. A cheap price doesn’t always mean a great deal. Forget the numbers and ask all the usual questions about location, access and rentability. If it sounds too good to be true, it probably is. Why hasn’t it been snapped up by someone else? If you had to sell it on in six months, could you be sure that someone else would want it (ie does it tick lots of boxes)? Don’t scrimp on thorough legal advice and checks. Bank owned properties should be treated with extra caution - get expert advice. AIPP CONSUMER GUIDE
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HOW DO YOU FIND
A GOOD AGENT? state agents may be regarded by some as a necessary evil but the fact is if you’re buying or selling a house it usually helps to have one. In the UK they may perform a relatively straightforward hand-holding role, but when you’re buying abroad they need to play a far more significant role that encompasses tour guide, chauffeur, translator and general advisor. You may spend hours driving across the countryside with them, share meals, in fact even become life-long friends with them – if things work out especially well. In other cases, of course, relations might not end quite so cordially.
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So how do you find someone knowledgeable and trustworthy? Word of mouth always counts for a lot, as do genuine testimonials from previous clients, or advice from online forums. Bear in mind that agents are not always regulated or accredited in any way – this differs hugely from country to country. Thus membership of the AIPP is one benchmark and means they are bound by a professional code of conduct and disciplinary process (see pages 47-49). In some countries, anyone with a phone and internet access can promote themselves as an agent. But in the States agents have indemnity insurance, and undergo relatively rigorous training. And in France an agent immobilier must have a carte professionelle, which means they are registered and have relevant experience. Meanwhile in Andalucia, in 2006 codes of conduct were introduced for estate agents which mean they have to provide a dossier of official documentation with any property offered for sale or long-term rental – or they risk fines. But accountability aside, consider the language barrier and also whether an agent has the capabilities to deal with an overseas buyer who has different expectations and involves extra work, needing all sorts of information about transport, schools, beaches etc, as well as being unfamiliar with the buying process. Test their knowledge by asking them about all 16
these things – they should be happy to spend time helping you and meeting face to face will help you make a judgement on their suitability. Do you feel comfortable with them? You will also often have the choice of working with a UK-based company selling abroad, or one locally based. There are advantages of each, but make sure that you are going to end up dealing with someone with great local knowledge, whether it is through a UK associate, or not. So be clear who they are, who they work for, how they work, what you expect from them, and how much they are going to cost. Agent fees differ hugely between countries – and also in different cantons or regions within countries – and are sometimes paid for by the vendor, or shared between vendor and purchaser. They can vary from one to ten per cent, so check this out from the word go. Another option is using an independent property finder or agent who will be acting purely on your interests, but you may think the outlay is worth it – it is typically three per cent of the final purchase price, plus possibly an initial search fee. Finally, as knowledgeable and helpful as your agent proves to be, they will never replace the need for independent legal advice. Always use a qualified, English-speaking lawyer not supplied by the agent or developer. He or she may cost a little extra, but this is an essential cost that could save you thousands further along the line, if there is some oversight that comes to light due to the language barrier.
TOP TIPS TO.. FIND A . TOP AGENT.. Choose an agent who comes recommended. Ideally meet them face to face. Be clear about their role – and their costs – from the word go. Do they know their stuff? Make the most of their local knowledge. Are they licenced, or member of any regulatory body such as the AIPP? What help can you expect during the buying process? Will there be any after-sale care? Never view an agent as a substitute for independent legal and financial advice.
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ROLE OF THE
DEVELOPER ove them or hate them, property developers have had a tough few years as many fly-by-nights fell at the wayside when the global downturn began to kick in. But now, in areas such as Orlando in Florida, new-build schemes are beginning to multiply, and you may find yourself considering buying a property from a developer. What’s more, there are some pretty good deals out there from developers keen to get the market going, such as offers of free furnishings or white goods. The first thing to point out is that you can buy a new home direct from the developer – through their on-site sales office or wherever their own sales team have offices – but you can also buy their properties via agents. If you’re buying a property in Spain, you may also buy a new (repossessed) property via a bank, which is a different ballgame again – and you’ll need to gain expert advice on this (see page 14 for some pointers). But in the main, you’ll be buying via the developer or an agent, and it is worth bearing in mind that buying direct from the developer could in some cases save you a mark-up, so it is worth doing your research and comparing price tags, especially if you’ve set your heart on one particular community or development. You should also always try negotiating on price as buyers are in short supply these days. If you are a serious buyer, they will be keen to talk to you. But whichever route you pursue, you must do your research on the track record of the developer.
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Contract is with the developer A common misconception is that you’re buying from the agent, but in the case of new-builds it’s the developer who you will enter into contract with, not the agent. If anything goes wrong with the build, it’s the developer that you will ultimately be dealing with, not the third party. So ask for full details of projects they have completed already – what is their recent track
record? Get your legal advisor to check they are financially sound, but also research their reputation. Can you chat with people who have bought from them already? If a development hasn’t been begun yet (and you are buying off plan) then going to see other projects from the same developer at least gives you an idea of the build quality they can turn out. Of course it won’t be a guarantee that your property will be the same or better, but developers often promote the “quality” of a project by showingoff other schemes, and you should be wary if they are not keen to do this for any reason. You should also ask the developer about the building code or regulations of the country where the property is located, guarantees and planning permissions. Regulations and standards obviously differ from country to country – especially those in hurricane or earthquake zones - and are also still evolving in emerging markets. You can’t always expect the same standards as the UK – though you can expect much better in countries such as Switzerland! - so be realistic. You should expect that full planning permissions have been received. If buying off plan before such permissions are granted, be very wary. Ask why this is, ensure you will have full rights to a refund if permissions are not obtained, and question whether you want to take the risk when there are so many already-built properties being sold off cheaply. Then there is timing. Many projects have been delayed in recent years and with financial uncertainty ongoing in many countries, you need some sort of accountability. So when the developer provides you with a building schedule for your property, there should be penalty clauses for delays. The staged payments set out in the sales contract act as a form of guarantee – but should be held in a third-party escrow account for full protection. As with any building work, you should never make the final payment until all the snagging issues are resolved.
DEVELOP.. COMMON... SENSE.. Know who you are buying from: direct from the developer or via one of their agents? Don’t sign a purchase agreement or sales agreement without seeking full independent, legal advice. Research the track record of the developer. Your legal adviser should perform due diligence on the developer, including planning permissions, land title, and bank guarantees. Check out their recent projects, find out how financially sound they are. Do other projects measure up in quality? Investigate how the development will be managed on completion – who will do it, how much will they charge? Estimates could increase once the complex is completed. AIPP CONSUMER GUIDE
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BUYING COSTS Are you really clear about the true costs of buying a property? To provide a helping hand with your budgeting, we’ve picked a typical holiday home and itemised the costs that come with buying it – and the ongoing costs. This example is a traditional finca in Sentenil in Andalucia.
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t’s easy to get excited about buying an overseas property and quite rightly too, owning a bolthole you can return to time and again and spend increasing periods of time in later life is an aspiration for many. But you also need to keep a clear head and face up to costs other than the buying price, from one-off purchase expenses through to ongoing maintenance costs. You should have researched the country you plan to buy in and have a good understanding of the fees involved in purchasing a property – land registry, legal fees, etc – and your agent should be able to give you the detail on this. If you require funding, mortgage availability and interest rates will play a key part in your monthly outgoings and you should be clear on what you can and cannot afford. Exchange rate fluctuation is an important factor and you may want to tie yourself into a pre-agreed rate with a specialist currency provider for monthly overseas payments so you have no nasty surprises if the rate moves against you (equally though, you won’t usually benefit if the rate improves – for more information on currency see page 39). Many people choose to offset their monthly costs through rentals and if this is part of your plan, you need to have researched the area to see what similar properties charge per week in the high and low seasons and understand how many weeks occupancy you can expect (for more information on renting out your property see pages 28-29). The example below outlines typical one-off purchase costs, this happens to be in Spain and other countries will vary, plus the monthly repayments based on borrowing 70% of the purchase price. Obviously the mortgage repayments revolve around the amount borrowed but some of the one-off costs – legal fees for example – will also be less for a lower-priced property.
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PURCHASE PRICE:
€379,500 (£307,502)
MORTGAGE OPTION Capital repayment mortgage of 70 per cent LTV (€265,650) with an interest rate of 3.47 per cent and a 25-year term.
ONE-OFF PURCHASE COSTS Deposit (30 per cent of €379,500) Closing costs (notary, land registry, purchase tax, lawyer)
TOTAL ONE-OFF PURCHASE COSTS
€113,850 (£92, 237) €30,360 (£24,599)
£116,836
ONGOING COSTS (NOT TAKING INTO ACCOUNT ANY RENTAL INCOME) Monthly mortgage repayment (over 25 years) €1,326 (£1,074) Annual council tax €128 (£103) Utilities per year (has solar system, self-sufficient water and electrics) zero
TOTAL ANNUAL OUTGOINGS TOTAL MONTHLY OUTGOINGs
£12,991 £1,082
RENTAL INCOME: This property should rent for €500-€1,000 per week (depending on time of year) and 40 weeks might be possible through good marketing. These figures are a guideline only. THE REAL DEAL: Budget to have £117,000 in the bank to take ownership of this property with a 70 per cent LTV mortgage. This would make the property’s annual running costs around £13,000 If you let the property, you’d need to factor in management costs and potential income tax on rentals. AIPP CONSUMER GUIDE
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MAKE THE MOST OF
OVERSEAS RENTALS Many second home owners plan to rent out their property to help cover its costs. How to do this best? etting your holiday home has become a sophisticated business these days, with growing competition between home owners who need to earn an income from their overseas property. Some people may decide they need to rent a property out due to rising mortgage payments (if exchange rates are working against them), escalating upkeep costs, or perhaps because they can’t sell it in a slow market. These “accidental landlords” may not have bought their property to let, yet can still maximise their property’s plus points, even if it might not tick every single box of the perfect rental property. But keeping a property in use does have advantages – a property lying empty for half the year is no use to anyone –and the ever-growing popularity of self-catering villa holidays (over hotels) means the sector is still expanding. So first of all check that you are permitted to rent out your property for short term (holiday) lets. If it is on a development in Spain (especially the Canaries) or the States there may be restrictions within that specific urbanisation or community. In Florida, for example, areas close to the beaches or theme parks are often zoned for short-term rentals, whilst others are designated “residential” and only allow long-term lets (over three or six months).
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Don’t just ask the selling agent, get independent advice too, and find out if you need any kind of licence as an overseas owner. A recent clampdown in the Canaries has led to many owners being hit with fines, even though they bought on developments where they were told holiday lets were authorised. Of course, if you have the choice, you will need to consider whether you are targeting long- or short-term letting (or both), bearing in mind the lower weekly income offered by long-term might be balanced out by lower management and marketing costs plus also the security of a season-long booking. In France, long-term rental laws heavily weighted towards the tenant can cause problems for landlords, especially when tenants refuse to leave (eg families cannot be evicted during winter). Some owners find short-term lets in the summer and long-term off-season lets work the best financially. You will need to pay income tax on lets so investigate the tax situation (which can be constantly changing, so best to seek professional advice), what
Some owners find short-term lets in the summer and long-term off-season lets work the best.
AIPP CONSUMER GUIDE
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running costs/community charges you will have and also what insurance you will need as a landlord. Have you allowed for ad hoc maintenance costs? Consider what currency you will receive your rental income in, and how you will pay management costs locally. If you’ve purchased with a mortgage, it’s usually more convenient to receive your rental income in the same currency. Then you will have to market your property – essential in today’s competitive marketplace. Use high quality photographs, making the most of the best features, and use clear wording on user-friendly lettings portals. Have you determined who your market is going to be so you can target your advert (and facilities?). Are you going to be aiming for couples or families? You need to emphasize the location, amenities and relevant features you can provide (high-chairs, bikes, etc). Don’t forget you might need special safety features for pools. Consider creating your own website, alongside using the popular portals; also consider adverts in local businesses. Clever marketing campaigns using social media and last-minute offers are other options. Of course word-of-mouth recommendation is the most cost-effective source of business, so leaving a lasting impression (providing a welcome hamper, basic store cupboard necessities or other such extras which will be remembered) is savvy marketing. Then ask yourself if you are going to be able to respond to booking enquiries yourself speedily, or is it worth using an agency or portal? Doing this all yourself can be hard work or impractical, and that’s even before day-to-day management of the property. Most people have a local person on hand to deal with key handover and potential problems – so don’t forget to factor in management costs of 10-15 per cent typically.
Buying to let If you are buying a property expressly to rent, then having access to an established rentals management scheme might be preferable, assuming you are on a development or resort. Whether on a micro- or macro-level, location is essential. Think about accessibility: most people prefer to be within 90 minutes of an airport, and if it’s a beach location, that the beach is within a 5-10 minute walk. What type of climate or seasons do you seek? Locations boasting year-round sun or dual-season appeal can be the most lucrative in terms of the level of occupancy you can expect. Weigh up city lets vs. year-round sun (Canaries,
TIPS TO.. RENTAL SUCCESS.. Cape Verde, Caribbean) vs. golfing and ski resorts or tourism hubs (Italian lakes). How saturated is the local market with rental properties, and what will you need to provide to match (or beat) the competition? Are there any gaps in the market? You may need to provide use of a shared pool on a complex, or offer a private one that will enable you to command a premium. The type and size of property is important. New-build properties are generally easier to maintain, and amenities on communal developments (children’s pools, spa, gyms) can be used as selling points. The most popular size of property in many holiday areas are one or two bed apartments – again, do your research – but the provision of a sofa bed in the lounge that turns it into a “sleeps 4-6” adds flexibility. In central Orlando, for example, four or five bed villas with three bathrooms and their own pool are perfect for an extended family group or two families – the typical Disney holiday set-up (in the short-term rentals zone). When furnishing a property for rentals, many professionals recommend higher quality fittings and furniture that will stand the heavy wear and tear better than cheap stuff. This is especially relevant if you are targeting families. Also, don’t over-clutter and think of the type of things holidaying guests will need, from heaters to high-chairs and first-aid kits. What kind of unique selling points will make it stand out against the competition?
Do your research. Look for gaps in the market/demand when choosing a property. Consider climate, access and amenities when choosing a location. Know your target market. Buy and kit out to suit the target market in your chosen area. Is it families with young children or couples? Do things by the book. Are holiday lets authorised? Seek legal advice on local laws, obligations for landlords, tax liabilities and insurance. Make an impression. Add that little extra something to lead to repeat bookings and recommendations. Invest time and money in marketing. First impressions count. Sell your property at first glance, use different media and innovative offers. AIPP CONSUMER GUIDE
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SECTION CHECKLIST:
WHAT TO CONSIDER WHEN BUYING YOUR PROPERTY Research, plan and make sure you know what you are looking for – and what you can expect from other people in the process …
For bank-owned properties and short sales, it is advisable to deal with someone who specialises in that field – you need expert experience.
Find yourself a good agent. Try to meet them in person, seek recommendations and don’t forget that they are usually acting for the vendor.
Don’t proceed without independent legal advice or sign anything you don’t understand, get it checked by your lawyer.
Is the agent licensed or a member of a professional body such as the AIPP?
Budget for the legal fees, purchase taxes, and all the additional costs you might incur as part of the purchase, including money-transfer fees, mortgage arrangement fees, and survey (where applicable).
Ask lots of questions to test their market and local knowledge. Quality agents should be prepared to advise broadly on the region, the property and the buying process. If you choose to go on an inspection trip, paying your way can facilitate greater freedom. There’s no such thing as a free lunch. If buying new-build, check the track record of the developer, what have they built recently, has it been built on time, and how have their earlier projects fared?
What about ongoing costs? Can you afford to own a second property? Don’t forget management costs if renting, income tax on rental income, insurance and community fees. Investing a little extra in marketing tools can help your property compete in the rentals market if this income is something you’re going to need to rely on.
AIPP CONSUMER GUIDE
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LEGAL:
WHY YOU SHOULD ALWAYS USE A LAWYER WHEN BUYING ABROAD
n the UK we routinely use a lawyer when buying or selling a home. In fact we don’t have a choice – the conveyancing process involves solicitors. Perhaps it’s the fact it is so routine here at home, that people buying abroad don’t think of taking the special effort to use a legal expert – when there is even more reason for them to use one! You may not speak the language, be familiar with the property-buying process or actually know anything about the legal systems for starters. Basically you’re highly open to manipulation and making mistakes. Who do you turn to for impartial advice? Not anyone supplied by the agent, developer, or anyone with interests in the transaction. Using an independent lawyer when buying abroad is arguably more important for your financial protection than when purchasing at home in the UK. In most European countries, due to the role of notaries in the conveyancing process, it’s not practice for locals to employ a personal lawyer. But don’t try to scrimp on legal costs: it could be a costly oversight. Ask around for recommendations from people who have been through the buying process – and you can also ask the AIPP. Ideally the lawyer will be bi-lingual and have a good knowledge of the country’s land laws. The role of a lawyer is the same as in the UK in that they are acting in your interests so will do all necessary due diligence for you, ensuring
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your purchase contract achieves everything you expect and have agreed on. This will include searches on the property, the land it stands on, planning permissions, and whether it carries any debts or encumbrances. They will act as a facilitator between the different parties involved in the transaction, and for the sake of practicality, when buying abroad it is common to give your legal representative power of attorney. A good lawyer should also talk to you about inheritance law, how to minimise inheritance tax, and other tax implications – or refer you to a specialist. You should never sign any contract without having it checked by your lawyer. Even if it has been translated (which it should have been!) and you think you understand everything, it is often what is left out of a legal document that causes problems further down the line. When you come to complete on the property, your lawyer should check the public title deed drawn up by the notary before you sign it and pay the outstanding balance. After completing, your lawyer should oversee your compliance of tax affairs and ensure your deeds are registered at the Land Registry. Typically, fees for an overseas lawyer are 1-1.5 per cent of the purchase price, with a minimum fee. These vary between countries and could increase if unexpected consultation is required (as always) but it is without doubt money well spent.
WHY IS A NOTARY.. NOT A LAWYER.. Notaries (notaires in France, notaios in Italy and notarios in Spain) are legal representatives of the state whose job is to oversee and rubber-stamp property transactions. While it’s the job of a notary’s office to draw up deeds, their impartial position means it is not their responsibility to indicate whether the deeds are in favour of either the vendor or the buyer. This is what your lawyer will do, who will (or should) be acting on your behalf and no one else’s. AIPP CONSUMER GUIDE
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TAX:
THERE IS NO ESCAPE, SO GET IT RIGHT
n this age of austerity, governments are keener than ever to find extra sources of income – which essentially means raising taxes in addition to cutting public services. Second-home owners are inevitably going to be targeted by such governments, and we are seeing in Spain, especially, that authorities are suddenly clamping down on regulations and tax obligations previously ignored – with hefty fines the result. So, as an overseas property-owner, are you fully aware of your obligations? It is essential you understand the difference between being resident in a country and being tax-resident there. This has implications for inheritance tax – and inheritance issues should also be discussed with a legal/tax expert so you can avoid heartache and expense later down the line. In fact, it is worthwhile using an overseas lawyer or accountant – or in Spain, a gestor – once a year to ensure you pay the right tax - at the right time. In Spain, to be a tax-resident you must make an annual tax declaration to the Spanish tax office (even if it amounts to a nil return). Unless you do this, you won’t be eligible for tax exemptions. But, wherever you’re buying, the initial dose of tax you’re likely to pay is that associated with purchasing a property, what we broadly term stamp duty in the UK.
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Transfer tax/stamp duty Overseas this is often called transfer, or purchase, tax but it is essentially the same thing: a government tax levied on the buyer in a property transaction and calculated as a percentage of the value of the transaction. Transfer tax rates vary considerably by country and often vary according to the value of a transaction, with a sliding scale of rates (in the Balearics, for example). It is usually minimal on new properties, although new-builds will typically be liable for VAT (IVA in Spain; TVA in France). For example, in Spain transfer tax (or ITP) on a resale is seven or eight per cent, but IVA on new-builds is currently at a reduced rate of four per cent. In an effort to stimulate the construction industry in Spain, IVA was slashed in half, yet there are rumours that it will be put up to 10 per cent in 2013. Take advice! In Europe, taxes for a property transaction typically are paid via a notary and your
final notary bill will include transfer taxes, as well as fees for notary services.
Annual property taxes Once you own a property abroad, you’re likely to have an annual municipal real estate tax to pay, the equivalent of council tax in the UK. In Spain this is known as IBI, while in France there are two types – taxe d’habitation (paid by the occupier, whether they own the property or not) and taxe foncière (paid by the owner). Municipal taxes are based on a property’s rateable or book value as recorded by the local government, which tends to be much less than the market value (although it depends how depressed prices are in that location).
Income tax: rentals If you rent out your property, you’ll need to pay income tax on rental income locally and in some countries, including Spain, even if you don’t rent out your property, you’ll be required to pay what’s termed “imputed income tax”. In the US, non-residents pay tax on US-sourced income – a 30 per cent withholding federal tax – and some states (but not Florida) tax at state level too.
Capital Gains Tax Finally, when you come to sell, you’ll encounter Capital Gains Tax (CGT): a tax levied on the gain between the purchaser and sale price of your property (minus some renovation costs if documented). In some countries, CGT is scaled down with time, while in others, like the Bahamas, it doesn’t exist at all. Note that in some countries, if the vendor is not a resident, the buyer must withhold a percentage of the purchase price and pay it direct to the tax authorities – this is to cover any CGT the vendor might be liable for. As a tax resident in the UK, you’re taxed on worldwide income, which would include capital gains and income generated through an overseas property, regardless of the laws local to that property. The good news is that the UK has double taxation treaties with more than 100 countries, including most popular second home destinations, so you’ll never pay the same tax twice. AIPP CONSUMER GUIDE
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MORTGAGES n the current climate the fast-changing mortgage market is hard to keep tabs on, but the key to buying abroad with a mortgage is taking steps to ensure you don’t leave yourself financially exposed in the future. In the wake of the financial crisis, many banks catering for overseas property buyers have stopped lending, whilst domestic banks have either stopped lending to non-residents or have tightened their criteria. Now you can’t rely on lenders offering mortgages according to clear-cut criteria, and it’s certainly a good idea to talk through your options with an independent financial adviser (IFA) and/or specialist overseas mortgage broker. So to avoid much wasted time – and disappointment – before you start seriously property hunting it’s a good idea to get an agreement in principle from a mortgage provider. This will show agents and vendors that you are a serious buyer and can move fast to complete a sale, giving you an edge. As a general rule, when choosing your mortgage always borrow in the same currency as the source of funds you plan to use to cover the repayments. Be especially wary of deals offered in a different currency altogether, for example Swiss-franc mortgages for a Cypriot property. So, if you’re going to be paying with a UK salary, your mortgage should be in sterling, but if you plan to rent
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out your property in France, you’d be better off with a euro mortgage. It is likely your chosen lender will require proof of deposit from you, including how the funds were accumulated (eg by savings, inheritance or sale of another property). Banks’ affordability criteria have also got much stricter in the last few years and lending varies considerably between countries. Whatever you might have seen advertised, most lenders in Spain will typically offer foreign buyers a maximum loan to value (LTV) of 50 per cent, whilst in Portugal and Turkey the figure is 75 per cent, and in Italy you can get higher LTVs on properties worth €250,000 rather than €150,000. In France, there are currently some great long-term fixed rate deals available, but the LTV available can vary according to what type of property you’re trying to buy, with old, rural properties being seen as more of a liability by lenders. Beware though, that the cost of changing mortgage provider is much higher in France than in the UK (around 2.5 per cent of the mortgage value), hence most French people don’t tend to switch lenders. Also, be wary of attractive financing deals - 100 per cent mortgages - available from Spanish banks trying to offload repossessed properties that nobody else appears to want. Meanwhile, foreign buyers in Florida typically need a 30 per cent deposit, but there are now some longterm fixed deals available.
MORTGAGE.. COMMONSENSE.. Do your homework. The mortgage market is ever-changing, not to mention the exchange rates is in constant flux. Use a specialist overseas mortgage broker - these routinely deal with a number of different banks. Get your financing in shape before you start shopping in vain. Weigh up using an overseas bank in the country in which you are buying vs a large UK/international lender Be wary of generous financing deals on repossessed properties: tempting figures don’t always mean a good buy. AIPP CONSUMER GUIDE
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CURRENCY IS KEY ne of the big stories this year has been the fall of the euro against sterling, yet exchange rates should always be a key consideration if you are buying a home abroad. Unless you already have funds in a particular country, buying an overseas property will always require you to exchange your pounds into another currency and transfer these funds abroad. Savvy investors will use exchange rates to help choose when best to buy, and take advantage of big currency swings in their favour. For example, at the time of writing the euro is at a four-year low against the pound (at €1.27), so the cost of purchasing a €200,000 home is £20,000 cheaper now than in November 2011. Even once you’ve bought, you may have to make regular payments overseas from the UK, for example to meet mortgage repayments, or if you retire somewhere sunny you’ll need to have your pension paid monthly into a foreign bank account. Your bank will be able to do such currency transfers for you, but you could get more favourable rates using a specialist currency - or FX - broker. More and more overseas buyers are choosing this option, because they can typically save up to four per cent, and also for the hassle-free aspect of the service (you transfer sterling to your broker and they do the rest such as making regular payments abroad). Brokers often charge lower money transfer fees than banks as well as allocating you your
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own personal account manager, and will also offer on-line account access. Currency brokers can buy your currency at the exact time that rates are best (even if in the middle of the night!). For example, if you have funds you’d like to transfer abroad, are keen to do it at a particular rate and are not restricted by time, “stop-loss orders” and “limit orders” allow you to buy currency when your preferred exchange rate is available. Your broker would monitor the currency markets and keep you updated. Then there are “forward contracts” which effectively protect your buying power from currency fluctuations by letting you fix an exchange rate for a future transaction. This makes budgeting much easier! With a forward contract you can either fix the date you wish to take delivery of your currency, or have the option of taking delivery at any point up until the agreed date. Firstly, you can fix the amount of pounds you send abroad on a regular basis, for example monthly, which means the amount of local currency you receive in your foreign bank account will fluctuate with the exchange rate. Or, in reverse, you can fix the amount of local currency, for example euros, that is paid into your overseas account, meaning the amount of pounds being debited from your UK account will fluctuate with the exchange rate. Finally, you can use a forward contract to fix the exchange rate you receive on all regular payments over a specified period, such as 18 months.
MONEY.. MATTERS.. Follow exchange rates to help decide when to buy overseas. Use a currency exchange broker to save money on moving money abroad. Manage regular transfers abroad by fixing rates with “forward contracts”. AIPP CONSUMER GUIDE
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KEEPING YOUR INVESTMENT SAFE
INSURANCE oliday homes differ from our main residences in the UK in many aspects and this includes the way they are viewed by insurers. By their very nature they are left unoccupied for long periods, or they are rented out to third parties and may be in earthquake zones or hurricane belts. Whilst of course you must always shop around for the best premium costs, there are also lots of peculiarities regarding insurance requirements or types of cover between countries. For example, in Turkey it is law to have earthquake cover (dask), while earthquake cover hasn’t been historically available in Italy (quakes are regarded as an Act of God) yet just in the past year some companies have begun to offer it. In France, theft cover is especially strict, and there are also tight deadlines on claims for flood or storm damage – that can be missed if damage is only discovered weeks after the event by those with a second home they visit occasionally. Beware of local peculiarities too: subsidence cover isn’t available in every European country and in Florida you need a separate flood policy if your home is in one of the designated “flood zones” although the cost is relatively small ($300 a year on some homes).
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should check what their communal insurance includes – usually it’s just the communal parts of blocks. For example, with condos in the US, interior walls, fittings and kitchen cabinets are not included. When it comes to choosing an insurance provider, often the easiest route is to choose a UK based insurer, many of which include public liability insurance - essential if you plan to let your property - with their standard holiday home policy. Public liability limit offered by UK companies is usually higher than that offered by local insurers abroad: in Spain you might be covered for up to €300,000, while €5million is not an uncommon limit in the UK. Some UK insurers also include cover for loss of rental income following a claim, as well as emergency travel and accommodation in case you needed to travel to your property in an emergency. Typically, you’ll always pay extra (around ten per cent of the premium) for accidental damage cover, which includes damage not only done by you or guests but also paying tenants. Other benefits of a UK insurer include being able to make payments in sterling and speak to them in English – some also offer a 24-hour English-speaking helpline to assist with emergency situations in the property.
What to insure Premiums for buildings insurance, calculated on the type of property and number of bedrooms, covers you against damage to your permanent fixtures and fittings, typically with a blanket cover of up to €1million (covering the cost to rebuild the property). The sum insured should be index linked, so updated yearly. Features that tend to increase a premium are a private pool/hot tub, conservatory and non-habitable outbuildings. Appliances, bikes and furniture tend to be covered under a contents policy – the value of these items should be calculated on a “new for old” basis. Typical premiums might be between £200300 for a two- or three-bed property in Europe, and £500 for a three-bed villa in Florida. There, having a “four-point” home inspection can result in substantial savings in premiums, even though you need to pay a small fee for them. Anyone buying in a community or development 27
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AIPP INSURANCE SERVICES n 2011 AIPP announced a new service for AIPP members and their clients providing access to a range of insurance services that can help eradicate common concerns when buying a property abroad and make the process safer for the consumer. Since its inception six years ago, the AIPP has dealt with a number of consumer complaints involving issues surrounding title deeds and building defects. Many of the concerns when buying abroad centre around quality of build and the certainty of obtaining full rights to the land and property. To make this easier and safer for consumers, AIPP launched an innovative range of insurance services to tackle these worries enabling consumers to feel more confident about buying a property abroad. The range of insurances available to the consumer through ‘AIPP Insurance Services’ includes latent defects, title insurance, and travel insurance.
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Latent Defects Insurance When purchasing a property, one of the common concerns is the quality of the build as construction methods are not the same worldwide. Latent Defects Insurance helps minimise risk exposure from inadequately constructed buildings, and provides cover comparable to the NHBC (National House Building Council) guarantee on UK new build property. When buying off-plan or new build, if insurance against defects is not already provided for you by the developer, you could take this out directly insuring your property against problems that might arise as a result of the standard of build. This could include damage to your property caused by defective design, workmanship or materials 28
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becoming apparent for up to 10 years after the practical completion of building work.
Title Insurance Buying a property overseas isn’t the same as buying one at home, and Title Insurance is common in most parts of the world where land registration is not as complete or accurate as it is in the UK. Title Insurance covers property buyers against disputes over ownership, access rights and other common issues such as boundaries. Available on both new build and existing properties there are even bespoke policies for properties with known exposures. This insurance is not restricted to European countries and can also be purchased after completion.
Travel Insurance If you’re buying a holiday home overseas, you and your family will no doubt be taking regular and perhaps extended trips to stay in the property. It is imperative to have a suitable travel insurance in place when buying an overseas home, as it takes the burden off the traveller should something go wrong while they are abroad. AIPP Insurance Services can help source the right policy to best suit your needs, even if you have problems with travel insurance due to age or illness.
HOW DO I FIND OUT MORE? Enquiries about AIPP Insurance Services can be made via the AIPP website www.aipp.org.uk under the ‘Services’ tab. For added peace of mind when buying property overseas, ask your agent or developer about what insurances they have in place and contact AIPP Insurance Services to find out what additional cover could be available to you. AIPP CONSUMER GUIDE
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SIPPS: BUYERS BEWARE ou may be vaguely aware of SIPPs, but not fully understand how they can be relevant when you are investing in a home overseas. With access to funds and lending so constrained these days, there’s been a fair amount of chatter in the trade about ‘SIPP compliant” investment products and you may well have seen adverts for properties including the entreaty ‘buy through your SIPP’. First up, if you are buying a holiday home for your own usage, you’d be best advised to forget about SIPPs in this context. Why? Let’s explain by starting with the basics.
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choice in what you invest in and can see exactly what the charges are for having and operating your own pension. Thus, their diversity and their self-management facility differentiates them from company and personal pension plans. An FSA regulated SIPP provider (pension trustee) will administer the scheme on your behalf and SIPPs come in all different shapes and sizes – as in what the variety of SIPP providers will let you invest in. However you basically get the same tax advantages from HMRC that you would get through a personal pension, allowing your investment to grow tax-free. In other words, a SIPP is a tax-efficient “wrapper” around your portfolio of investments, facilitating certain tax advantages.
What is a SIPP? A SIPP (Self Invested Personal Pension) allows you to control how you invest the assets of your pension fund. They were created in 1989, were simplified in 2006, and are now much more widely available than they once were – and under the auspices of the Financial Services Authority (FSA). Whilst once the preserve of a small, wealthy minority, it is believed that now 800,000 UK consumers have one, and they are increasing with double-digit growth each year. The basis of having a SIPP is that you decide where to invest your money, have much greater 29
SIPP limitations: private holiday homes However it is essential to point out that, although HMRC allow SIPPs to invest in certain types of commercial property they do not, unfortunately, allow residential property. So you cannot get your pension to buy your own house in the UK or a holiday home somewhere sunny which you can live in or visit to your heart’s content free of charge! That said, there are a few caveats to this ‘no residential’ ruling that will allow investors to use their SIPP to invest in property that looks a lot like it, such
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as holiday resort hotel rooms and lodges where a ‘commercial use’ designation has been attained. There are two very important points to make here: firstly, regardless of having a ‘commercial’ designation, HMRC do not allow any personal use of property (or any other items) that have been bought through a SIPP. Basically, you may own the hotel room or lodge (in our example) but you can’t actually stay in it! Well, not without paying full price to the operator for doing so. So such a purchase should be seen as an investment only with the terms of the purchase being, perhaps, a leaseback of your property to the resort owner who will pay you a portion of the income they receive from renting the room out on your behalf. This can then be paid tax-free back into your SIPP. With the oversupply of leisure-oriented property from the boom years in places such as Spain, Cyprus and Florida, it is primarily property developers and their agents who are promoting such SIPP-based investment leaseback schemes.
Is something really SIPP compliant? This brings us to our second important point: not all property advertised as ‘SIPP compliant’ by property developers, agents and other promoters can actually be held in a SIPP. The reason for this is that it is not enough that a 30
developer believes his project/investment proposition complies with the qualifying terms set out by HMRC. It is for the SIPP Provider (who is co-trustee with you of your SIPP) to accept the scheme after their own thorough review – a due-diligence process designed to protect you and the SIPP Provider. After all, you do not want an asset/income you own in a foreign country to go awry with the potential loss of your income or, in the worst-case scenario, your property. The best way to test the veracity of a ‘SIPP compliant’ property investment is to ask for evidence of which (UK) SIPP Providers have accepted the scheme – the more the better. So if you are keen on pursuing a leisure property purchase for investment purposes through your pension it is certainly possible to do so. You can create your own ‘investment fund’ by setting up a SIPP and by paying in new money or transferring some or all of your existing pension arrangements into it, which you then control. That said, such a move should not be undertaken lightly and should only happen after receiving advice from a qualified pension professional duly registered with the FSA as having permission to give such advice. Moving a pension scheme out of your current arrangements could seriously disadvantage you and a SIPP will certainly not suit everyone.
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SECTION CHECKLIST:
WHO’S WHO IN THE PROPERTY-BUYING PROCESS? When buying abroad you will encounter a number of companies as part of the transaction. Here are some pointers. We do go on about it, but using an independent lawyer is essential to ensure your interests are protected. No one else impartial is on hand to check everything for you.
Budget for taxes. You’ll pay tax on the purchase price, and you’ll pay tax on rental income, and tax on any capital gain when selling the property.
Sort out financing before you go shopping. You may need to act fast, and getting a mortgage abroad is not quick and easy these days. Which currency would your mortgage best be in?
What about inheritance law and inheritance tax? Ask your lawyer for advice.
Use a currency exchange broker to transfer funds for your purchase and protect you against currency swings
Don’t forget to insure your property, and if you let it out you’ll need public liability insurance. Consider taking out title insurance and latent defects insurance which can give peace of mind and help resolve issues of ownership and build quality, see page 28
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THE ROLE OF THE AIPP A trade association representing its members but here to help you, the buyer uying property abroad could be one of the most emotive and challenging decisions you ever make, which is why you want to be sure your purchase is pain free and those you are dealing with are professional, committed and trustworthy. Since 2006 the Association of International Property Professionals (AIPP) has been working to improve business standards in the overseas property market and to provide reassurance that the companies you are dealing with share these aims. We are a not-for-profit organisation working with the aim of improving the market for industry and consumers alike. In October 2012, the AIPP became part of a wider family of professional bodies when it joined umbrella organisation the National Association of Property Professionals (NFOPP) where it now sits alongside organisations such as the National Association of Estate Agents (NAEA) and the Association of Residential Lettings Agents (ARLA). This increased support and infrastructure has enabled the AIPP to raise its profile and widen its influence over the overseas property market.
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Our members are here to help The 312 members of AIPP include not only agents and property developers, but also lawyers, currency exchange brokers, and other service providers who have all signed up to a code of conduct and disciplinary process to encourage industry best practice. As a trade association flying the flag for industry standards, our role is to help stamp out bad practice so naturally we encourage you to look for the AIPP badge when buying overseas and deal with our members. We’ve made numerous improvements to the industry during our first six years including the implementation of best practice guidance and training, as well as demonstrating our ability to take significant disciplinary action against companies found to be in breach of our rules. As the industry emerges from the global recession, we will play a leading role in guiding the standards of the future and ensure the overseas property 32
industry moves forward with greater responsibility. But there is still a lot more we can do. We are working to recruit more professional companies to the AIPP in order to widen our reach and provide a safer marketplace for consumers and companies alike, and you can help play a role in this. Asking your agent or developer if they are a member of AIPP will help spread the message that you, the buyer, value professional standards.
Protect Yourself AIPP as a trade association can work with its members to provide and enforce professional behaviour, however there are actions you can (and must) take to protect yourself. It is important that even if the companies you are dealing with are AIPP members, you do not forget your responsibilities as a buyer. You would never attempt to purchase property at home without a lawyer, yet many people think that they can buy overseas property without legal help. For an uninitiated buyer already struggling with language barriers and unfamiliar legal systems, getting the appropriate help is vital. If you only follow one piece of advice, and this guide will provide you with many more, ALWAYS ensure that you appoint a qualified independent lawyer from the outset to guide you through the purchase from contract to completion. We have already helped many buyers with their overseas purchases and we hope that this guide will give advice that can benefit you as well. In our experience buyers who do their homework and inform themselves appropriately are in a far better position than those who don’t; many of the pitfalls can be avoided by taking greater care throughout the buying process. Buyers should always bear in mind that any investment naturally comes with an element of risk, and take all possible steps to minimise the chances of things going wrong. By taking the advice on the following pages and ensuring you take care to safeguard your interests, your purchase can be a trouble-free and enjoyable experience. Indeed the majority of overseas property buyers enjoy successful purchases and realise their international property dream. We hope you find this guide a useful resource.
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WHAT THE BADGE MEANS? We recommend our members and their services but you need to realise what AIPP membership means – and what it doesn’t – so you know what help is at hand he badge of AIPP membership is a reminder to you, the consumer, that a company must follow professional standards and act with honesty, integrity and transparency. When you see that a company is a member of the AIPP, it means that they have voluntarily agreed to follow and be bound by the industry Code of Conduct. By using AIPP Members to buy property overseas, you get reassurance that a member must act professionally as well as recourse to the AIPP if problems occur.
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Remember your responsibilities as a buyer Buying with an AIPP member does not mean you can close your eyes and hand over your money – there can be no such assurances or guarantees given. You have a responsibility to ensure you are informed and protect yourself when buying property overseas just as you would when you buy property in your own country. However, you should take some comfort from the fact that our members have voluntarily agreed to self-regulation and each has been checked before being accepted; AIPP’s qualification requirements are based on professional experience. All member companies have also agreed to be bound by our Disciplinary and Dispute Resolution Procedures. We have taken action against our own members and will continue to do so where suitable.
How companies become AIPP members For companies to qualify for membership, we ask for a trading history in the international property market of at least three years. Alternatively, some members qualify on the basis that the person (or one of the people) running the company has extensive previous experience of, or relevant to, the international property industry. All applicant companies must provide third party references, and all applicants sign a declaration confirming that they follow all applicable laws in any relevant country, including the need to be licensed wherever applicable. It is not possible to check whether all
the correct licences are held by each applicant company but it would be a breach of our Code of Conduct not to have the correct licences where necessary. AIPP Members pay an annual membership fee to the asscociation.
What we don’t do AIPP membership does not provide any guarantee as to the services or products provided by a member, and the AIPP doesn’t have a compensation scheme. If you find yourself in dispute with an AIPP member as a result of any agreement or contract made with them, this can be referred to our dispute resolution scheme or alternatively recourse should be sought via appropriate legal channels. We investigate any complaint that a member is not working in accordance with AIPP’s rules. AIPP has a disciplinary procedure and any complaint that an AIPP member has breached our rules or code of conduct will be investigated. AIPP does not buy or sell property and does not provide legal, financial or tax advice. We leave this to our members. Our ultimate aim is to have all companies selling international property working to AIPP standards. Such a market would be a better, safer environment for you, the buyer of property overseas. AIPP CONSUMER GUIDE
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WHAT HAPPENS IF... ...something goes wrong with your property purchase? n life there can be few guarantees, and while the vast majority of international property transactions proceed without a hitch, problems can arise. The sale of international property is a largely unregulated market but in the wake of the property boom then bust, we are no longer blissfully unaware that things can and do go wrong. The good news is that many of the pitfalls can be avoided by following the steps in this guide, once you have done your research, set out a realistic budget, and followed expert independent legal advice at every stage. And remember, if you appoint a qualified, independent lawyer from the word go, you’ll find it comforting that if something does go wrong, they will be fully prepared to advise you.
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at the conclusion of civil proceedings where applicable. A Disciplinary Panel assesses whether the AIPP member has breached the AIPP rules or Code of Conduct, to which they are accountable. Where complaints are upheld a reprimand, fine, suspension or ultimately, expulsion from membership can be applied. Full details of AIPP’s Code of Conduct, Dispute Resolution Procedure and Disciplinary Procedure can be found on our website www.aipp.org.uk, or contact enquiries@aipp.org.uk for further information.
PROBLEMS WITH YOUR PURCHASE?.. WHERE TO FIND HELP... Your agent or developer: try to resolve the problem directly if you can. Some issues can be resolved through direct contact and negotiation,
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Making a complaint to AIPP
and all established companies should have a complaints procedure in
The ‘AIPP Arbitration Scheme’ – introduced in January 2011 – aims to resolve difficult and lengthy complaints between agent or developer members, and forms a key part of the Dispute Resolution Procedure. Administered by leading independent dispute resolution provider, IDRS Ltd (www.idrs.ltd. uk), the scheme is low-cost, straightforward, and designed specifically to handle disputes between AIPP members and consumers. A legally binding decision is made and compensation is awarded where necessary. This scheme can deal with matters where the sum in dispute is £30,000 or less; those disputes involving greater sums will be referred to adhoc arbitration, which will also be quicker and more cost effective than pursuing disputes through the international courts. If your complaint involves an alleged breach of the AIPP’s rules or Code of Conduct, it will be dealt with via the AIPP’s Internal Disciplinary Procedure,
place to address your concerns. If it’s not an issue that can be resolved informally, we recommend that you set out your complaint clearly in writing, stating what outcome you are ideally seeking. AIPP provides a recommended complaints procedure for members to follow internally. Your lawyer: you will be in touch with your lawyer at all stages of the purchase and they will be your first port of call if things seem to be going off-track. For any contractual matters it’s your lawyer who can advise you on the best course of action, and they will work with you to protect your interests. AIPP or other trade or regulatory body: if the company you are dealing with is part of a trade association or a regulatory body, there should be a complaints procedure that you can access. If you have not been able to resolve your dispute directly, or if you have a complaint about the professional conduct of the company, recourse may be available. Fellow buyers: through owners groups and online communities, international property purchasers can sometimes get in touch with others who have a shared experience, and this can sometimes be helpful for reassurance or to share information. Maintain a healthy dose of caution about any advice from non-qualified professionals.
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CODE OF CONDUCT n a largely unregulated market, AIPP members voluntarily commit to be bound by a professional code of conduct, including a Dispute Resolution Procedure if things don’t quite go to plan. This means that the AIPP can enforce disciplinary action against its members if they don’t follow this code, providing added reassurance to international property buyers that a company is committed to being professional and accountable. While by no means guaranteeing everything will proceed perfectly, dealing with an AIPP member should give you, the buyer, increased confidence that there is somewhere to go and a process in place to deal with issues arising from the purchase. The AIPP Code of Conduct covers many areas, with members signing up to codes covering Sales, Training, Legal and Dispute Resolution. To read the full Code of Conduct, or to raise a complaint that the Code of Conduct has not been followed, visit www.aipp.org.uk or email enquiries@aipp.org.uk. We believe that in joining the AIPP and signing up to this commitment, our members demonstrate their willingness to be accountable to their clients. We think this should recommend them to you when considering which agent, developer, lawyer or service provider to use.
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AIPP MEMBERS SHALL... “…adhere to the highest standards of honesty and professional integrity both in their dealings with the public and in their dealings with each other.” …conduct their affairs with integrity and dignity. …refrain from misleading statements and exaggerated claims in their dealings with sellers, buyers and potential buyers. …take all possible steps to avoid conflicts of interests and shall decline to deal with any transaction where such conflicts arise. …if they are developers or sales agents, make it clear that they are or represent the Seller of a property. In any other case the Member must make clear their status and whose interests they represent. …always recommend the use of an independent lawyer for international property transactions. …not require potential buyers to sign binding preliminary purchase contracts without giving them reasonable opportunity to reflect on the contract and to obtain legal advice. …comply with all applicable local laws, including tax laws.” AIPP CONSUMER GUIDE
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AIPP AWARDS What do AIPP members winning industry awards have to do with you? They must be doing something right and could well be the type of company you could do business with he AIPP awards are now in their fifth year and continue to showcase overseas property businesses that can demonstrate their excellence in customer service before a panel of independent judges. These awards have real value for the consumer because they put the buying experience at the heart of the evaluation process with the judges placing themselves in the position of you, the property buyer, asking the crucial question: ‘How will this overseas property company deliver the service I want?’ The AIPP awards are not looking at the villa with the most innovative design or which development has the best facilities, but instead focus on best practice and companies doing their utmost to protect clients’ interests. The judges of the AIPP awards look at the level
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of service provided, including the due diligence process an agent undertakes before promoting properties to their clients. Though you’ll always carry out your own research, clearly you want to deal with a business that can demonstrate they have done their homework and have a strong understanding of the properties and local market. Judges also examine the marketing materials used by entrants, looking at levels of transparency in marketing messages and buyer information. There’s also an award for staff training to reward the business that can demonstrate they invest in their employees to the benefit of you, the client. We’d like to take the opportunity to thank all companies who chose to enter the AIPP awards in 2012 and were confident enough to put their businesses under the microscope; and of course, congratulations to all our winners.
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AIPP AWARD WINNERS Best Small Agent, Single Country
Best Developer, Western Europe
Best Small Agent, Multi Country
Best Developer, Central & Eastern Europe
Best Large Agent, Multi Country
Best Developer, The Americas
Best Developer, Africa, Asia & Australasia
Most User Friendly Website
Most Transparent Marketing Campaign
Most Outstanding Example of Customer Service (Agents & Developers)
In 2012 the awards were sponsored by AIPP founder member Barrasford & Bird Worldwide, both an agent and developer; for more information on their services go to bandbw.co.uk. AIPP CONSUMER GUIDE
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AIPP
MEMBERS DIRECTORY We believe our members are well placed to help you with your overseas property purchase. In joining the AIPP, all member companies have chosen to sign up to our Code of Conduct requiring them to act with honesty and integrity. The following members are either agents or developers and are all involved in selling property. Our Associate members do not directly sell property but provide services to consumers and the wider sector. A list of these can be found on page 48.
21st Century Overseas - Appart - Hotel Investments United Kingdom +44 (0)208 385 7881 mobile: 07956385061 www.21stcenturyoverseas.com 4 Property - 4: You Property Partners Ltd United Kingdom 0800 1601 004 / +44 (0)1372 379741 www.4property.uk.com
A A World Overseas United Kingdom +44 (0)1423 552 220 vas@aworldoverseas.co.uk Abbey Properties (Europe) Ltd Spain +34 96578 6540 abbeyprop@terra.es
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AIP Homes - Aurora International Properties Ltd United Kingdom +44 (0)208 991 2380 +44 (0)208 991 2987 07812741816 www.aiphomes.com Akbuk Resort Group Ins Taak Ltd Sti United Kingdom +44 (0)845 230 5210 www.akbukresortgroup.com Albania Property Group Sh.p.k Albania +355 4 6720 80001 www.albaniapropertygroup.com Alpine Angels - Mercatorial Ltd United Kingdom +44 (0)1225 442128 www.alpineangels.net Alpine Property Investments Ltd United Kingdom +44 (0)1722 743662 www.alpinepropertyinvestments.co.uk
Andalusian Property House S.L. Spain +34 (0)959521298 www.andalusianhouse.com Another Way of Life Spain +34 958 2277 35 www.anotherwayoflife.com Aphrodite Resales - EPP Signature Property Promotions Ltd Cyprus +35 77000 9012 www.aphroditeresales.com Arco Iris Residential Brazil - Ecohouse Developments Ltd United Kingdom +44 (0)20 3468 6910 rebecca@arcoirisbrazil.com www.arcoirisbrazil.com Artev Global Artev Tur.Yatirim Ins.Tic.veSan.AS Turkey +90 252 525 2195 www.artevhomes.com
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ASAS Pan Gulf for Real Estate Investment Saudi Arabia +966 1 473 6311 www.asas-re.com Asem Overseas Properties Ltd United Kingdom +44 (0)1325 358 080 www.asemconstruction.com Assetz International Ltd United Kingdom +44 (0)161 456 4000 +44 (0)845 400 7000 www.assetz.co.uk Australian Property Alliance Australia 0800 978 8155 www.australianpropertyalliance.co.uk Avante Property Investments Ltd United Kingdom +44 (0)1926 844231 www.avanteproperty.com Azahar Properties Spain +34 962 129 633 www.azaharproperties.com
B Barrasford and Bird Worldwide Ltd United Kingdom 0800 1 303 101 www.bandbw.co.uk Baystone Estates United Arab Emirates info@baystone-estates.com Become Owner - Christina Guenther Italy +39 085 943 0360 www.becomeowner.com
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Best International - Best Group Ltd United Kingdom +44 (0)845 130 9022 www.bestinternational.co.uk Between Friends Ltd Cyprus +357 26 8181 00 www.latchipanoramacy.com Black Lion Property Services Sakir Karaaslan Turkey +90 (0)242 844 1345 www.2blacklions.com Blue Flag Group - Consulting Tectonics SL Spain +34 952 472 283 www.blueflaggroup.com Blue Sun Destinations Ltd United Kingdom + 44 (0)161 298 4744 www.blue-sun-destinations.co.uk Bohemian Estates International sro Czech Republic +420 222 220 866 /+420 774 007 000 www.bohemianestates.com Bravomar International Properties Mary Pridmore Spain +34 966 795 196 www.bravomar.net Briteman Properties S L Spain info@britemanproperties.com Buy Berlin Investments Ltd United Kingdom +44 (0)208 315 7517 www.buyberlin.co.uk
Buy in Bulgaria Memtech International Ltd Ireland +353 1 2544155 www.buyinbulgaria.com Buying Homes Abroad Limited T/a 1Casa Estate Agency Spain 0800 081 1939 / +34 952 495 509 www.1casa.com BW International - Barton Wyatt United Kingdom +44 (0)1344 843000 www.bartonwyatt.co.uk Cadiz Properties-Property Consultants SL Spain +34 956 495 177 www.cadizcasa.com
C Calabria Property Services Italy +39 098282360 www.calabria-property-services.com Casa Travella Ltd United Kingdom +44 (0)1322 410 896 lindatravella@hotmail.co.uk Casasol Real Estate SL Spain +34 965 325 601 www.casasolrealestate.com Caversham Barnes (Crete) United Kingdom +44 (0)118 9843 201 +30 (0)282 104 6682 www.caversham-barnes.com
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Cicada Investments Ltd United Kingdom +44 (0)20 7481 6875 ww.cicadainvestmentsforeclosures.co.uk City and Urban International United Kingdom +44 (0)207 431 8828 www.cityandurban.com CLC UK PLC Spain +34 952 66 99 00 www.clcestates.com Clover Builders and Estates Ltd Turkey +90 531 464 9880 / 0787 5138140 www.properties-sw-turkey.com Cluttons Bahrain Bahrain paul.u.nathan@hotmail.com Coldwell Banker Feltrim United States +1 863 420 9404 www.cbfeltrim.com Colordarcy Investment Ltd United Kingdom +44 (0)207 100 2393 www.colordarcy.com Compass Immobilier France victora@headdonconsulting.com Concabral Business Solutions e.K. Germany +49 341 478 5976 www.concabral.com Condado Invest Resort Investment Solutions SL Spain +34 8680 8 2019 www.condadoinvest.com
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Cotton & Co United Kingdom fiona@cottonandco.org Country Homes France Llp France info@countryhomesfrance.co.uk Crete Connection United Kingdom steve.riddiford@crete-connections.com
Derin & Derin - Derin Emlak Insaat Tur Ltd Sti Turkey +90 242 324 8284 / +90 537 799 44 48 www.derinandderin.com Des Res - Desirable Residences Ltd United Kingdom +44 (0)207 586 3566 www.desres.net
Crete Imperial Homes Ltd United Kingdom +44 (0)1449 740128 www.creteimperialhomes.com
Direct Property Investments Sheridan White Holdings SL Spain +34 952 806 609 www.directpropertyinvestments.com
Crown Acquisitions Worldwide Plc United Kingdom +44 (0)207 235 3101 www.crownworld.com
DJK Developments Limited Cyprus +357 992 92906 www.djkgroup.com
Cybarco (UK) Ltd United Kingdom +44 (0)20 8371 9700 www.cybarco.com
DLR Properties Overseas United Kingdom +44 (0)1206 303049 www.dlr-properties.co.uk
D Danos/BNP PARIBAS Real Estate Bulgaria andreyfilev@yahoo.com DB International Homes Ltd United Kingdom +44 (0)845 003 8098 www.dbinternationalhomes.co.uk De La Luz Properties SL Spain +34 956 450 889 www.delaluzproperties.com DE Sunshine Living Cyprus +357 99 57 3668 www.sunshineliving.eu
DLT International LP United Kingdom +44 (0) 207 183 7565 www.dlt.co.uk Domaine De Perroubaud France +33 (0)4945 4 43 88 Davidblake-standing@wanadoo.fr Domum Holding Co Ltd Thailand +66 38251464 www.domum-holding.com Dream Homes Orlando Ltd United Kingdom +44 (0)1392 278230 www.dreamhomesorlando.co.uk
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5 AIPP MEMBERS
E Ecoresorts sales limited Ecoresorts Sales Ltd United Kingdom 0845 2187518 www.ecoresortssales.co.uk Egyptian Marketing Group Egypt +20 1221 66101 www.sharmelsheikhrealestate.com
Exclusive Property Mallorca S.L. Spain +34 971 701 081 www.exclusivepropertyfinder.com
GEA Properties Italia SRL Italy +39 346 325 0501 www.geaproperties.com
Experience International ExperienceBG Ltd United Kingdom 0800 612 0901 www.experience-international.com
Gecko Business Services Sl Spain lucas@lucasmayo.net
F
George W Glen United Kingdom george@gwglen.com
Elite Homes Turkey +90 256 6180444 www.elitehomesturkey.com
Findhomeabroad Ltd United Kingdom +44(0)20 8996 9583 www.findhomeabroad.com
GFE Epargne Retraite Groupe France Epargne France +33 240 696 119 www.gfe-epargne-retraite.com
Emerging Real Estate Ltd United Kingdom +44 (0)1924 364754 www.emergingrealestate.com
First Atlantic Properties Ltd United Kingdom +44 (0)845 860 1353 www.firstatlanticproperties.com
Girasol Homes Ltd United Kingdom +44 (0)1974 299055 www.girasolhomes.co.uk
Ersa Construction Ersa Insaat Otomotiv Sa ve Tur Ltd Sti Turkey +90 242 746 9800 www.ersahomes.com
Forbes, Forbes and Forbes Ltd Turks and Caicos Islands +1 649 946 6132 www.forbesrealtytci.com
Glenasia - Tiree Management Co Ltd Thailand +66 (0)2 168 7090 www.glensasia.com
Freedom Bay - Whitton Investments Ltd United Kingdom +44 (0)207 959 2393 www.whittoninvestments.com
Global Turkey - NT Grup Emlak Ins. Taah. Tur. Ihr. Ve Ltd Sti Turkey +90 (530) 551 1301 www.globalturkey.net
ETU - Etucon Insaat Turkey +90 2425 125699 www.etucon.com Euro Dd Finance International France amdeym@club-internet.fr Euro-Prestige Spanish Properties United Kingdom bs@ephomes.co.uk Evaco Ltd Mauritius +230 269 1800 www.evacogroup.com
Founder Member
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G G&V Hadjidemosthenous Ltd Cyprus +35 726 822 333 www.pafosproperty.com Garrigae Investissements France +33 679 297115 www.garrigae.com
Go Global Investments United Kingdom +44 (0)208 874 7433 www.goglobalinvestments.com Green Gem Properties (UK) Ltd United Kingdom +44 (0)844 544 2468 www.greengemproperties.com
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Grenadine Escape Ltd United Kingdom +44 (0)20 3468 5592 www.grenadine-escape.com
Hestia Homes United Kingdom +44 (0)7818 60 346 trevor@tijones.co.uk
Grosvenor Park Intelligent Investments United Kingdon +44 (0)1323 647 070 www.grosvenorparkinternational.com
Highground Property Investment Ltd United Kingdom +44 (0)845 021 0018 www.highground.net
Grupo Inland - Verdelago SA Portugal +351 21 782 6850 www.inland.pt
Home and Away Estates United Kingdom +44 (0)1707 873 454 chris@homeandawayestates.com
Grupo Platinum Estates SL Spain +34 666 687 251 www.grupoplatinum.com
HOMEland Greece +30 28310 51341 www.homeland-greece.com
GSK Properties Abroad Ltd Bulgaria +44 (0)1359 270285 www.gskpropertiesabroad.com
Hot Property Hua Hin Co., Ltd. Thailand +66 32 533 3333 www.hotpropertyhuahin.com
Guy Sherratt Equestrian & Overseas United Kingdom +44 (0)1598 710134 www.guysherratt.co.uk
HWG Properties United Kingdon +44 (0)208 546 1086Work www.hwgproperties.com
H Halcion Homes - Hamilton Homes SL United Kingdom +44 (0)1244 893144 www.halcionhomes.com Hancock Homes Spain +34 956 441 806 / +34 630 564 683 www.hancockhomes.co.uk Hemera Properties United Kingdom +44 (0)208 325 1953 yildizgoncu@gmail.com
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I IMG Administradora do Grupo Empresarial Brazil +55 8432194135 k.eyres@imgonline.com.br www.imgonline.com.br Inmobiliaria C J Bestard Spain carlos@cjbestard.com Inmobiliaria Cala D’Or Finca D’Or Sl Spain office@immocalador.com
Inmourbana - Urbana Project Management, S.L. Spain +34 647 715 832 www.inmourbana.com Integral Estates SL Spain +34 952 908690 www.integral-estates.com Intelligent Property Network Ltd United Kingdom +44 (0)845 3628486 www.intelligentpropertynetwork.co.uk International Dreams Ltd United Kingdom +44 (0)20 3239 9430 www.internationaldreams.co.uk International Property Solutions (Pty) Ltd Supa Nova Investments 106 (Pty) Ltd South Africa +27 (0)114 630 588 www.ipsinvest.com International Property Success Ltd United Kingdom +44 (0)844 800 6661 www.ipsbmv.com Invest in Brazil Ltd United Kingdom +44 (0)845 313 6216 www.investinbrazil.co.uk Invest5Star - Woodlands PMS Ltd United Kingdom +44 (0)1980 625 086 www.invest5star.co.uk IQ Property Investments Ltd United Kingdom +44 (0)1924 863832 www.iqpropertyinvest.co.uk
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5 AIPP MEMBERS
Island Real Estate International SL Spain +34 928 537 870 +34 6670 04 915 www.ire-international.com
J Javea Home Finders Spain +34 966 470 133 www.javeahomefinders.com Johal Regan Ltd United Kingdom +44 (0)20 8532 2222 www.johalregan.co.uk
K Kalkan Property Turkey +90 242 844 2456 www.kalkanproperty.com Kanika Developments Ltd Cyprus 0808 234 1805 / +357 25 81 42 66 www.kanikadevelopments.com Kaya Homes - Kaya Homes Ins Ta Tur Tic Ve San Ltd Sti Turkey +90 530 601 64 71 /+90 242 753 46 31 www.kayahomes.com Kirk Rahill and Associates United Kingdom +44 (0)416 855248 gandphrahill@eircom.net
L La Luz Property Ltd United Kingdom +44 (0)1937 843131 www.laluzproperty.com
Founder Member
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La Residence (South) United Kingdom +44 (0)1865 318 111 stephen@laresidence.co.uk
Lucre Properties Ltd United Kingdom +44 (0) 203 440 4010 www.lucreproperties.co.uk
Landmark Properties International Ltd United Kingdom +44 (0)1483 243633 www.landmarkpi.com
Luz Del Sol New Properties SL Spain 0800 112 3503 +34 (0)968 199 068 www.luzdelsol.net
Langdon and Langdon Ltd - Bassett Pearl Villas and Bassett Pearl Development Limited Grenada +44 (0) 7852 900 830 07852900830 www.lalpl.com Laurel Property Development Co. Ltd Nigeria +234 8035511286 www.laurelpropertyltd.com Lefteris Livadhiotis & Sons Ltd Cyprus info@livadhiotisdevelopers.com Lets Group Dan Tur Sey Ins Em Tic Ltd Sti - Lets Estates Turkey +90 256 813 8545 www.lets-altinkum.com LetsGoToTurkey Tur-Al Insaat Turizm Tic Ltd Sti Turkey +90 242 513 2064 www.lgt.com.tr
M Maispa Construction & Land Development Ltd Cyprus maispa@cy.net Marena Murray - The Property Specialists Spain +34 609 140 409 marena@marenamurraylmc.com Marshall DeFliece United Kingdon +44 (0)717 793 839 www.marshalldefliece.com Martin Greene International Real Estate United States +1 (0) 321 799 0799 martin@greeneinternational.com Mecitoglu Homes - Mecitoglu Insaat Turizm San Ve Tic Ltd Sti Turkey +90 242 7533 910 www.homeinturkey.com
Livadhiotis Developers Lefteris Livadhiotis & Sons Ltd Cyprus +357 2482 3888 www.livadhiotisdevelopers.com
Medcoast Homes - Medcoast (Cyprus) Ltd United Kingdom +44 (0)1564 778262 www.medcoasthomes.co.uk
Locations 4 U United Kingdom +44 (0)2890 020700 www.locations4u.co.uk
Minoan Homes Greece +30 28240 83000 www.minoanhomes.com
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Mirage International Property Consultants Qatar +974 44 44 4431 www.mirageproperty.com Money Choice Pty Ltd Australia +61 3941 72551 www.moneychoice.com Monopoly Property Group Pty Ltd Australia +61 8 8232 7605 (Australian) +44 (0)8458684613 (UK) www.monopolypg.com MPM Overseas Ltd United Kingdom +44 (0)1260 279622 www.mpmoverseas.co.uk My-French-House.Com United Kingdom +44 (0)845 123 5885 info@my-french-house.com
N Newplace International Properties Ltd United Kingdom +44 (0)20 72321858 www.newplace-international.com
O Oak International Finance United Kingdom +44 (0)845 299 7450 www.oakif.com Oasis Land Development Ltd United Kingdom +44 (0)1704 544438 www.oasis-land.com
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Oceanwide Properties Ltd United Kingdom suleyman@oceanwideproperties.co.uk Oracle Property Developers - Izdog Turizm Tic Ltd Sti Turkey +90 256 813 2470 www.oracleproperties.co.uk Orbit Alliance SAE Egypt +20 1871 80033 +44 870 423 5633 www.orbitalliance.com Orchid Palm Homes - SLM Real Estate Co Ltd Thailand +66 32828145 www.orchidpailmhomes.com O’Reillys I.A.V.I. Ireland info@oreillysfineart.com Orlando Property UK United Kingdom +44 (0)1234 345074 www.orlandopropertyuk.com Overseas Connections United Kingdom +44 (0)1603 662288 www.overseasconnections.co.uk
P Palladium Advisors - Abbo Holdings Ltd Virgin Islands, British +44 (0)7767 475 804 stephen@palladiumadvisors.net Pan-Cyprian Properties Ltd United Kingdom +44 (0)208 864 7972 www.pan-cyprianproperties.com
Paradise Property Solutions Spain +34 9664 72595 www.paradisepropertysolutions.com Pentamulet, Inc. - Team Perotti at Frank Howard Allen Realtors United States +1 415 367 4200 www.TeamPerotti.com Phoenix Overseas Marketing United Kingdon +44 (0)1233 771 909 www.phoenix-overseas.com Pinoso Villas Spain +34 645746176 www.pinosovillas.com Pioneer Property - Pioneer for Investment and Real Estate LLC Egypt +20 69 366 5575 +20 69 366 0625 www.pioneer-property.co.uk Planethouse UK - Immoworld UK Ltd United Kingdom +44 (0)1275 390421 www.planethouseuk.com Plusworld Realtors and Investment Ltd Nigeria +234 (1)804 7973 www.plusworldrealtors.net Precise Assoicates United States +44 (0)161 408 0199 www.preciseassociates.com Premier Properties Tenerife SC Spain +34 922 750 603 www.premierpropertiestenerife.com
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5 AIPP MEMBERS
Price Brown & Company Spain daphne@pricebrown.com Prime French Properties United Kingdom +44 (0)1323 896 812 info@primefrenchproperties.com www.primefrenchproperties.com Principal International Principal Choice Ltd United Kingdom +44 (0)1483 748629 www.pip4u.com Properties of the World Ltd United Kingdom +44 (0) 207 328 1533 www.propertiesoftheworld.co.uk Property Frontiers Ltd United Kingdom +44 (0)1865 202700 /+44 (0)1865268551 www.propertyfrontiers.com Property Global Investments Ltd United Kingdom +44 (0)114 221 3055 www.propertyglobalinvestments.com Property Venture United Kingdom +44 (0)1932 849536 www.property-venture.com Prudential Florida Wci Realty United States +1 561 790 1739 johnprupb@aol.com Pure Property Overseas Ltd Offplanworld and Pure Property United Kingdom +44 (0)161 975 6080 www.pureproperty.tv
Founder Member
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Q Quadrant Property Services Ltd United Kingdom info@quadrant-proeprty.com Quality Group (Larnaca Cyprus) Property Developers Cyprus markos@qualitydevelopments.com Quintalac Mediação Imobiliária lda Portugal +351 282332371 www.quintalake.com
R RA Property Consultants Spain +34 9713 154 11 www.ibiza-ra.com Real Estate Services Australia +61 882 954 649 peter@realestateservices.net.au Realpoint Property Ltd United Kingdom +44 (0)845 331 2812 www.realpointproperty.com Realty World Top Producers Realty Inc United States britishnaples@hotmail.com Red Earth Investments Red Earth Real State Ltd United Kingdom +44 (0)20 7209 8937 www.redearthinvestments.com Redbrick Wealth United Kingdom +44 (0)845 388358 www.redbrickwealth.com
Restless Earth Ltd United Kingdom +41 22 776 0838 www.restlessearth.com Richard Immobiliier France +33 (0) 5 53 83 30 46 www.richardimmo.com Richardsons Estate Agents Gibraltar trichardson@richardsons.gi RightBuy Homes Casacalida Properties Ltd United Kingdom +44 (0)1621 874 716 0844 7344800 www.rightbuyhomes.com ROC Investments Return on Capital Group Ltd United Kingdom +44 (0)845 130 9011 www.rocinvestments.co.uk Rocksure Property Ltd United Kingdom +44 (0)1993 823 809 www.rocksureproperty.com Romance of Turkey United Kingdon 0800 999 8866 www.romanceofturkey.co.uk
S Sanctuary Belize - Eco-Futures Development Inc United States +1 949 673 4270 www.sanctuarybelize.com
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Sapphire Properties York SL Spain +34 96 671 8507 +34 620 624 252 www.sapphire-properties.co.uk
Sophia Investments Gillie Parsons United Kingdom +44 (0)1235 771340 gillie@sophiainvestments.co.uk www.sophiainvestments.co.uk
Select Resorts Ltd United Kingdom +44 (0)1202 765011 www.selectresorts.co.uk
Spain4U Spain +34 962 855 841 info@spain4u.es
Sellpropertyinspain.com Mejor Me Alquilan SL Spain +34 968 109697 paul@sellpropertyinspain.com www.sellpropertyinspain.com
Spanish Property Choice Spain +34 653 722 290 www.spanishpropertychoice.com
Serenity Homes Turkey - N.E.D. Tur. Ins. San. Ve Tic. Ltd. Sti Turkey +90 532 405 1058 www.serenityhomesturkey.com Sextant Properties United Kingdom mcany@sextantproperties.com Simply Overseas Independent Property Agents Ltd United Kingdom +44 (0)1743 343634 www.simplyoverseas.com Smith & Ken Real Estate United Kingdom martin.julier@smithandken.com Snobby Homes G. Karalaki-P. Saunders Ltd Greece +30 28240 83097 www.snobbyhomes.co.uk Solomon Levy Gibraltar +350 200 78047 slevy@gibnet.gi
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SPC Overseas Realty SL Spain +44 (0)844 5982929 www.spc-overseas.com Spencer James Residential Limited United Kingdom +44 (0)207 989 6000 www.spencer-james.co.uk Spot Blue Overseas Property Ltd United Kingdom +44 (0)20 8339 6036 www.spotblue.co.uk SPS (UK) Overseas Property Services United Kingdom +44 (0) 1690 770 222 gellcolin@aol.com Stef Lukas Realtor 1071127 Alberta Ltd Canada +1 403 256 0002 www.calgaryrealestatebuyers.com Strategic Investment Property United Kingdom +44 (0)8452 572562 www.strategicip.co.uk
Stratus international Spain +34 627 241 129 www.stratusinternational.com Successful Investor Ltd United Kingdom 0800 8600 789 www.successful-investor.co.uk Sun and Sand Property United Kingdom +44 (0)1722 743662 www.sunandsandproperty.co.uk Sun Direct Group - Euro Property Centre United Kingdom +44 (0)1202 258693 www.sundirectgroup.com Suncroft Overseas Property United Kingdom +44 (0)1245 505853 www.suncroft.com Sunshine Villas United Kingdom +44 (0)207 794 9013 maggie@sunshinevillas.co.uk
T Target Markets Ltd United Kingdom +44 (0)8456891097 www.target-markets.co.uk Taylor Estate Agents Ltd Cyprus +357 238 831002 bob@taylor-estates-cyprus.com Tenerife Properties Spain +34 619 058 387 info@tenerifeproperties.net
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5 AIPP MEMBERS
Tenerife Property Shop S L Spain bruce@tenerifepropertyshop.com Tenerife Royale Estate Agents SL Spain +34 922 788 305 www.teneriferoyale.com Terra Online Saint Lucia +1758 485 7400 www.terrastlucia.com The Abroad Group Ltd United Kingdom +44 (0)844 535 0100 www.propertyabroad.com
The Overseas Investor Ltd. United Kingdom 0800 093 3654 +44 (0)7771 742 047 01706627499 www.theoverseasinvestor.co.uk The Overseas Property Agency United Kingdom +44 (0)1380 859 878 info@topa.co.uk The Parker Co Ltd United States mario@theparkercompany.com The Property Place United Kingdom ian@thepropertyplace.uk.com
The Florida Consultancy Susandrew Ltd United States +1 941 309 5140 +1 941 302 2151 www.floridaconsultancy.com
The Turkish Property Centre - TTPC Insaat Emlak Turizm Ticaret Ltd Sti Turkey +90 252 313 3536 www.ttpclimited.com
The Hotel Investment Company Ltd United Kingdom +44 (0)1937 541442 www.thehotelinvestmentcompany.com
The Turkish Property Company United Kingdom +44 (0)7905 937645 www.theturkishpropertycompany.com
The House Presentation Company United Kingdom gilesnewby@hotmail.co.uk
The Vision Phatumnak Co. Ltd Matrix MR Co., Ltd. Thailand +66 (0)38250120 www.matrix-developments.com
The Italian Property Gallery Ltd Italy saritavincent@italianproperty.com The Laguna Developments Langkawi South Africa ejenkins@winkworth.co.uk The Olive Tree Pinoso Spain +34 965070591 www.theolivetreepinoso.com
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The World Of Florida United Kingdom +44 (0)1568 797 899 suzanne.morrill@worldofflorida.co.uk The Worldwide Property Group Wilkes & Wilkes Property Ltd United Kingdom +44 (0)1235 553 569 www.w-wideproperty.com
TheSpanishBrick.com United Kingdom +44 (0)20 85866633 www.spanish-real-estate.co.uk TM Marketing & Sales S.L.U. Spain +34 965 71 20 11 www.tmgrupoinmobiliario.com TM UK United Kingdom jeremy@tmuk.info Topmarks Partnership Limited United Kingdom +44 (0)23 9259 7001 www.topmarksoverseasproperty.com Town & Country Spain Spain paul@townandcountryspain.co.uk Tradewinds Realty Canada +90 2275 5613 tim.harris@tradewindsrealty.com Tropical Connections Ltd United Kingdom +44 (0)845 2221413 www.tropicalconnections.co.uk Turkey Property Plus LTD Turkey +44 (0)161 408 7588 www.turkeypropertyplus.com Turkish Connextions United Kingdom +44 (0)1772 735151 www.turkishconnextions.co.uk Two Summers Ltd United Kingdom +44 (0)1454 615683 www.twosummers.co.uk
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U Ulster Property Sales United Kingdom gdallas@ulsterpropertysales.co.uk Unicasa London United Kingdom +44 (0)207 924 7718 anna@unicasa-international.com Unique Living-International Real Estate United Kingdom serge@uniqueliving.com Unlimited Opportunities Limited United Kingdom +44 (0)7775868170 www.unlimitedopportunities.co.uk USA Bound-Lemontree Marketing LLC United States +1 3212517904 www.usa-bound.com USA Property Investor Ltd United Kingdom +44 (0)1253 820905 0845 438 0634 www.usapropertyinvestor.com UV10 LLC United Kingdom +44 (0)845 643 1036 www.uv10.com
V Verdeland Homes & Services Portugal +351 281 326 888 www.verdeland.com Villatua Italy +39 0583 359 157 jenny@villatua.com Villauno - Martins Property Service Ltd United Kingdom +44 (0)1708 520 000 www.villauno.com Vilnius Golf & Spa Resort UAB Lithuania +37 052 739 759 www.vilniusgolfandspa.com Volcano Estates - Volcano Villas SL Spain +34 928 518 752 www.volcanoestates.com
W Walton Residential United Kingdom pat@waltonresidential.co.uk Whole World of Property - Iain Stewart United Kingdom +44 (0)845 026 1067 www.wholeworldofproperty.com
Windrush Alliance Ltd United Kingdom +44 (0)203 411 8590 www.windrushalliance.com Wisemovetospain.Com United Kingdom +44 (0)161 432 2849 nick@nickwestby.com Word and Buyer Ltd United Kingdom +44 (0)1642 640 242 www.wordandbuyer.co.uk Worldwide Investments - Universal Marketing Ltd United Kingdom +44 (0)845 833 4725 www.worldwideinvestments.co.uk
Y Yafa Mac Tourism Company Egypt +202 (0)2414242604 www.yafamac.co.eg Your Holiday Homes Ltd United Kingdom +44 (0)208 762 95 07 www.yourholidayhomes.com
Z Zerin Properties Malaysia +603 20922008 www.zerinproperties.com
Visit www.aipp.org.uk for a fully up-to-date list of AIPP members 48
AIPP CONSUMER GUIDE
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5 AIPP ASSOCIATE MEMBERS
AIPP
MEMBERS DIRECTORY Associate members are companies providing services to the overseas property buyer but they do not sell property
FINANCE
LAW
MARKETING
Excel Currencies Ltd United Kingdom +44 (0)1322 221121 www.excelcurrencies.com
Acacia International - Acacia International Pro Yon ve Tic Ltd Sti Turkey +44 (0)207193 1656 www.acacia-int.com
Ash Communications Ash Associates Communications Ltd United Kingdom +44 (0)20 7831 1954 www.ashcommunications.com
Alexandra Pereira Law Office Portugal +351 289 399 963 www.alexandrapereira.com
Intelligent Partnership The Intelligent Partnership (UK) Ltd United Kingdom +44 (0)845 3628486 www.intelligent-partnership.com
First Rate FX Ltd United Kingdom +44 (0)207 038 8075 020 35143700 www.firstratefx.com GoBMV - Premier Advice Club Ltd United Kingdom +44 (0)845 189 8009 www.gobmv.co.uk GTE Banco Pastor Group - General De Terrenos Y Edificios SL Uno Spain +34 915623705 www.bancopastor.es Scrimshaw Wealth Management Ltd United Kingdom +44 (0)1909 532270 www.scrimshawwealthmanagement.com Smart Exchange Ltd United Kingdom +44 (0)207 384 2267 www.smart-exchange.co.uk
Birchall Blackburn Solicitors United Kingdom +44 (0)161 236 0662 +44 (0)161 238 5631 www.bboverseas.co.uk
MBI Consulting United Kingdom +44 (0)700 349 5933 www.mbiconsultingltd.com
Chebsey Law Ltd United Kingdom +44 (0)1494 670440 www.chebsey.com Chlorakiotis & Floraki LLC Cyprus +357 2693 4300 info@cflaw.com.cy www.cflaw.com.cy Interlaw Spain +34 968 83 85 05 www.interlaw.es Ripoll & Mateu Solicitors Mallorca CODELEX LAW FIRM Spain +34 971 532109 www.ripollmateu.com
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MEDIA
SERVICES
A Place in the Sun – APITS Ltd United Kingdom +44 (0)203 207 2920 www.aplaceinthesun.com Daily Mail Ltd United Kingdom +44 (0)20 7938 6000 www.dailymail.co.uk HomeAway UK Ltd United Kingdom +44 (0)20 8827 1971 www.homeaway.co.uk Homesgofast.com Marr International Ltd United Kingdom +44 (0)207 099 3392 www.homesgofast.com
LandOrProperty.com Destra Software Ltd United Kingdom +44 (0)781 039 0096 www.landorproperty.com
Citadel Trustees Ltd United Kingdom +44 (0)1276 482015 verannewil@citadeltrustees.com www.citadeltrustees.com
OPP Media Ltd United Kingdom +44 (0)20 8734 3960 www.opp.org.uk
DREI - Dubai Real Estate Institute United Arab Emirates +971 42030560 www.drei.ae
Property Investor Media Ltd United Kingdom +44 (0)20 8877 0610 www.propertyinvestor.co.uk
Intasure - Blenheim Park Ltd United Kingdom +44 (0)845 111 0680 www.intasure.com
PropertyPal Ireland +353 (0)289 0330 055 www.propertypal.com
Pantheon Realty Pantheon Realty Consultancy Ltd United Kingdom +44 (0)20 71128178 www.pantheon-realty.com
Property Tax International Ltd Ireland +353 1635 3722 www.ptireturns.com Survey Spain SL Spain +34 952 923 520 www.surveyspain.com Tailormade Alternative Investments Ltd. United Kingdom +44 (0)1928 719 609 , +44 (0)1925 81095 www.tm-ai.com The Registry Collection Wyndham Worldwide Plc United Kingdom +44 (0)208 762 6681 +44 (0)7794 925954 www.theregistrycollection.com
The industry body. The industry voice. The industry standard.
WE’RE NOT HERE TO SELL PROPERTY OVERSEAS... ...WE’RE HERE TO MAKE SURE IT’S SOLD PROPERLY By using AIPP Members, you get: REASSURANCE - that a Member must act professionally, and RECOURSE - to the AIPP if problems occur To order a free copy of our guide to buying property overseas safely or to find out more about our work, visit www.aipp.org.uk or call 020 3207 9095. We are a not-for-profit organisation. We do not sell property. Association of International Property Professionals Ltd St Clements House, 27-28 Clements Lane, London EC4N 7AE. UK Company No. 5677417
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For a full and updated list of AIPP members, or for more information about the work of AIPP, visit our website:
www.aipp.org.uk
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Association of International Property Professionals is a trade association for the international property industry. AIPP is a not-for-profit organisation and does not sell property. The industry body. The industry voice. The industry standard.
Association of International Property Professionals Ltd St Clements House, 27-28 Clements Lane, London EC4N 7AE Tel: +44 (0)20 3207 9095 Fax: +44 (0)20 3207 9182 Email: enquiries@aipp.org.uk Web: www.aipp.org.uk UK Company Number: 5677417
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