Welcome to BuyAssociation.co.uk

General: Overseas buying agents - Simon Barnes

Overseas buying agents

The business of buying abroad can often be a tricky one. Not only do purchase procedures differ according to each country, but the hassle of house hunting when you’re based in a different country can really take its toll.

In the UK, buying agents are often employed to save time and money, but the benefit of a buying agent for an overseas property search is far reaching. Their role becomes invaluable as they also ensure transactions are undertaken professionally and in line with local legislation.

When buying abroad, it is important to remember that local agents often perceive foreigners as being uninformed. As such, they are sometimes inclined to take advantage of this lack of experience regarding the process of buying and local values, not least by automatically increasing the price. A buying agent can conceal the nationality of their client to prevent this, but will also have prior knowledge of correct local prices.

Another possible obstacle is the fact that many agents abroad are not governed by the property misdescriptions act. This means the information you will be given by the selling agents, or that you obtain from the Internet, may vary tremendously from reality - including the price. It is therefore essential that you have someone locally ‘on your side’ who will preview all potential properties and report back to you with an accurate description. Otherwise, you could well spend countless wasted trips looking at unsuitable properties that bear no resemblance to the particulars.

A buying agent will also research the finer details, such as whether any unwanted development could take place in the vicinity, gain accurate information on rental yields if appropriate, and build up a profile of the local area. Their ability to cherry pick only those properties that suit their client’s particular wants and needs, can save buyers a substantial amount of time and stress.

A good buying agent should be instructed to handle negotiations on your behalf, and will need sound knowledge of the procedures, the market, and the language. Once you have found your ideal property, they should navigate the entire process, from agreeing the sale price, to employing a good local lawyer, to ensuring all planning consents are in place.

The potential for money to be wasted on an overseas search - airfares and accommodation costs for fruitless visits, the foreigners ‘mark-up’, and expensive ‘misunderstandings’ during the buying process - can be very high. Though naturally there are fees associated with the employment of a buying agent, the elimination of this financial risk factor, plus the reduction of some very lengthy, and often deflating legwork, certainly makes it money well spent.

Simon Barnes

Simon Barnes, of Simon Barnes Property Consultants, offers a bespoke buying (and selling) service to a small number of private clients, advising on all aspects of property transactions. Simon operates primarily within the top end London market, but also works with clients who are buying and selling overseas. www.simonbarnes.com

More pages

Page 1: Overseas buying agents

Book now, pay when you stay - 100's of hotel rooms worldwide with laterooms.com

Calculate how much you can earn - rent out your holiday home here

Holiday home insurance with Staysure - the over 50's experts

The best villa holidays from James Villas with our hand-picked villas and all the support you need in resort, we're the number one choice