Wealthy French residents flee leaving behind a fantastic choice of property in France

The selection of luxurious high end homes in France has greatly increased due to the recent french presidential election. It has been reported by the Daily Telegraph that lots of french families are ‘fleeing a proposed new tax rate of 75 per cent on all earnings over one million euros’ (around £780,000).This means that quite a few fantastic french properties are now making their way onto the french property market, suggesting that now could be a good time to invest in high end french property.

One of the top overseas estate agents has revealed that its french sector has sold over 100 properties valued at at least 1.7 million euros within the past couple of months (A significant increase when compared to the same time period last year)

"The result of the presidential election has had a real impact on our sales. Now a large number of wealthy French families are leaving the country as a direct result of the proposals of the new government.” Says Alexander Kraft, head of Sotheby's Realty in France.

"These properties are then bought up by foreign investors looking for a stable real estate market like France to invest in.”

"It shows the high-end property market is holding up very well, even in these difficult times."

If you have an interest in the french property market, are interested in buying a house in France or would like to take out a french mortgage, please get in touch with Conti - Mortgages Overseas via our website (www.mortgagesoverseas.com ) or via telephone 08009700985.

Invest in your happiness: Buy a house!

The Office of National Statistics has declared that owning a home makes you happier based upon its first national subjective well being report. Many of the entries are not surprising e.g. just under half of people not in employment scored themselves as less than 7 (almost twice the amount of people with work) whereas having a partner gave more scores of 9 or 10 when compared to those who are divorced, widowed or single.

80% of adults that owned a home ranked themselves with a medium to high level of happiness which is quite a lot more than the 68% that don’t. Suggesting that some forms of  happiness can be derived from getting involved with property, despite the recession.

This aspect of the report depicts a British desire to own a home as many Britons aspire to buy property, yet despite general belief, the world wide economic crisis may actually help achieve this dream.

In recent times the pound has steadily been growing in strength, so when compared with the euro this month, buyers interested in European property have been getting the more for their money then they have been for the past 4 years, especially in countries with prices that have drastically fallen e.g. Spain.

"These factors, together with historically low interest rates, are making it more affordable to buy in Spain right now," says Clare Nessling, Director of Conti - Overseas Mortgages, which has seen enquiries for Spanish mortgages increase by a third in May and June this year. "And signs that the market is improving are starting to lift the confidence of prospective buyers."

If you want to find out more about investing in overseas property or taking out an overseas mortgage, get in touch with Conti, via our website (www.mortgagesoverseas.com ) or by telephone 08009700985

Is it the ideal time to invest in Australia?

Have you always fancied relocating down under? Has the prospect of purchasing a home in Australia crossed your mind on multiple occasions? Is there something about the idea of living in Oz that you find particularly appealing?

If so, a top news organisation has reported that, thanks to a combination of several  factors, the summer of 2012  is presenting ‘perfect conditions’ for investing in Australian property. News.com.au has stated that, due to poor auction sales, a huge choice of available homes and reductions in interest rates, a larger proportion of Australia is transforming into a ‘buyer’s market’.

An increasing number of ‘bargain suburbs’ are appearing across Australia, the latest Commonwealth Bank Home Buyer Index (in conjunction with RP data) has revealed.

Tim Lawless, national research director for RP data has mentioned that there are more than 300,000 properties in Australia for sale and that, right now, the market is favouring buyers and investors in Australian mortgages. “It really does suggest there are a lot of properties that are for sale at the moment.  Stock levels remain high across each of the capital cities so prospective buyers have a good range of housing options to choose from.''

The Commonwealth bank - Australia’s most prominent home lender, provided information to calculate the index where the number of properties available for sale were compared to the demand for home loans.

Nick Marr of HomesGoFast.com said “These figures show that it is now the perfect time to buy property in Australia.  There have been modest gains in house prices over the last quarter but with a wide choice of homes to choose from, buyers are increasingly in a position to drive a hard bargain.”

So if you are interested in investing in Australian property, buying a house in Australia or taking out an Australian mortgage, get in touch with Conti - Mortgages Overseas by exploring our  website ( www.mortgagesoverseas.com)  or via telephone on 08009700985

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 )

Top tips for buying an overseas property

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