EX-Pats and Owners Abroad

Discussions for EX-Pats and owners abroad or those who are considering this idea.
Legal advice!!
25 Posts
I'm not sure a lawyer would be the place to start unless you already know where you want to buy.
I started by choosing the location I wanted to buy in (in conjunction with what I could afford) and then asking around for recommended English speaking lawyers in that area (from banks, locals, Town Hall, strange people in pubs :lol: etc.)
A local lawyer would be much better equipped to help in your purchase and should know all the intricacies of the local by-laws etc.
Hi.Good place and cheap to buy in is Bodrum area of Turkey.I used to live there and visit 4 times a year.Still have contacts and friends who could help you.I would be happy to help you. :D
thank you for your replys. i have 2 places (now 3 Bodrum) in mind. Im worried mostly about the tax laws and legal issues. I was considering inland Spain or Bansko in Bulgaria. i will read up on Bodrum and would greatly appriciate help in that secture. It would solely be an investment purpose, but something decent but cheap is my starting block.
Oh my word, just briefly looked at a couple of websites of Bodrum, it looks really good and fairly cheap property too. i would greatly appriciate your help on this area. Still would need advice on lawyers. Cordero, have you got a property already and were?
Sorry can't help you with Turkey AdamK but there are a couple of other threads discussing Turkish lawyers which may help you.
ok no problem, so have you bought property abroad?

All of Turkey looks cheap compared to Europe, I would consider what you are looking for as an investment, are you looking for rental income, quick growth, or something more solid that you can use. I would consider Fethiye and Marmaris areas as well. Some parts of Bodrum can be expensive compared to areas not so well developed.

This agent list English speaking lawyers in the marmaris area if it of any help

Well quick growth and rental, but taking first steps are abit dounting. thank you so much for the list. i hear stories how people get ripped off or get into trouble when they get the wrong lawyers. Are these agents reliable?
Just a note of caution Adam. Dont expect any loan if you need one, to be supported by bookings. that may happen in the long term, but best to make sure you can afford without any rental income, that way you are in clover if you get lots of rentals.
mad mick do you think i can get a loan as a deposit? ive got a couple thousand saved but thats no were near enough as a deposit, is this a wise option? considering the value of the property is bound to increase,
Dont you have a deposit Adam? If not you could raise one by using equity from a property in the UK. If of course you own one. If thats not an option then you could take out a personal loan. But you would also need funds for solicitors fees, valuations etc. You should think long and hard about this, as you will be getting in to considerable debt, and although property over a long period SHOULD grow considerably, there are no gaurantees. Also you would need a good income to support the loan. I'm told mortgages may be available in Turkey some time this year, not sure when or what the criteria is likely to be. But in most countries you need a deposit of 25% and then about another 10% of the purchase price to cover other costs. then the are costs to service any property and insurance etc. Are you aware of all these?
Mick, thanks for the information. My plans would be to least get a decent place rent it out and then re-invest in another property. (If only it was that simple) The only option i have is a loan. If i save it would take me a good few years and by then i would miss the boat. If you were in my position, what would you do?
Also forgot to mention, I am aware of extra costs, insurance, bills, etc. so have always included that in my budget. Theres no way i can afford the UK, and can only see europe as a potential investment, but as you know you need to be quick to find the right place, in the right location for the right cost.
If you want my honest opinion Adam, I would wait a bit. Your still young and its a very big commitment. Prices in UK are leveling out in some areas and you may yet get on the property ladder in the UK. But I'm quite cautious, so its your call. Have you spoken to an Independent Financial Adviser and your family? See what they think.
Adam, have you looked into the "guaranteed rental" schemes that some off plan developers are offering? If you can find one in the right area (within your budget), they may guarantee a rental income for 2,3 or more years. At least this way you know that all your bills will be paid and you may be able to pay some more off the mortgage aswell. I have seen these deals in various resorts so may be worth checking out.
Adam, I'm afraid I've got to agree with Mick. I really don't think borrowing money from different sources to invest in overseas property is really for you in your current financial situation. You haven't got a great salary and have only 2,000 pounds saved. That means you are buying at the lowest end of the market. Lowest end of the market = low return from rental income. The fact that you have places like inland Spain and Bulgaria in your top 3, and are asking for a lawyer when you haven't yet identified whereabouts you want to buy, with all due respect, shows you don't really know what you're doing.

My advice is to wait until you have a better salary, more savings and a better understanding of what buying overseas is all about. There are a number of magazines and books which will give you plenty of information and guidance about buying abroad. You've made a good start by coming onto a forum and asking. I'd take your time before jumping into anything too quickly.
hhmmm, not really what i wanted to hear. However it is true. I have done research into all areas im looking at, and realise all the pros and cons, but main concern is the finance. A loan is an option but dont really want to take one out. I'll speak to a finacal advisor to see what they recommend. I also dont want to leave it to long in case i miss the boat. I am going to do it. Just need that extra bit of cash. If anyone has an further ideas or thoughts, please do let me know. You guys have been a great help already. Are property prices in general going to increase in the next year?
Hi Adam,
No one knows with any certainty what will happen to property/currency prices in the next year.
You are only 22, plenty of time to sort out your finances.
The first thing to do ifyou haven't got a good salary, is to consider changing your job, getting another part time job and/or retraining for another.
The quickest way to make money, that I know of, is sales but it doesn't suit everyone, you have to be hard, determined, and not put off by rejection.
It may look as if you are taking a drop in salary as the basic pay is just that, basic but if you can sell then the commission more than takes you over many peoples salary/wages.
Just an idea, but if you really want something then having a goal, makes it a lot easier to sell and therefore closer to buying a property.

Would I be right in thinking as a result of your comments about the affordability of UK property that you've never owned a house before? It's a big responsibility just taking on your first house when you're living in it let alone buying one that may be thousands of miles away and being let out to others. Buying a house in the UK, arranging your mortgage and dealing with solicitors etc is relatively straightforward but I remember how daunting I found the process the first time I did it.

If all this stems from a concern that you'll never be able to afford to get on the property ladder in the UK then why not investigate the many shared ownership schemes that are designed to help people just like yourself who don't have much in the way of savings or a large enough salary to support the size of mortage needed to buy outright? Most are run by housing associations and they work by enabling you to purchase a % share of the house or flat whilst paying rent on the share owned by the housing association. So say the flat is worth £100,000 pounds but you can only afford a £50,000 interest only mortgage, then you'd own 50% of the house and pay a reduced rent on the other part (in this case probably 50% of what the rent would otherwise be). When you want to move, you find the flat is now worth say £140,000 and so you'd receive £70,000 and even after you've paid off the mortgage you've then got £20,000 pounds now and not just £2,000 to put down as a deposit. Should you find that as the years go past your salary increases and you can offord a bigger mortgage but don't want to move then you can usually buy a further share of the equity.

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