Frequently Asked Questions

Conti - Mortgages Overseas

I have never heard of Conti, are you safe to deal with?

Conti is the UK's leading independent overseas mortgage specialist and over the last 14 years has arranged thousands of mortgages for satisfied customers. As we are a mortgage broker, we are bringing applicants and lenders together, therefore your mortgage and property are with that lender, not Conti.

Can I rent the property?

Most lenders we work with do allow the rental of a property they are mortgaging. Certain conditions may apply and can vary by lender

How do I get good Legal Advice?

Conti works closely with 2 excellent law firms that specialise in the legal matters related to purchasing overseas. You can find their details on the Other Services page of our website to contact them directly and independently from Conti

How long will I have to wait to find out how much I can borrow?

Conti offers a free 'decision in principle' service, where you can find out how much of a mortgage is generally available to you. This service can be accessed via the website (click here) and takes no more than a few days

Are there ways I can use my UK property to fund the purchase?

At Conti we believe there are significant benefits in having a mortgage through a lender based in that country. However we often have clients who reduce the size of their required mortgage by putting down a larger deposit. This can be facilitated by using the UK property to raise money against. Conti can certainly assist you with this and can find more details on the Other Services page of our website

How long does it take to arrange a mortgage?

This can vary significantly by country and mortgage lender but broadly Conti is able to process the application within a week, subject to the applicant being able to provide all the details we need. It is then submitted to the lender for approval

How do I apply for a mortgage?

Simply click here or call 08009700985

What are the advantages in taking out an overseas mortgage as against raising equity on a property in the UK?

The main advantage of taking out an overseas mortgage is the lender will carry out checks on the property such as an independent valuation. The lender will also ensure clients have clear title and the property is registered in the clients' name upon completion.
Raising equity on a property in the UK may seem straightforward but buying an overseas property in 'cash' could present problems for the buyer if they do not ensure independent checks are carried out on the property. Sadly, all too often we hear of cash buyers where the heart rules the head and basic checks are overlooked, leaving them with a raft of problems such as boundary and title issues. Some may have bought a place in the sun but have had their fingers well and truly burned during the process.

Is it better to buy in the local currency or in Sterling?

Generally it's recommended to take out a mortgage in the same currency as you earn where available. However, if the intention is to rent out the property it may be beneficial to take out a mortgage in the local currency to avoid currency fluctuation costs.

What additional costs above the purchase price should I allow for?

This does depend on the country however it's usually best practice to allow for additional costs such as Legal fees, local or government purchase taxes, arrangement fees, surveyors costs, title searches and deed amendments etc. We generally suggest our clients allow an additional 10-15% on top of the purchase price to allow for these 'extras'

How much do you charge for your services?

Once you are happy with the quotation and wish to proceed we charge an administration fee of £95 for French mortgage cases and £145 for the rest of the world. We then earn commission from the lender that funds the remainder of our costs for processing and submitting the application. In some instances the lender either does not pay a commission or only pays a reduced amount. In these instances we do charge you a completion fee. Clients are always made aware of this at the quotation stage

How will I know how my mortgage is progressing?

A dedicated adviser will handle your mortgage application and will provide regular updates. You can also track the progress of your mortgage online at your own convenience.


For any further information on buying a property abroad, taking out an overseas mortgage or general help and advice, please do get in touch with Conti - Mortgages Overseas either by our website (www.mortgagesoverseas.com) or by telephone 08009700985

or if you are relocating within the UK and need conveyancing but want to find the best deal for you? then come and compare conveyancing prices with us at www.helpfulconveyancing.co.uk

Expats: Handy hints and tips for moving abroad

If you want to buy a house abroad and think that an international money transfer would be the best way to fund it it would be worth reviewing the rules for import and export of your possessions.

Everyone has those items that hold huge sentimental value, be it a wedding video, family photo albums, a toy rabbit or a penny you found on the floor the day you won the lottery (I wish). So you should try to be aware of the sometime strict rules that  accompany the process of moving all your things abroad. It always pays off to be as informed as you possibly can.

For example, the transport of vehicles is often tightly regulated. You need to check on the age of car, whether it complies with local maintenance and emission standards among other things to ensure that you can import your vehicle with minimal hassle.

Pretty much all countries will have a list of forbidden objects that will vary from place to place so it’s worth double checking with a relocation expert early on and putting in a little bit of time and effort into research, as you never know what may be considered dangerous in another country. Another mistake people often make is with electrical items. There’s a possibility that your electronic goods won’t work abroad if there’s a significant difference in power or voltage.

It may seem obvious ( some people do forget!), but you should also ensure that any important documents, e.g. your passport, are in a secure yet accessible location. As it would be a pain to remember that your passport is hidden away with your china at the other end of the moving vehicle buried beneath 2 tonnes of old clothes, books, furniture and cuddly toys.

Clare Nessling, director of the UK’s leading overseas mortgage specialist, Conti endorses the use of meticulous planning when moving overseas. Since, with the economic recession, investors making the most out of low property prices overseas may be caught out and have their dream move postponed if they haven’t followed protocol to the letter. However, with common sense, helpful advice, support and a bit of expert knowledge, there’s no reason why moving to your dream home abroad can’t be an efficient experience with minimal hassle.

If you’re planning on moving abroad, buying a home overseas or are thinking about taking out an overseas mortgage, get in touch with Conti - Mortgages Overseas by exploring our website (www.mortgagesoverseas.com )


OR if you are looking for a home in the UK and need conveyancing? visit us at www.helpfulconveyancing.co.uk for all your conveyancing solutions!!

Best places to retire abroad.

While we batten down the hatches and attempt to ride out the economic storm, there are places in the world that i know i would far rather ride it out.

People purchasing a holiday home buy it to rent out, or buy it for personal use, or even a bit of both, but research has found that increasing numbers of people over 50 years old are purchasing properties abroad to ride out retirement. 

There are four main incentives for people moving abroad  such as less tax a much nicer climate so heating bills arent as expensive, a general lower cost of living and with house prices across the world having been hit by the recession, there are SO many great deals around, it is the best time to buy.

Here are 10 places with some of the best deals for anyone looking to buy or retire overseas:

Florida

On average the climate’s a lot warmer than Britain’s, so you’re guaranteed sunshine. Property prices have fallen by 30-70 per cent over the past four years.

You can pick up a one-bedroom condominium apartment for £25-£40,000. A more spacious, and more rentable alternative, would be a two-bedroom, two-bathroom apartment for £55-£60,000 at Tuscana.This is a new resort just ten minutes from the Disney World Theme Park, in Orlando, and 45 minutes from the Legoland Park at Winter Haven, due to open in October.

Barbados

Brits are the biggest expat community in Barbados. Celebrities such as Sir Cliff Richard and Andrew Lloyd Webber are known to have brought property on the island. Estate agents have  reported a 70 % increase in 2010, in comparison to sales in 2009. This is partially due to house prices being lower in 2008 by 15%. The biggest discounts are on condominium developments.

France

Overall, prices in France are eight per cent down on their 2007 peak. 39 % of Britons moving to France tend to opt for coastal properties, 37% choose rural areas and 19% decide to recline in mountainous areas.
Areas such as Aquitaine, the Dordogne and the Languedoc remain very popular. However the prospect of spending a year or more in Provence, à la Peter Mayle, is as attractive as ever.

If you have a big chunk of money and are looking for a quick return, however, the historic centre of Paris is the place to buy. According to the British specialists Home Hunts apartment prices rose by 20 per cent in 2010.

Cyprus

While the beautiful Cyprian sunshine is just one of the reasons to consider moving to the Greek Island, if in one financial year you spend over 183 days on the island, you become a tax resident, liable for as little as five per cent income tax.

Corporate rates of tax are only 10 per cent. There are newbuilds at Limassol Marina, the Leptos Apollo Beach Villas, near Paphos, and the Sea Gallery Villas, at Amathus.

Italy

You won’t find stacks of cheap, soulless, little modern apartments in Tuscany and Umbria. But you will find lots of rural residences with character.

Prices are between 5-20 per cent lower than September 2008, so for £150,000 you can buy a pretty, stone-built town house in the village of Collodi Castello.

And £208,000 will buy you a three-bedroom hillside home with barn and garden, near Lucca. Purchase tax goes up to 18 per cent from 10 per cent if a property’s land is cultivable.

Mauritius

Picture postcard beaches, and an expat-friendly Integrated Resort Scheme, whereby you, your spouse and offspring enjoy not only residency status, but freedom from inheritance and capital gains tax. This is provided you buy a top-end property such as at the (288-villa) Valriche development next to two golf courses (with another planned). Prices start from £500,000 for a two-bedroom villa.

South Africa

Cape Town is where most Brits gravitate, with its fine beaches and equable climate. Prices can be 50% lower than the most expensive parts of Europe, too.

You can buy a three-bedroom house, in a gated community, overlooking Hout Bay, for £500,000, and rent it out for around £2,000 per month. The two most UK-friendly areas are Clifton and Camps Bay, where 30% of the population is British.

Spain

Property sales in Majorca are up, as is the number of Monarch Airlines flights from Britain. You can buy an (as yet unbuilt) two-bedroom beachside villa at Cala Anguilla for £180,900.

Murcia, in south-east Spain, was the original star of Spanish golfing properties. It now has more links-side homes for sale, at below-par prices. A two-bedroom home costs £45,000 at the Camposol Golf Development, at Mazarron. 

Switzerland

You need to be rich to get in, but once you get in, you’ll get richer. In Switzerland, taxes are decided by an individual’s expenditure and standard of living, rather than income and assets.
 

Turkey

During 2010, property sales to foreigners rose by 40 per cent on the year before, totalling £2.5 billion.

Not quite as good as the 3 billion of the boom years (2006-08), but enough to name Istanbul the best European city for investing in property during 2011.

Buy a place in this fascinating metropolis and you also have a ready supply of would-be tenants for when you’re not there. Istanbul has an estimated housing shortage of 250,000 units per year.

A one-bedroom apartment at the new Belgravia Residence development, in Bahcesehir, 20 minutes from the city centre, costs £48,000. 
 

Before you buy

Ten things to think about before you decide on moving:

·        Do your currency sums. What happens if the pound plummets – or soars?

·        Think jet lag – how many hours’ difference between there and GMT?

·        How dependent on low-cost airlines will you be?

·        Can you afford to keep the place for your exclusive use? Or will you need to rent it out?

·        If you’ve only been there on holiday, what’s the weather like during the rest of the year?

·        Have you a good local lawyer? Often, a mere notaire is not enough.

·        Do you speak the language? If not, you may want to buy into an expat British community.

·        How free (or otherwise) is health care out there?

·        How re-sellable is the property?

·        How easy (or hard) does the country in question make it for your descendants to inherit the place?

if you are thinking of moving abroad, and are looking into taking out an overseas mortgage, whether it be in France, Spain, Italy or South Africa, here at Conti overseas mortgages we can offer you great mortgage deals so you can start soaking up the sun.

Alternatively, if you are happy here in the UK and are in the process of moving but need conveyancing, visit us at www.helpfulconveyancing.co.uk for your conveyancing solutions today!!

Top Tips for buying an overseas property

Buying a property abroad is an exciting prospect, but one important rule applies - don't let your heart rule your head. The principles you would stick to in the UK also apply when buying overseas.

Follow Conti's 'Top Tips' to ensure that your buying experience is as hassle-free as possible.

1. Contracts
Never sign a contract that you do not understand (e.g. if it's in a foreign language). If two versions are provided, i.e. English & local language, ask your solicitor to confirm the English version is a true translation.

Always read the contract! Ensure you are fully conversant with the terms and conditions you are about to agree to. Specific points to be clear about include:

•   What deposit is required? Is it refundable and under what circumstances?
•   For new properties, what stage payments are required and when?
•   What is included in the price and what is the cost of the extras?
•   Check the due completion date

2. Arranging Finance
If you require mortgage finance, obtain an 'Agreement in Principle' for your mortgage before agreeing to purchase the property, or before signing any contracts and paying a deposit.

If you are arranging finance on the property, ensure that this is stated in any contract and, where possible, seek an 'opt-out clause' if the loan is not agreed (which will ensure any deposit paid is refunded).

Remember your overseas  mortgage will probably be in the local currency and you must consider the impact of fluctuations in exchange rates. However, if the intention is to receive rental income from the property, this may be in the local currency.

3. Specialist Advice
Always ensure that you seek specialist advice from independent solicitors, valuers, architects and surveyors before considering a purchase overseas. They should be proficient in your chosen country's laws and processes and also know the specifics involved in buying a property there. It is essential they confirm to you that all required permissions, licences and planning consents have been obtained.

4. Valuation
Before proceeding with the purchase (especially with a re-sale property, regardless of age), ensure an independent valuation of the property is carried out, which should point out any problems with the property - e.g. subsidence, damp, wiring defects - and could also highlight any possible boundary disputes.

5. New Build
If buying from a developer, what's their track record and how long have they been trading? Are references available from previous buyers? Check comparable properties in the area and any re-sales offered on the same development.

If the developer mentions 'rental returns', what are these based on? Check they're feasible and have been achieved in the past.

Before making any commitment, try to give yourself a `cooling off` period if you see a `must-have' property and are tempted to put down a deposit there and then. You must be sure that you're making the right choice.

6. Title/Property Ownership
Does the developer or seller have full title to the land or property? Ensure you do not inherit a debt on the property before you purchase, which your solicitor should also be able to check. For example, if the developer has borrowed money to build the development and this amount has been allocated against each plot as additional security to the developer's bank.

7. Location, Location, Location
Conduct thorough research about local facilities and transport. People gravitate to locations with a nearby airport, especially if it's served by a budget airline. But remember there are no guarantees that cheap flights will continue indefinitely in one location. Proximity to basic facilities like restaurants, shops and a beach are also important.

Talk to people who already live/own property in the area you like to get a better understanding of what it's like to live there. And consider the property off-season - many resorts (beach and ski) are seasonal and practically shut down when the tourists return home.

8. Local Money
Open a bank account in your chosen country and, where relevant, ensure you obtain a Certificate of Importation for the money you bring in from your home country.

Set up standing orders in your local bank account to meet local bills and taxes. Failure to pay your taxes in some countries such as France, Portugal and Spain, could lead to action by the authorities.

9. Extras
Bear in mind that bills don't end at the asking price. Lawyer's fees, IVA, local and national taxes, insurance, etc must all be met in your host country and can often add at least a further 10% to your cost of acquisition. Ensure you are, therefore, aware of the costs charged by the legal and government authorities for purchasing a property in your chosen country.

10. Tax
Check the inheritance and capital gains tax laws of the country where you are buying. For example, in France your children automatically inherit rights to your house; your estate may not automatically pass to your spouse and you may, therefore, need to compile a separate will.

If you take a mortgage out on a property in France or Spain, it may reduce your inheritance tax liability as there is a debt on the property.

If you rent out your property you will be liable for income tax

Conclusion
Remember - remain clear about your objectives. You must be sure about why you're buying and what you're hoping to achieve. Is it for retirement purposes, purely for holidays, or an investment? You may be undecided, e.g. had planned to buy in Spain for holidays and eventual retirement, but now have decided to go for an emerging market like Montenegro, where you hope to profit from the investment. Can you really afford the risk associated with this change of decision?

Conti specialises in arranging mortgages secured on overseas residential property in more than 45 countries. For information, please visit www.mortgagesoverseas.com

if you need conveyancing but are confused by which deal will be the best for you, compare conveyancing with us at www.helpfuulconveyancing.co.uk

Live like the world’s most successful Olympian

Michael Phelps has recently become the world's most decorated Olympian of all time, yet unfortunately he still hasn't yet medalled in the property market.

In February earlier this year, Phelps put his 4,000 square-foot apartment on the US property market, giving property buyers Worldwide the chance to live in luxury like an Olympian for a mere $1.42m - at a discounted rate from the original price that he purchased the property for of $1.69m.

The apartment condo is situated in Baltimore's famous Inner Harbor and boasts three bedrooms, three bathrooms, a picturesque views of the marina from its top floor balcony as well as access to the building's indoor pool where Phelps could practise his strokes. The new lucky owner of this wonderful property could utilise the hot tub on the roof terrace to perhaps perfect their treading water skills.

While since 2007, when originally purchasing the property, Phelps’ tally of gold medals has increased, unfortunately the American economy took a turn for the worst, leaving the 28 year old swimmer swimming against the property current. Even after reducing the value of his home significantly, Phelps has struggled to find a buyer.

However, now is the perfect opportunity for someone to make a splash in the US property market. The demand for American homes is increasing from overseas, so we may see a few Olympic-enthusiast investors to be dashing to the harbour-side.

Would you take the dive? If you fancy taking advantage of the American property market and would like to look into purchasing a property in USA, visit us at Conti- Overseas Mortgages to help you on your way.

Alternatively, if you are looking in the UK and are confused by conveyancing prices and additional charges, visit us at www.helpfulconveyancing.co.uk to help clarify you confusion and compare conveyancing prices to help you find the best deal for you with NO added costs. We operate remotely so can offer you the best prices on conveyancing for the highest quality conveyancing.