Buying property abroad is generally a matter of going through the legal system of the country for the transfer of property, and a sensible buyer will take the same precautions as he or she would if buying here - choose a firm of lawyers of a respectable size and with an established reputation, arrange a proper survey and make careful enquiries in the locality and at the town hall. In some countries building work is strictly regulated - the British tradition of do-it-yourself is unknown in some parts and only registered builders are allowed to make alterations to property.
You need also to consider the implications of the purchase. Ownership
of the property will be decided in many cases according to the
local law and their rules of inheritance can be expected to take
precedence over English law. You will also want to consider whether
there will be any inheritance tax to pay on your death either
in the country in which the property is situated or here in England,
or in both countries.
A time-share in another country may likewise be subject to the
local law. Whether you can dispose of the share by your will depends
on the terms on which the share is held and the local law of the
country concerned. The status of a bank account or investments
abroad requires similar thought.
As a result you may need to make a will in the country where the
property is, as well as in England, or an international will.
And what if a relative has retired abroad or perhaps died whilst
on holiday abroad ? Did he or she hold dual nationality ? Are
there wills here and abroad ? Is there a conflict between the
two wills ?
We can guide you around many of the pitfalls,
although you will also need the assistance of lawyers qualified
in the law of the country concerned.
Tel 0118 957 3425 Fax 0118 959 7302 email : legal@sarjeant-sheppard.co.uk