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Amanda Lamb's tips for securing A Place in the Sun

Amanda Lamb and her co-presenters

Monday, 31, Mar 2008 03:32

Ahead of the live event in a few weeks time Amanda Lamb of Channel 4's A Place in the Sun is here to offer a helping hand to investors looking for their dream property abroad.

Check out her her top tips:

Get organised: Be clear how you are going to buy your place in the sun - will it be off-plan or a resale, and are you going to visit your country of choice or go on an estate agent inspection trip, or maybe organize one yourself?

Money, money, money: Early on think about how you are going to pay for your place in the sun. Will you be remortgaging or downsizing your UK home, dipping into your savings or will you be taking out a mortgage? This is important because buyers who have organized their finances early on are in a stronger position when negotiating the purchase of a property.

Where in the world?: There are now over 50 countries in which significant numbers of Brits have bought overseas property so the choice has never been greater from Brazil to Bulgaria, Canada to Cape Verde. But remember they are not all the same. Some are at a very early stage of development (such as Albania), others are emerging (Egypt and Morocco) and others are very mature markets (Spain and Portugal). So you need look into what a country offers. For example, properties might be cheap in Slovenia, but is the electricity supply reliable?

Off to a good plan!: Off-plan properties are a popular way to buy overseas property particularly among investors - mainly because the property can be worth more than they paid for them by the time it's handed over. But remember that acquiring an off-plan property can be more hassle than a resale and you never quite know what you're getting. Buy off-plan by all means - but only in an area you have visited and a country you know well.

An inspection trip calls: Many agents and developers offer buyers subsidised inspection trips to see the properties they have for sale. These are a useful way to see, smell and feel a location or country, but remember that the sales pitch can be intense and it's not a free holiday. If possible, always insist you bring along a friend or partner with you.

Play the private eye: Check out your agent or developer just as you would a property, ask to see other properties they have built, for membership of trade associations, and see what people say about them in the various internet discussion forums.

Independent thought: Always use an independent lawyer to carry out your property purchase for you. Some agents suggest buyers use 'their' in-house (or a 'recommended') lawyer for convenience sake, but it's much wiser to refuse and find your own. Even if it causes more work in the short term, it could save you a lot of grief and money in the long term.

Language barrier: Never sign a contract in a language you do not understand. It's so obvious, but a more frequent cause of dispute than you'd ever imagine. Always insist the contract is translated into English or have your lawyer do it for you.

Nothing's guaranteed: Many agents and developers offer properties with 'guaranteed rentals' attached. Although these deals can sound tempting because they offer to 'help pay the mortgage' for a set period, remember that some developers simply add on the payments to the price of the property. The solution is to ask at the start - where is the money coming from to pay the guaranteed rental?

A taxing problem: Remember that local taxes and fees often make properties more expensive to buy than the glossy brochure might suggest. So ask how much the legal fees, stamp duty, land registry fees and mortgage arrangement fees will really add on to the overall purchase cost of your place in the sun.

A Place in the Sun Live takes place at ExCeL London, 25th-27th April, where visitors can join Amanda Lamb and fellow presenters Jasmine Harman and Jonnie Irwin, for information and advice on every aspect of buying a home abroad.

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