aipp guide 2013

THE CONSUMER GUIDE FROM THE INDUSTRY BODY

HOW TO BUY OVERSEASPROPERTYSAFELY

2013

IN ASSOCIATION WITH

We’re not here to sell property.We’re here to make sure it’s sold properly.

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AIPP CONSUMER GUIDE 3

Welcome to the AIPP’s Consumer Guide for 2013 -

‘How to Buy Overseas Property Safely’.

The AIPP was set up at the beginning of 2006 by a group

of like-minded people working in international property who

shared a real desire to improve the professional standards and customer service

of all companies involved in the business.

We soon realised that one of the ways in which we could also support potential

buyers was by providing relevant and first-hand knowledge on how to purchase

property safely.

So this Consumer Guide sets out to pass on invaluable buying information to anyone

planning to buy a property overseas whether for retirement, as a second home or for

investment.

We know that buying a property overseas is one of life’s landmark moments and

that some simple safeguards can be forgotten. Do remember that there are few, if any,

guarantees when buying property, at home or overseas and please

take steps to make sure you have covered the fundamentals.

Do use an independent lawyer – one with only your interests at heart. Please do the

finances; take into account the fact that mortgage rates can change; check on the rental

returns promised and take expert advice on how fluctuating exchange rates will affect

your payments and the cost of your property.

Not all agents and developers belong to the AIPP and have signed up to a code of

conduct. So ask the agent or developer you are buying from to provide references

and do take them up and, if buying off-plan, make sure you are clear about how the

development is being financed. Finally, bear in mind that if you

are buying property overseas as an investment (as many people have done in recent

years), big returns may come with significant risks. Be careful to assess

the possible downsides to an investment property as well as the exciting investment

figures promised should all go to plan.

For every negative story about buying a property overseas, there are

many, many more successful tales of happy buyers enjoying their purchase.

Good luck and enjoy!

Sue Ash

Chair

Association of International Property Professionals (AIPP)

Association of International Property Professionals Ltd St Clements House, 27-28 Clements Lane, London EC4N 7AE

Tel: +44 (0)20 3207 9095 Fax: +44 (0)20 3207 9182Email: [email protected] Web: www.aipp.org.uk

UK Company Number: 5677417. Copyright © 2011 by AIPP. All rights reserved.

WELCOME

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4 AIPP CONSUMER GUIDE

SECTION 1PL ANNING YOUR PURCHASE

SECTION 2BUYING YOUR PROPERT Y

SECTION 3ESSENTIAL SERVICES

6 Why and where to buy Understanding what you want from your property will help narrow down the choices of where to buy

8 What type of property to buy – new build & off plan Is a brand new property for you?

9 What type of property to buy – resale Does someone living there before you reassure you or put you off?

10 What type of property to buy – fractional Access luxury property for a fraction of the price; does this growing model of ownership suit your needs?

11 Know before you go Planning to move overseas permanently? Sound advice from the Foreign and Commonwealth Offi ce on how to make it a success

12 Planning your purchase Section checklist

23 Legal Appointing an independent lawyer is just the start

24 Tax There’s no escaping it so understand the tax implications and get it right

25 Mortgages Finding the right lender is a key descision

26 Currency Go to a specialist - they can save you money

27 Insurance Protect yourself against anything from poor workmanship to a dispute over land titles

28 Insurance Services Advice and a range of products from the AIPP to give you reassurance

29 SIPPs Just what type of property can you put in your pension?

31 Who’s who in the buying process Section checklist

13 Inspection trips If a developer is paying for your visit you need to understand what is expected from you

14 Deals, deals everywhere With offers and discounts everywhere, how do you identify a good deal?

16 Role of the agent You’ve met an agent who knows what they are talking about, but do you understand their role in your purchase?

17 Role of the developer They have built it and you are buying from them - be clear on what you’re getting

18 Buying costs Drawing up a realistic budget will help you assess purchase and ongoing costs

20 Letting your property Offset your annual running costs with rental income – here’s how to go about it

22 Buying your property Section checklist

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SECTION 4ABOUT THE AIPP

SECTION 5MEMBER LISTINGS

32 The role of the AIPP Find out what we do, how we are relevant to you in your property search and why our members are well placed to help you

33 What the AIPP badge means Our membership offers overseas property buyers added reassurance

34 What if something goes wrong? How buying through AIPP members can give you recourse to support and resolution

35 AIPP Code of Conduct Our members sign up to a code of conduct - good news for buyers

36 AIPP Awards Once a year we reward members who have excelled in their approach to their business – here’s who came out on top in 2012

38 Member listings We believe AIPP members are the people you should be doing business with when buying overseas. Here’s how to get in touch with them

49 Associate member listings Some of our members don’t sell property but provide a range of services to help the buyer of overseas property

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WHERE TO BUY ABROAD?

hen considering whether you should buy a home overseas you should always fi rst ask yourself why you are buying it. Identifying this clearly from the word go will make decision-

making during your property-hunting easier – and prevent you avoid making a costly mistake by buying the wrong property.

Few of us can afford to buy a holiday home that is a bad investment so by asking yourself some simple questions at the outset, you can spare yourself some heartache – and thousands of pounds too.

First up, don’t assume that somewhere you like visiting will automatically be the ideal place to buy – though it could be a good starting point. For a start, if you want to rent it out regularly you need to be sure that plenty of other people will share your taste in location; whilst if you are planning on relocating there yourself, a few summer weekend minibreaks will not provide a fully rounded picture about life in that town or resort.

So what are your motivations?Differentiate between a property that is going to be

Wpurely for your own personal enjoyment; one that is also going to need to be rented out for part of the time to pay for itself; and something that will earn you as much money as possible because it will be your pension pot, or an income stream.

Investment the main aim?The latter – a pure investment – will need to offer scope for capital appreciation combined with high rental income yields.

So research how it will produce cash – don’t forget that on top of rental income and capital appreciation there is also capital gains by adding value – by renovating, converting or extending a property.

Emerging or depressed markets will generally offer greater capital appreciation, and for this reason Spain, Florida, Greece and Turkey are currently popular, but the recent boom-then-bust has taught us to look at the long-term view, not for instant profi t.

The global downturn has also shown that buying in the long-established markets can be a far safer bet that the so-called emerging nations of Eastern Europe, North Africa or the Far East. Five years ago EU

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accession was such a buzzword for investors, yet now we are all pondering the wisdom of buying in one of the eurozone’s so-called bailout countries. It’s not so much about political instability but economics and bad debts.

For rental income, city lets can be far more lucrative than rural locations, as can popular beach areas, year-round resorts and golf communities.

Investors will also analyse tourist growth, occupancy levels in rental properties, management costs as well as infrastructure changes and transport improvements over the long term. Savvy investors will also consider risk and exit strategy. Risk means whether a country is a so-called “safe” place to invest in terms of buying process transparency, land ownership and title issues.

Exit strategy means asking how easily will you be able to sell on your home, when, and to whom. Will the locals buy it? How wide is the market for it internationally?

Recent events have shown that truly international markets – like Ibiza, Marbella and Lake Como, for example, have fared much better than areas dominated by (and reliant upon) one nationality.

Professional investors will also look at the exchange rates in markets, and try to buy in depressed markets with ailing currencies.

Lured by lifestyle?If something is purely for your own enjoyment, you will be guided by lifestyle and your budget. What type of area will you seek: beach, golf resort, mountain bolthole or rural retreat – and how will you spend your time there?

Access will also come into it as you need to decide how many times you wish to go each year, how long it will take you to get there and for how long each visit. Will you want winter sun and to play golf all year-round?

France remains very popular for many reasons, including stability and affordability, but access is a signifi cant factor because it is possible to drive there – useful for families with lots of camping equipment. Spain also remains our other favourite destination because of the climate, amenities, beaches and great selection of cheap fl ights to choose between.

Why do you want

to buy overseas?

Ask yourself exactly

what you want from

a property in terms

of lifestyle and/or

investment.

What is your budget?

Compare local property

prices with the

travelling costs to get

there and running costs.

How essential

is accessibility?

Consider how frequently

you want to go, how

long it will take, and if

potential renters will

make the same trek.

How important

is rental income?

To maximise your

chances, focus on dual

season / winter-sun

locations which bring in

a greater number of

weeks’ income.

1 PLANNING YOUR PURCHASE

Emerging or depressed markets can off er greater capital appreciation, and for this reason Spain, Florida, Greece and Turkey are currently

popular, but the recent boom-then-bust has taught us to look at the long-term view

QUESTIONS.. YOU MUST ASK..

Budget will also be fundamental, and you may need to weigh up the cost (and time) of travelling to somewhere with low property prices versus a more accessible location with higher prices. Climate also comes into this of course: year-round sun for wintertime escapes also means higher air fares.

For those wanting to relocate or retire abroad permanently, the decisions alter yet again. If a job or family links don’t dictate your location, climate, cost of living, tax, and quality of life will probably factor.

Common cultural ties and lack of language barrier make America and Australia popular, though less accessible than France and Spain, and low cost of living draws people to countries such as Cyprus and Turkey – or the Far East.

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Do the benefi ts

of buying off plan

outweigh the risks

for you?

What guarantees

are there the developer

will be able to deliver

the project?

Due diligence by an

independent lawyer is a

MUST. This should

include planning

permissions and

building guarantees.

Ensure your deposit

is protected in case the

developer is unable to

complete the project.

What taxes will be

payable on your new-

build property? Some

countries (eg Spain)

have temporarily

reduced VAT on

new-builds to

encourage buyers.

Are all the fi xtures

and fi ttings – and

kitchen - included in

the price?

NEW-BUILDS

rand-new properties can be divided into those that are bought off plan (before they are built) and those that have already been constructed.

Until fi ve years ago, buying off plan was the investor’s favoured method of buying property, but then thousands of new homes stalled on the drawing board or the building site.

So where does that leave buyers now? Well in some buoyant markets, off plan is still thriving (parts of Turkey spring to mind), especially at the higher end of the market, where a custom-built property is required.

Of course buying off plan has historically been a way of paying less for a new property - purchasers secure a discount by taking a leap of faith and buying something not yet built. After paying a deposit you then pay the rest in stage payments as the build progresses.

But in topsy-turvy markets where new-builds can’t compete with the affordability of heavily-discounted resales, many people won’t take the risk of waiting a year or two for a property to materialise and off plans have lost some of their shine.

Of course there are advantages of cherry-picking the best units in a development and infl uencing the plans, whether in reconfi guring a layout, getting the best views, or choosing the fl oor tiles and fi ttings.

The key thing is whether the developer is able to deliver what he promises – and what guarantees you might have if he doesn’t. Many of the dubious builders have long gone out of business now but you should check out the developer’s track record and recent projects.

Ask yourself whether the risk of buying something that doesn’t yet exist really is a better proposition than a resale property you can move into/start renting out in three months’ time, but which won’t match the brand-new feel of a property you are the fi rst to live


Bin. And the same goes for if you are buying a newly completed property on a part-completed development.

Unfortunately there are developments far and wide full of newly built but unsold properties, so you have to ask yourself have they been built in the right place, are they built to a decent quality, or are there just too many of them for the level of demand? You don’t want to buy on a ghost community where unpaid maintenance fees can mean ill-kept common areas.

Buying a “distressed” property or bank-owned property comes with its own complications (see page 20 Deals, Deals…) and independent legal advice is imperative.

Equally, though, do consider the benefi ts of new build, which deservedly has many converts.

Unlike off plan, you see exactly what you’re getting, and at the same time benefi t from a brand-new property. There are usually no nasty surprises about size, blocked views or how close the neighbours are.

New-builds are built to the latest building standards, and usually come with a ten-year guarantee – though remember, these might not be the same as the UK – and in countries such as Italy fi tted kitchens aren’t included in the price.

Although you may be liable to a VAT type tax on new-builds (in France it is 20 per cent), generally you could expect very little extra outlay on top of the purchase price, although beware of over-priced furniture packages.

But a big plus point is that new-build properties are usually easier and cheaper to maintain, and this is a distinct advantage for those renting out their homes.

In some highly competitive (and lucrative) holiday rentals markets such as Ibiza and Kalkan in Turkey, the latest generation of new-builds (with integrated technology, sophisticated lighting etc), have become almost a must-have.

WHAT TO BUY –

OUT WITH THE OLD, IN WITH THE NEW?

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Use an independent

lawyer to do thorough

checks on title deeds,

associated debts,

planning permissions

and inheritance laws.

Get a survey done.

Know exactly what

you are buying.

How much will it

cost to update/

maintain? Can you

extend and/or improve?

If you want to lock-

up-and-leave or rent it

out, will an older

property be as hassle-

free and as attractive as

the latest new-build?

RESALES

econd-hand, pre-loved, call them what you want, but the home that has already been sold to someone else has enjoyed a comeback since off plan projects stalled

from Miami to Marrakech.Suddenly something that has already borne the

wear and tear and eclectic tastes of a previous owner became a lot more attractive than an architect’s drawing or a half-built home on a development after the global downturn.

What you see is what you get. You can see the location, the way the terrace catches the sun (or not) in the afternoons, the persistent hum of the nearby bypass and the quality of the build.

In other words, you get a feel for something that has actually been lived in and how it will wear over time.When this has been a century or so, you’re defi nitely looking at something that has a certain staying power, and no doubt plenty of character and history, but period homes come with their own issues.

Failing to comply with modern building regulations – such as those that relate to earthquake zones – is one area; being draughty, damp, with outdated


Splumbing and electrics is another downside.

With newer resales these shouldn’t be an issue, but obviously you don’t get the pristine blank canvas that you do with a new-build.

Either way, it’s essential to have a survey undertaken before you buy. In many countries, like France, it may not be the custom to get one done – or be required by lenders - but it will pick up any potential problems with the property that could end up costing you thousands.

An independent lawyer is essential too to verify the vendor has the legal right to sell the property and to check for any title issues or debts connected with it, as well as if any alterations to it have been legal.

Older properties in certain countries will be subject to historic ownership issues and/or multiple owners within a family (especially Morocco) so the purchase can be much more complicated than a new-build.

Complex inheritance laws where properties are co-owned by dozens of people who will need to give their permission for a property to be sold could mean months or even years of delay.

For this reason it can be much simpler buying a new-build in regions such as the Balkans, or Morocco.

WHAT TO BUY –

YOU SEE WHAT YOU GET?

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What exactly will I

actually be owning and

how much control over

it will I have?

What will be the

monthly running costs/

service charges?

Will the management

be effective enough

to ensure good

occupancy levels?

What will be my

exit strategy? Fractional

is typically much more

attractive to lifestyle

buyers than pure

investors, but it’s still

important to fi nd how

and when you can sell

the fraction.

IS THE TIME RIPE FOR FRACTIONAL?

wning an overseas holiday property is an expensive business, involving maintaining and managing it from afar – or paying someone else to do it for you – even though you might

not be able to get there to enjoy it for more than a few weeks a year.

So in these cash-strapped times, when most of us are especially wary about investing all our savings in one place, surely fractional ownership is a great solution?

Fractional ownership allows you to own a share – or fraction – of the property that equates to a set number of weeks usage per year.

The idea has worked well in the aircraft, yachts and motoring sectors – all “luxury” products like holiday homes that most people can only enjoy for a proportion of their hectic lives.

Of course it also means that people can afford to “own” something they would not be able to afford in its entirety, thus opening up a “luxury” lifestyle to them.

That’s all well and good, but fractional ownership in overseas property has suffered from being tarnished with the same brush as timeshare.

In timeshare schemes – so popular then so exploited in Spain during the 1980s - you don’t own a share of the underlying asset, you only buy time periods of usage, say two weeks a year for twenty-fi ve years.

Fractional schemes do differ, you generally own a share of the property’s freehold, thus having a stake in an appreciating asset (if property prices are going up, not down, that is).

You essentially pay for a share, such as a tenth, and the cost will be the proportionate share of the property’s value, such as £50k of a £500k villa – roughly (there is always a mark-up from the developer for admin/management costs).

The key to the success of fractional schemes is their fi nancial backing and management, so you


Oreally must do your research on this subject, and consider getting advice from a legal expert who has specialist knowledge of the fractional sector.

If fractional schemes do fail it’s because of poor management and their inability to sustain occupancy levels – a need for high levels means that fractional schemes tend to be found in areas with good year-round appeal: tourist hotspots such as Tuscany, city-break destinations, golfi ng regions such as the Algarve – or the USA.

In North America, the fractional home market is most highly evolved, and varies from several parties co-owning a recreational home (such as a ski chalet or golfi ng apartment) to more formalised forms of co-ownership in a resort property.

Whilst the informal type of fractional ownership is of course prone to disputes between owners, they will not come with the fees required to run resort or developer-managed schemes. However a well-run management scheme should be effi cient and make your ownership trouble-free.

But someone’s got to pay for a more complex (and thus potentially problematical) form of ownership so investigate what this premium really equates to, what the running costs are and whether it is as cost-effective as it appears to be.

One downside is that you will have no control over the décor/upkeep of the property, but that can also be seen as a plus for those seeking a hands-free investment.

Finally, as always, consider your exit strategy. How easy is it to sell on your fraction? Are there any contractual restrictions on how and when you can sell?

It’s still early days for many European fractional schemes so happy-ever-after stories of buyers selling on their fractions are hard to locate, yet this in itself is perhaps evidence that contented buyers haven’t been in a rush to sell yet. Do your own research and try to speak to other investors so you too can make an informed choice.

WHAT TO BUY –

FRACTIONAL QUESTIONS YOU MUST ASK…

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KNOW BEFORE YOU GO

or some property buyers the motivation is a permanent move abroad. The Foreign & Commonwealth Offi ce (FCO) has a wealth of advice and tips on

starting your new life overseas, including the issues you should consider before you go and what steps you can take when you arrive to help yourself settle into your new community. The FCO’s Director of Consular Services, Charles Hay, says:

“A new life abroad offers wonderful opportunities. But in the excitement of making plans for a future in the sun it’s all too easy not to take into account possible downsides or the problems that can occur. Local laws can be complex and full of pitfalls for the unwary, so I urge you to get independent legal advice to safeguard yourself and your property.”

Before you leave:Ë Work out what your retirement income will be - Be clear about your fi nancial situation on your retirement and allow for exchange rate fl uctuations and infl ation.Ë Request a UK State Pension Forecast – This will tell you in today’s monetary value the amount of state pension you have earned already and the amount you can expect to receive at state pension age. You will still receive your state pension if you live overseas, but it may not be increased annually if you are going to live outside the EEA or if you reside within the EEA but are not covered by EC social security regulations.Ë Find out about your tax liability abroad - If you retire abroad you may still have to pay UK tax on income you receive from the UK. You may also have to pay tax on UK income in the country in which you live.Ë Find out about your welfare rights abroad - You may be able to claim a benefi t in your country of residency, but the benefi ts you receive in the UK may also be affected by your move abroad. You can fi nd out more about the ‘habitual residency test’ on the DWP’s website (www.dwp.gov.uk) or the Citizens Advice website (www.citizensadvice.org.uk).Ë Let people know your change of address - Let your Social Security Offi ce, HM Revenue & Customs, National Insurance Contributions Offi ce – Centre for Non-Residents, and the DWP know when you are going to leave and give them your address abroad.Ë Find out about health costs abroad - When you ask the Department of Work and Pensions about getting your pension paid to you in another EEA


Fcountry, they will automatically check to see if you can get the E121 as well. If so, you will receive the same free or reduced-cost medical treatment as a qualifi ed pensioner of the country you are in. The European Health Insurance Card (EHIC) is not valid once you move abroad and we recommended getting private health insurance.Ë Find out about accommodation costs - It may be better to rent to begin with to familiarise yourself with the area. Make sure you seek independent professional legal advice before purchasing. Your local British Embassy, High Commission or Consulate can provide a list of English-speaking lawyers who can assist you. Buy with CARE: go into it with Caution, make sure you seek Advice - local laws can be complex and unclear. Do your own Research then Evaluate before proceeding.

When you arrive:Ë Register with the local authorities - This may give you access to the local welfare services after a short period of time. If you are moving to another EEA country you must apply for a residence permit within three months of arrival. If you do not register you may be unable to access local benefi ts and could even be breaking local law.Ë Learn the local language - Try to fi t in with the local community, you will fi nd day-to-day life much easier if you can make yourself understood.Ë Make a will - If you die intestate abroad this can cause diffi culties for your heirs. Seek professional legal advice. You may require separate wills for assets and property held in the UK and other countries. Ë Find out about British Associations - There may be clubs, publications and charity organisations for the expatriate community, lists are available from your local British Embassy, High Commission or Consulate.Ë Keep your vote - You can register to vote as an overseas elector for up to 15 years after you were last registered in the UK. To register, contact the electoral registration offi cer at the local council where you were last registered as an elector when living in the UK. For further information see the Electoral Commission websites www.electoralcommission.org.uk and www.aboutmyvote.co.uk.

To fi nd out what the British Consulate, High Commission or Embassy can do for you when you’re moving abroad, and for a list of useful contact details, visit www.fco.gov.uk/travel

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What type of property best matches your needs?

If you are buying to let, a new build property on a managed complex might be the most hassle-free, rentals-friendly option (rather than an older property)

New-builds: your lawyer needs to verify that the building has all the necessary licences and permits in place (due diligence)

Make sure you know what is and is not included in the purchase price.

If buying a resale – especially a distressed sale - make sure there are no outstanding debts against the property and be sure to check the title deeds.

Are you buying the right size of property for your needs (enough bathrooms)?

Could part-ownership or fractional work for you?

If planning a permanent move abroad then the Foreign and Commonwealth Office has information that will help make your move a successful and happy one – see page 11

WHAT SORT OF PROPERTY DO YOU WANT?Why are you buying abroad?

If it is a holiday home you only really need to make sure you and your family will enjoy the property .

Will you need to rent the property out to help cover costs? If so, how many weeks’ rental can you expect to secure? Climate and amenities will have a bearing on where you choose if you seek year-round rentals.

If you hope for holiday rentals, make sure you buy a property where they are authorised (especially beware of restrictions in Florida and the Canaries).

How accessible is your property? Within 90 mins of an airport is better for rentals.

If the property is an investment, do you intend to make money by capital appreciation, rental income, or by improving it?


SECTION CHECKLIST:

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lthough not the major players they used to be in the overseas property world, inspection trips can be a great way of fi nding your ideal property abroad.

Buyers tend to be much better informed about properties since the end of the boom, and often prefer to plan their own research trips, but the fact is a trip organised by a reputable agent can be a great way of fi nding a property.

Inspection trips tend to be arranged when you have identifi ed a specifi c area, worked out your target price range, and need to see what’s out there.

Now buyers tend to be serious, such “freebie trips” are the subject of less controversy than they once were: buyers aren’t in the market for time-wasting and agents can’t afford to host them without very good reason.

The key is to manage your expectations and make sure they tally with the organiser’s. You really shouldn’t consider going unless you are reasonably serious about buying in the area.

What will be paid for exactly (fl ights are often part-covered or accommodation offered at a

discount), what does the agent expect in return and are you happy that the proposed schedule meets your needs? If you are paying for your own fl ights you will not feel beholden to giving your time to anyone and you can arrange your appointments with agents at will.

A sensible itinerary on an inspection trip will make the most of your time in the area with an expert – but not try to pack too much in as this may leave you confused.

Will you require some spare time to look around yourself? Would it be useful taking along a trusted friend for a second opinion?

Prepare questions before the trip, and once you’re there, keep a clear head during viewings, and don’t be afraid to speak up if you aren’t fi nding it useful or relevant. You don’t want to be getting on the fl ight home feeling you’ve had a wasted two days.

Most trips won’t end in a sale immediately but that doesn’t mean they haven’t been a success. Don’t be brow-beaten into any instant decisions, let the sun and sangria wear off before acting. A clear understanding of what you are looking for and an equally clear dialogue with the agent, will help pave the way for a sucessful trip.

INSPECTION TRIPS

A

2 BUYING YOUR PROPERTY

Do your research

and agree the terms of

the trip in advance.

Pay your way for

more freedom.

Can the agent speak

English and do they

know the area well?

Maximise your

time by seeing as

much as possible.

Take a map, make

notes and take pictures

as you go.

Keep a cool head

– don’t feel pressurised

to buy on the spot.

TOP TIPS FOR.. SUCCESSFUL.. TRIPS..

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DEALS, DEALS, EVERYWHERE

erhaps the biggest generalisation one can make about overseas property markets in 2012 is that they are deluged with deals.

In the drawn-out wake of the global downturn most major markets – with some notable exceptions such as Switzerland and Scandinavia – have a hefty proportion of homes worth at least 10-20 per cent less than they were fi ve years ago.

It is clearly a buyer’s market right now and if an overseas property purchase is on your agenda and you can afford it, the current climate puts you in a strong negotiating position.

But when faced with such volumes of “bargains” buyers can easily be fazed. How do you tell a genuine good deal from something that is not? How can you be sure you are buying something that will recover its value in fi ve or ten years?

There is a certain amount of truth in the mantra of the downturn: “if it sounds too good to be true, it probably is.”

Even if you are buying for lifestyle reasons, you should still think of your exit strategy (will it be sellable in a few years and who is likely to buy it?) as you never know what might happen that might mean you need to sell it sooner than originally planned.

So, you need to sort the wheat from the chaff and make sure you make a sound – and safe – investment.

PFirst of all, at the risk of repeating ourselves,

you must always use independent legal advice.Secondly, when dazzled by drastic price-

reductions, you mustn’t forget the most basic of rules of buying a property – location, location, location!

A cheap price doesn’t always mean a good deal, and, just as if when contemplating buying a half-price coat in a high street sale, ask yourself whether you’d still want to own it if it was at its original price?

Let’s take Spain for example, where there are around 330,000 repossessed properties in the hands of banks alone, never mind the ones being sold by agents or individuals desperate to sell.

Bear in mind that banks have got properties because owners can’t sell them, so they are unlikely to be in prime locations, and any great buys have probably been cherry-picked by their employees.

Don’t try approaching banks yourself – unless you are fl uent in Spanish – as they are not very well geared to dealing with foreign buyers.

If you are offered bank-owned properties

There is a certain amount of truth inthe mantra of the downturn: “if it sounds too good to be true, it probably is.”

014-015 AF Deals AIPP13.indd 14014-015 AF Deals AIPP13.indd 14 7/9/12 14:56:537/9/12 14:56:53


via an agent, bear in mind that an agent may have his own agenda – and be pushing properties from a specifi c bank he has links with, for example – so do your own research on a property.

Going back to location, is the property genuinely close to the coast (if that is what it is promoted as being), and is it on a healthy and well-established development?

Who else is buying on the development, are many of the properties empty – or, worse, never been lived in?

If the bulk of the properties on a development aren’t occupied you may have problems with unpaid community fees which will lead to problems with the upkeep of common areas (another danger sign to look out for).

All these things make a visit to the property yourself essential; you won’t be able to ascertain its genuine condition – or that of its surroundings – without it.

Your lawyer should investigate thoroughly if a property has any debts, including utility debts, as banks may not have time to keep on top of the management of their hefty portfolios.

If you are tempted by buying something at auction, again, it is also essential that you inspect it yourself and get full legal checks done on its background. You must also have completed all the research you need to make an educated decision about your maximum bid on the day of the auction.

What have neighbouring properties been selling for? What is its rental potential? How much is it going to cost to get into good shape?

Needless to say, your fi nance should also be in place beforehand, and if you have any doubts on the day, walk away.

If you are thinking of buying in Florida, many of the pieces of advice above will be just as relevant, with particular caution urged when buying on condominium complexes.

Although some parts of the Florida market are fast-recovering, there are still a lot of short sales around which require extra caution and expert help. These are properties in negative equity, being sold off cheaply by the agent/lender to prevent it going into “foreclosure” (being repossessed).

Many agents steer clear of dealing with short sales for the simple reason they can be too problematic and time-consuming. So bear this in mind – it is not the easiest arrangement for a buyer based across the Atlantic and unfamiliar with the workings of American agents and banks. Short sales take an average of three months to complete, so you need patience and good legal advice to make all those background checks.

Foreclosed properties can also have their own problems, often based on the fact they would have remained unoccupied for a period of time, potentially leading to all sorts of issues of neglect or dampness where humidity is a factor.

A cheap price

doesn’t always mean

a great deal. Forget the

numbers and ask all

the usual questions

about location, access

and rentability.

If it sounds too good

to be true, it probably is.

Why hasn’t it

been snapped up by

someone else?

If you had to sell

it on in six months,

could you be sure that

someone else would

want it (ie does it tick

lots of boxes)?

Don’t scrimp

on thorough legal

advice and checks.

Bank owned

properties should

be treated with

extra caution - get

expert advice.

BARGAIN.. HUNTERS... BEWARE..


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state agents may be regarded by some as a necessary evil but the fact is if you’re buying or selling a house it usually helps to have one.

In the UK they may perform a relatively straightforward hand-holding role, but when you’re buying abroad they need to play a far more signifi cant role that encompasses tour guide, chauffeur, translator and general advisor.

You may spend hours driving across the countryside with them, share meals, in fact even become life-long friends with them – if things work out especially well. In other cases, of course, relations might not end quite so cordially.

So how do you fi nd someone knowledgeable and trustworthy?Word of mouth always counts for a lot, as do genuine testimonials from previous clients, or advice from online forums.

Bear in mind that agents are not always regulated or accredited in any way – this differs hugely from country to country. Thus membership of the AIPP is one benchmark and means they are bound by a professional code of conduct and disciplinary process (see pages 47-49).

In some countries, anyone with a phone and internet access can promote themselves as an agent. But in the States agents have indemnity insurance, and undergo relatively rigorous training. And in France an agent immobilier must have a carte professionelle, which means they are registered and have relevant experience.

Meanwhile in Andalucia, in 2006 codes of conduct were introduced for estate agents which mean they have to provide a dossier of offi cial documentation with any property offered for sale or long-term rental – or they risk fi nes.

But accountability aside, consider the language barrier and also whether an agent has the capabilities to deal with an overseas buyer who has different expectations and involves extra work, needing all sorts of information about transport, schools, beaches etc, as well as being unfamiliar with the buying process.

Test their knowledge by asking them about all

these things – they should be happy to spend time helping you and meeting face to face will help you make a judgement on their suitability. Do you feel comfortable with them?

You will also often have the choice of working with a UK-based company selling abroad, or one locally based. There are advantages of each, but make sure that you are going to end up dealing with someone with great local knowledge, whether it is through a UK associate, or not.

So be clear who they are, who they work for, how they work, what you expect from them, and how much they are going to cost.

Agent fees differ hugely between countries – and also in different cantons or regions within countries – and are sometimes paid for by the vendor, or shared between vendor and purchaser. They can vary from one to ten per cent, so check this out from the word go.

Another option is using an independent property fi nder or agent who will be acting purely on your interests, but you may think the outlay is worth it – it is typically three per cent of the fi nal purchase price, plus possibly an initial search fee.

Finally, as knowledgeable and helpful as your agent proves to be, they will never replace the need for independent legal advice. Always use a qualifi ed, English-speaking lawyer not supplied by the agent or developer. He or she may cost a little extra, but this is an essential cost that could save you thousands further along the line, if there is some oversight that comes to light due to the language barrier.

HOW DO YOU FIND

A GOOD AGENT?

E


Choose an agent who

comes recommended.

Ideally meet them

face to face.

Be clear about their

role – and their costs

– from the word go.

Do they know their

stuff? Make the most of

their local knowledge.

Are they licenced,

or member of any

regulatory body such

as the AIPP?

What help can

you expect during

the buying process?

Will there be any

after-sale care?

Never view an agent

as a substitute for

independent legal and

fi nancial advice.

TOP TIPS TO.. FIND A . TOP AGENT..

016 AF Buying - Role of the agen16 16016 AF Buying - Role of the agen16 16 7/9/12 14:58:517/9/12 14:58:51


ove them or hate them, property developers have had a tough few years as many fl y-by-nights fell at the wayside when the global downturn began to kick in.

But now, in areas such as Orlando in Florida, new-build schemes are beginning to multiply, and you may fi nd yourself considering buying a property from a developer. What’s more, there are some pretty good deals out there from developers keen to get the market going, such as offers of free furnishings or white goods.

The fi rst thing to point out is that you can buy a new home direct from the developer – through their on-site sales offi ce or wherever their own sales team have offi ces – but you can also buy their properties via agents.

If you’re buying a property in Spain, you may also buy a new (repossessed) property via a bank, which is a different ballgame again – and you’ll need to gain expert advice on this (see page 14 for some pointers).

But in the main, you’ll be buying via the developer or an agent, and it is worth bearing in mind that buying direct from the developer could in some cases save you a mark-up, so it is worth doing your research and comparing price tags, especially if you’ve set your heart on one particular community or development.

You should also always try negotiating on price as buyers are in short supply these days. If you are a serious buyer, they will be keen to talk to you. But whichever route you pursue, you must do your research on the track record of the developer.

Contract is with the developerA common misconception is that you’re buying from the agent, but in the case of new-builds it’s the developer who you will enter into contract with, not the agent. If anything goes wrong with the build, it’s the developer that you will ultimately be dealing with, not the third party.

So ask for full details of projects they have completed already – what is their recent track

record? Get your legal advisor to check they are fi nancially sound, but also research their reputation.

Can you chat with people who have bought from them already? If a development hasn’t been begun yet (and you are buying off plan) then going to see other projects from the same developer at least gives you an idea of the build quality they can turn out.

Of course it won’t be a guarantee that your property will be the same or better, but developers often promote the “quality” of a project by showing-off other schemes, and you should be wary if they are not keen to do this for any reason.

You should also ask the developer about the building code or regulations of the country where the property is located, guarantees and planning permissions.

Regulations and standards obviously differ from country to country – especially those in hurricane or earthquake zones - and are also still evolving in emerging markets. You can’t always expect the same standards as the UK – though you can expect much better in countries such as Switzerland! - so be realistic.

You should expect that full planning permissions have been received. If buying off plan before such permissions are granted, be very wary. Ask why this is, ensure you will have full rights to a refund if permissions are not obtained, and question whether you want to take the risk when there are so many already-built properties being sold off cheaply.

Then there is timing. Many projects have been delayed in recent years and with fi nancial uncertainty ongoing in many countries, you need some sort of accountability. So when the developer provides you with a building schedule for your property, there should be penalty clauses for delays.

The staged payments set out in the sales contract act as a form of guarantee – but should be held in a third-party escrow account for full protection.

As with any building work, you should never make the fi nal payment until all the snagging issues are resolved.

ROLE OF THE

DEVELOPER

L


Know who you are

buying from: direct from

the developer or via

one of their agents?

Don’t sign a

purchase agreement

or sales agreement

without seeking

full independent,

legal advice.

Research the track

record of the developer.

Your legal adviser

should perform due

diligence on the

developer, including

planning permissions,

land title, and

bank guarantees.

Check out their

recent projects, fi nd out

how fi nancially sound

they are. Do other

projects measure up

in quality?

Investigate how

the development

will be managed on

completion – who will

do it, how much will

they charge? Estimates

could increase once the

complex is completed.

DEVELOP.. COMMON... SENSE..

017 AF Developers AIPP13.indd 17017 AF Developers AIPP13.indd 17 7/9/12 14:59:587/9/12 14:59:58


BUYING COSTSAre you really clear about the true costs of buying a property? To provide a helping hand with your budgeting, we’ve picked a typical holiday home and itemised the costs that come with buying it – and the ongoing costs. This example is a traditional fi nca in Sentenil in Andalucia.

018-019 AF Buying - Costs AIPP1318 18018-019 AF Buying - Costs AIPP1318 18 7/9/12 15:02:157/9/12 15:02:15


t’s easy to get excited about buying an overseas property and quite rightly too, owning a bolthole you can return to time and again and spend increasing periods of time in later life is an aspiration for many. But you also need to keep a clear head and face up to costs other than the buying price, from one-off

purchase expenses through to ongoing maintenance costs.You should have researched the country you plan to buy in and have a good

understanding of the fees involved in purchasing a property – land registry, legal fees, etc – and your agent should be able to give you the detail on this. If you require funding, mortgage availability and interest rates will play a key part in your monthly outgoings and you should be clear on what you can and cannot afford.

Exchange rate fl uctuation is an important factor and you may want to tie yourself into a pre-agreed rate with a specialist currency provider for monthly overseas payments so you have no nasty surprises if the rate moves against you (equally though, you won’t usually benefi t if the rate improves – for more information on currency see page 39).

Many people choose to offset their monthly costs through rentals and if this is part of your plan, you need to have researched the area to see what similar properties charge per week in the high and low seasons and understand how many weeks occupancy you can expect (for more information on renting out your property see pages 28-29).

The example below outlines typical one-off purchase costs, this happens to be in Spain and other countries will vary, plus the monthly repayments based on borrowing 70% of the purchase price. Obviously the mortgage repayments revolve around the amount borrowed but some of the one-off costs – legal fees for example – will also be less for a lower-priced property.

PURCHASE PRICE: €379,500 (£307,502)

MORTGAGE OPTION Capital repayment mortgage of 70 per cent LTV (€265,650) with an interest rate of 3.47 per cent and a 25-year term.

ONE-OFF PURCHASE COSTS Deposit (30 per cent of €379,500) €113,850 (£92, 237)Closing costs (notary, land registry, purchase tax, lawyer) €30,360 (£24,599)TOTAL ONE-OFF PURCHASE COSTS £116,836

ONGOING COSTS (NOT TAKING INTO ACCOUNT ANY RENTAL INCOME) Monthly mortgage repayment (over 25 years) €1,326 (£1,074)Annual council tax €128 (£103) Utilities per year (has solar system, self-suffi cient water and electrics) zeroTOTAL ANNUAL OUTGOINGS £12,991TOTAL MONTHLY OUTGOINGs £1,082

RENTAL INCOME: This property should rent for €500-€1,000 per week (depending on time of year) and 40 weeks might be possible through good marketing. These fi gures are a guideline only.

THE REAL DEAL: Budget to have £117,000 in the bank to take ownership of this property with a 70 per cent LTV mortgage. This would make the property’s annual running costs around £13,000 If you let the property, you’d need to factor in management costs and potential income tax on rentals.

I


018-019 AF Buying - Costs AIPP1319 19018-019 AF Buying - Costs AIPP1319 19 7/9/12 15:02:227/9/12 15:02:22


Many second home owners plan to rent out their property to help cover its costs. How to do this best?

etting your holiday home has become a sophisticated business these days, with growing competition between home owners who need to earn an income from their overseas property.

Some people may decide they need to rent a property out due to rising mortgage payments (if exchange rates are working against them), escalating upkeep costs, or perhaps because they can’t sell it in a slow market.

These “accidental landlords” may not have bought their property to let, yet can still maximise their property’s plus points, even if it might not tick every single box of the perfect rental property.

But keeping a property in use does have advantages – a property lying empty for half the year is no use to anyone –and the ever-growing popularity of self-catering villa holidays (over hotels) means the sector is still expanding.

So fi rst of all check that you are permitted to rent out your property for short term (holiday) lets. If it is on a development in Spain (especially the Canaries) or the States there may be restrictions within that specifi c urbanisation or community.

In Florida, for example, areas close to the beaches or theme parks are often zoned for short-term rentals, whilst others are designated “residential” and only allow long-term lets (over three or six months).

Don’t just ask the selling agent, get independent advice too, and fi nd out if you need any kind of licence as an overseas owner. A recent clampdown in the Canaries has led to many owners being hit with fi nes, even though they bought on developments where they were told holiday lets were authorised.

Of course, if you have the choice, you will need to consider whether you are targeting long- or short-term letting (or both), bearing in mind the lower weekly income offered by long-term might be balanced out by lower management and marketing costs plus also the security of a season-long booking. In France, long-term rental laws heavily weighted towards the tenant can cause problems for landlords, especially when tenants refuse to leave (eg families cannot be evicted during winter).

Some owners fi nd short-term lets in the summer and long-term off-season lets work the best fi nancially.

You will need to pay income tax on lets so investigate the tax situation (which can be constantly changing, so best to seek professional advice), what

MAKE THE MOST OF

OVERSEAS RENTALS

L

Some owners fi nd short-term lets in the summer and long-term off -season lets work the best.

020-021 AF Letting out AIPP13.in20 20020-021 AF Letting out AIPP13.in20 20 7/9/12 15:04:227/9/12 15:04:22


running costs/community charges you will have and also what insurance you will need as a landlord. Have you allowed for ad hoc maintenance costs?

Consider what currency you will receive your rental income in, and how you will pay management costs locally. If you’ve purchased with a mortgage, it’s usually more convenient to receive your rental income in the same currency.

Then you will have to market your property – essential in today’s competitive marketplace. Use high quality photographs, making the most of the best features, and use clear wording on user-friendly lettings portals.

Have you determined who your market is going to be so you can target your advert (and facilities?).

Are you going to be aiming for couples or families? You need to emphasize the location, amenities and relevant features you can provide (high-chairs, bikes, etc). Don’t forget you might need special safety features for pools.

Consider creating your own website, alongside using the popular portals; also consider adverts in local businesses. Clever marketing campaigns using social media and last-minute offers are other options.

Of course word-of-mouth recommendation is the most cost-effective source of business, so leaving a lasting impression (providing a welcome hamper, basic store cupboard necessities or other such extras which will be remembered) is savvy marketing.

Then ask yourself if you are going to be able to respond to booking enquiries yourself speedily, or is it worth using an agency or portal? Doing this all yourself can be hard work or impractical, and that’s even before day-to-day management of the property.

Most people have a local person on hand to deal with key handover and potential problems – so don’t forget to factor in management costs of 10-15 per cent typically.

Buying to letIf you are buying a property expressly to rent, then having access to an established rentals management scheme might be preferable, assuming you are on a development or resort.

Whether on a micro- or macro-level, location is essential. Think about accessibility: most people prefer to be within 90 minutes of an airport, and if it’s a beach location, that the beach is within a 5-10 minute walk.

What type of climate or seasons do you seek? Locations boasting year-round sun or dual-season appeal can be the most lucrative in terms of the level of occupancy you can expect.

Weigh up city lets vs. year-round sun (Canaries,


Cape Verde, Caribbean) vs. golfi ng and ski resorts or tourism hubs (Italian lakes).

How saturated is the local market with rental properties, and what will you need to provide to match (or beat) the competition?

Are there any gaps in the market? You may need to provide use of a shared pool on a complex, or offer a private one that will enable you to command a premium.

The type and size of property is important. New-build properties are generally easier to maintain, and amenities on communal developments (children’s pools, spa, gyms) can be used as selling points.

The most popular size of property in many holiday areas are one or two bed apartments – again, do your research – but the provision of a sofa bed in the lounge that turns it into a “sleeps 4-6” adds fl exibility.

In central Orlando, for example, four or fi ve bed villas with three bathrooms and their own pool are perfect for an extended family group or two families – the typical Disney holiday set-up (in the short-term rentals zone).

When furnishing a property for rentals, many professionals recommend higher quality fi ttings and furniture that will stand the heavy wear and tear better than cheap stuff. This is especially relevant if you are targeting families.

Also, don’t over-clutter and think of the type of things holidaying guests will need, from heaters to high-chairs and fi rst-aid kits. What kind of unique selling points will make it stand out against the competition?

Do your research.

Look for gaps in the

market/demand when

choosing a property.

Consider climate,

access and amenities

when choosing a

location.

Know your target

market. Buy and kit out

to suit the target market

in your chosen area. Is

it families with young

children or couples?

Do things by the

book. Are holiday

lets authorised? Seek

legal advice on local

laws, obligations for

landlords, tax liabilities

and insurance.

Make an impression.

Add that little extra

something to lead to

repeat bookings and

recommendations.

Invest time and

money in marketing.

First impressions count.

Sell your property

at fi rst glance, use

different media and

innovative offers.

TIPS TO.. RENTAL SUCCESS..

020-021 AF Letting out AIPP13.in21 21020-021 AF Letting out AIPP13.in21 21 7/9/12 15:04:277/9/12 15:04:27


For bank-owned properties and short sales, it is advisable to deal with someone who specialises in that field – you need expert experience.

Don’t proceed without independent legal advice or sign anything you don’t understand, get it checked by your lawyer.

Budget for the legal fees, purchase taxes, and all the additional costs you might incur as part of the purchase, including money-transfer fees, mortgage arrangement fees, and survey (where applicable).

What about ongoing costs? Can you afford to own a second property? Don’t forget management costs if renting, income tax on rental income, insurance and community fees.

Investing a little extra in marketing tools can help your property compete in the rentals market if this income is something you’re going to need to rely on.

WHAT TO CONSIDER WHEN BUYING YOUR PROPERTY

Research, plan and make sure you know what you are looking for – and what you can expect from other people in the process …

Find yourself a good agent. Try to meet them in person, seek recommendations and don’t forget that they are usually acting for the vendor.

Is the agent licensed or a member of a professional body such as the AIPP?

Ask lots of questions to test their market and local knowledge. Quality agents should be prepared to advise broadly on the region, the property and the buying process.

If you choose to go on an inspection trip, paying your way can facilitate greater freedom. There’s no such thing as a free lunch.

If buying new-build, check the track record of the developer, what have they built recently, has it been built on time, and how have their earlier projects fared?


SECTION CHECKLIST:

022 AF Buying - Checklist AIPP1322 22022 AF Buying - Checklist AIPP1322 22 7/9/12 15:06:167/9/12 15:06:16


n the UK we routinely use a lawyer when buying or selling a home. In fact we don’t have a choice – the conveyancing process involves solicitors.

Perhaps it’s the fact it is so routine here at home, that people buying abroad don’t think of taking the special effort to use a legal expert – when there is even more reason for them to use one!

You may not speak the language, be familiar with the property-buying process or actually know anything about the legal systems for starters. Basically you’re highly open to manipulation and making mistakes.

Who do you turn to for impartial advice? Not anyone supplied by the agent, developer, or anyone with interests in the transaction.

Using an independent lawyer when buying abroad is arguably more important for your fi nancial protection than when purchasing at home in the UK.

In most European countries, due to the role of notaries in the conveyancing process, it’s not practice for locals to employ a personal lawyer. But don’t try to scrimp on legal costs: it could be a costly oversight.

Ask around for recommendations from people who have been through the buying process – and you can also ask the AIPP. Ideally the lawyer will be bi-lingual and have a good knowledge of the country’s land laws.

The role of a lawyer is the same as in the UK in that they are acting in your interests so will do all necessary due diligence for you, ensuring

LEGAL:

I

3 ESSENTIAL SERVICES

your purchase contract achieves everything you expect and have agreed on.

This will include searches on the property, the land it stands on, planning permissions, and whether it carries any debts or encumbrances.

They will act as a facilitator between the different parties involved in the transaction, and for the sake of practicality, when buying abroad it is common to give your legal representative power of attorney.

A good lawyer should also talk to you about inheritance law, how to minimise inheritance tax, and other tax implications – or refer you to a specialist.

You should never sign any contract without having it checked by your lawyer. Even if it has been translated (which it should have been!) and you think you understand everything, it is often what is left out of a legal document that causes problems further down the line.

When you come to complete on the property, your lawyer should check the public title deed drawn up by the notary before you sign it and pay the outstanding balance.

After completing, your lawyer should oversee your compliance of tax affairs and ensure your deeds are registered at the Land Registry.

Typically, fees for an overseas lawyer are 1-1.5 per cent of the purchase price, with a minimum fee. These vary between countries and could increase if unexpected consultation is required (as always) but it is without doubt money well spent.

WHY YOU SHOULD ALWAYS USE A LAWYER WHEN BUYING ABROAD

WHY IS A NOTARY.. NOT A LAWYER..

Notaries (notaires in

France, notaios in Italy

and notarios in Spain)

are legal representatives

of the state whose

job is to oversee and

rubber-stamp property

transactions. While it’s

the job of a notary’s

offi ce to draw up

deeds, their impartial

position means it is not

their responsibility to

indicate whether the

deeds are in favour of

either the vendor or the

buyer. This is what your

lawyer will do, who will

(or should) be acting on

your behalf and no

one else’s.

023 AF Legal AIPP13.indd 23023 AF Legal AIPP13.indd 23 7/9/12 15:07:217/9/12 15:07:21


n this age of austerity, governments are keener than ever to fi nd extra sources of income – which essentially means raising taxes in addition to cutting public services.

Second-home owners are inevitably going to be targeted by such governments, and we are seeing in Spain, especially, that authorities are suddenly clamping down on regulations and tax obligations previously ignored – with hefty fi nes the result.

So, as an overseas property-owner, are you fully aware of your obligations? It is essential you understand the difference between being resident in a country and being tax-resident there. This has implications for inheritance tax – and inheritance issues should also be discussed with a legal/tax expert so you can avoid heartache and expense later down the line. In fact, it is worthwhile using an overseas lawyer or accountant – or in Spain, a gestor – once a year to ensure you pay the right tax - at the right time.

In Spain, to be a tax-resident you must make an annual tax declaration to the Spanish tax offi ce (even if it amounts to a nil return). Unless you do this, you won’t be eligible for tax exemptions.

But, wherever you’re buying, the initial dose of tax you’re likely to pay is that associated with purchasing a property, what we broadly term stamp duty in the UK.

Transfer tax/stamp dutyOverseas this is often called transfer, or purchase, tax but it is essentially the same thing: a government tax levied on the buyer in a property transaction and calculated as a percentage of the value of the transaction.

Transfer tax rates vary considerably by country and often vary according to the value of a transaction, with a sliding scale of rates (in the Balearics, for example). It is usually minimal on new properties, although new-builds will typically be liable for VAT (IVA in Spain; TVA in France). For example, in Spain transfer tax (or ITP) on a resale is seven or eight per cent, but IVA on new-builds is currently at a reduced rate of four per cent.

In an effort to stimulate the construction industry in Spain, IVA was slashed in half, yet there are rumours that it will be put up to 10 per cent in 2013. Take advice! In Europe, taxes for a property transaction typically are paid via a notary and your

TAX:

I


fi nal notary bill will include transfer taxes, as well as fees for notary services.

Annual property taxesOnce you own a property abroad, you’re likely to have an annual municipal real estate tax to pay, the equivalent of council tax in the UK. In Spain this is known as IBI, while in France there are two types – taxe d’habitation (paid by the occupier, whether they own the property or not) and taxe foncière (paid by the owner).

Municipal taxes are based on a property’s rateable or book value as recorded by the local government, which tends to be much less than the market value (although it depends how depressed prices are in that location).

Income tax: rentalsIf you rent out your property, you’ll need to pay income tax on rental income locally and in some countries, including Spain, even if you don’t rent out your property, you’ll be required to pay what’s termed “imputed income tax”.

In the US, non-residents pay tax on US-sourced income – a 30 per cent withholding federal tax – and some states (but not Florida) tax at state level too.

Capital Gains TaxFinally, when you come to sell, you’ll encounter Capital Gains Tax (CGT): a tax levied on the gain between the purchaser and sale price of your property (minus some renovation costs if documented).

In some countries, CGT is scaled down with time, while in others, like the Bahamas, it doesn’t exist at all.

Note that in some countries, if the vendor is not a resident, the buyer must withhold a percentage of the purchase price and pay it direct to the tax authorities – this is to cover any CGT the vendor might be liable for.

As a tax resident in the UK, you’re taxed on worldwide income, which would include capital gains and income generated through an overseas property, regardless of the laws local to that property.

The good news is that the UK has double taxation treaties with more than 100 countries, including most popular second home destinations, so you’ll never pay the same tax twice.

THERE IS NO ESCAPE, SO GET IT RIGHT

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n the current climate the fast-changing mortgage market is hard to keep tabs on, but the key to buying abroad with a mortgage is taking steps to ensure you don’t leave yourself

fi nancially exposed in the future.In the wake of the fi nancial crisis, many banks

catering for overseas property buyers have stopped lending, whilst domestic banks have either stopped lending to non-residents or have tightened their criteria.

Now you can’t rely on lenders offering mortgages according to clear-cut criteria, and it’s certainly a good idea to talk through your options with an independent fi nancial adviser (IFA) and/or specialist overseas mortgage broker.

So to avoid much wasted time – and disappointment – before you start seriously property hunting it’s a good idea to get an agreement in principle from a mortgage provider.

This will show agents and vendors that you are a serious buyer and can move fast to complete a sale, giving you an edge.

As a general rule, when choosing your mortgage always borrow in the same currency as the source of funds you plan to use to cover the repayments.

Be especially wary of deals offered in a different currency altogether, for example Swiss-franc mortgages for a Cypriot property.

So, if you’re going to be paying with a UK salary, your mortgage should be in sterling, but if you plan to rent

MORTGAGES

I


out your property in France, you’d be better off with a euro mortgage.

It is likely your chosen lender will require proof of deposit from you, including how the funds were accumulated (eg by savings, inheritance or sale of another property). Banks’ affordability criteria have also got much stricter in the last few years and lending varies considerably between countries.

Whatever you might have seen advertised, most lenders in Spain will typically offer foreign buyers a maximum loan to value (LTV) of 50 per cent, whilst in Portugal and Turkey the fi gure is 75 per cent, and in Italy you can get higher LTVs on properties worth €250,000 rather than €150,000.

In France, there are currently some great long-term fi xed rate deals available, but the LTV available can vary according to what type of property you’re trying to buy, with old, rural properties being seen as more of a liability by lenders.

Beware though, that the cost of changing mortgage provider is much higher in France than in the UK (around 2.5 per cent of the mortgage value), hence most French people don’t tend to switch lenders.

Also, be wary of attractive fi nancing deals - 100 per cent mortgages - available from Spanish banks trying to offl oad repossessed properties that nobody else appears to want.

Meanwhile, foreign buyers in Florida typically need a 30 per cent deposit, but there are now some long-term fi xed deals available.

MORTGAGE.. COMMONSENSE..

Do your homework.

The mortgage market

is ever-changing, not to

mention the exchange

rates is in constant fl ux.

Use a specialist

overseas mortgage

broker - these routinely

deal with a number of

different banks.

Get your fi nancing in

shape before you start

shopping in vain.

Weigh up using an

overseas bank in the

country in which you

are buying vs a large

UK/international lender

Be wary of generous

fi nancing deals on

repossessed properties:

tempting fi gures

don’t always mean

a good buy.

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ne of the big stories this year has been the fall of the euro against sterling, yet exchange rates should always be a key consideration if you are buying a home abroad.

Unless you already have funds in a particular country, buying an overseas property will always require you to exchange your pounds into another currency and transfer these funds abroad.

Savvy investors will use exchange rates to help choose when best to buy, and take advantage of big currency swings in their favour. For example, at the time of writing the euro is at a four-year low against the pound (at €1.27), so the cost of purchasing a €200,000 home is £20,000 cheaper now than in November 2011.

Even once you’ve bought, you may have to make regular payments overseas from the UK, for example to meet mortgage repayments, or if you retire somewhere sunny you’ll need to have your pension paid monthly into a foreign bank account. Your bank will be able to do such currency transfers for you, but you could get more favourable rates using a specialist currency - or FX - broker.

More and more overseas buyers are choosing this option, because they can typically save up to four per cent, and also for the hassle-free aspect of the service (you transfer sterling to your broker and they do the rest such as making regular payments abroad).

Brokers often charge lower money transfer fees than banks as well as allocating you your

CURRENCY IS KEY

O


own personal account manager, and will also offer on-line account access.

Currency brokers can buy your currency at the exact time that rates are best (even if in the middle of the night!). For example, if you have funds you’d like to transfer abroad, are keen to do it at a particular rate and are not restricted by time, “stop-loss orders” and “limit orders” allow you to buy currency when your preferred exchange rate is available. Your broker would monitor the currency markets and keep you updated.

Then there are “forward contracts” which effectively protect your buying power from currency fl uctuations by letting you fi x an exchange rate for a future transaction. This makes budgeting much easier!

With a forward contract you can either fi x the date you wish to take delivery of your currency, or have the option of taking delivery at any point up until the agreed date. Firstly, you can fi x the amount of pounds you send abroad on a regular basis, for example monthly, which means the amount of local currency you receive in your foreign bank account will fl uctuate with the exchange rate.

Or, in reverse, you can fi x the amount of local currency, for example euros, that is paid into your overseas account, meaning the amount of pounds being debited from your UK account will fl uctuate with the exchange rate.

Finally, you can use a forward contract to fi x the exchange rate you receive on all regular payments over a specifi ed period, such as 18 months.

MONEY.. MATTERS..

Follow exchange

rates to help decide

when to buy overseas.

Use a currency

exchange broker to

save money on moving

money abroad.

Manage regular

transfers abroad

by fi xing rates with

“forward contracts”.

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INSURANCE

oliday homes differ from our main residences in the UK in many aspects and this includes the way they are viewed by insurers.

By their very nature they are left unoccupied for long periods, or they are rented out to third parties and may be in earthquake zones or hurricane belts.

Whilst of course you must always shop around for the best premium costs, there are also lots of peculiarities regarding insurance requirements or types of cover between countries.

For example, in Turkey it is law to have earthquake cover (dask), while earthquake cover hasn’t been historically available in Italy (quakes are regarded as an Act of God) yet just in the past year some companies have begun to offer it.

In France, theft cover is especially strict, and there are also tight deadlines on claims for fl ood or storm damage – that can be missed if damage is only discovered weeks after the event by those with a second home they visit occasionally.

Beware of local peculiarities too: subsidence cover isn’t available in every European country and in Florida you need a separate fl ood policy if your home is in one of the designated “fl ood zones” although the cost is relatively small ($300 a year on some homes).

What to insurePremiums for buildings insurance, calculated on the type of property and number of bedrooms, covers you against damage to your permanent fi xtures and fi ttings, typically with a blanket cover of up to €1million (covering the cost to rebuild the property).

The sum insured should be index linked, so updated yearly. Features that tend to increase a premium are a private pool/hot tub, conservatory and non-habitable outbuildings. Appliances, bikes and furniture tend to be covered under a contents policy – the value of these items should be calculated on a “new for old” basis.

Typical premiums might be between £200-300 for a two- or three-bed property in Europe, and £500 for a three-bed villa in Florida. There, having a “four-point” home inspection can result in substantial savings in premiums, even though you need to pay a small fee for them.

Anyone buying in a community or development

Hshould check what their communal insurance includes – usually it’s just the communal parts of blocks. For example, with condos in the US, interior walls, fi ttings and kitchen cabinets are not included.

When it comes to choosing an insurance provider, often the easiest route is to choose a UK based insurer, many of which include public liability insurance - essential if you plan to let your property - with their standard holiday home policy.

Public liability limit offered by UK companies is usually higher than that offered by local insurers abroad: in Spain you might be covered for up to €300,000, while €5million is not an uncommon limit in the UK.

Some UK insurers also include cover for loss of rental income following a claim, as well as emergency travel and accommodation in case you needed to travel to your property in an emergency.

Typically, you’ll always pay extra (around ten per cent of the premium) for accidental damage cover, which includes damage not only done by you or guests but also paying tenants.

Other benefi ts of a UK insurer include being able to make payments in sterling and speak to them in English – some also offer a 24-hour English-speaking helpline to assist with emergency situations in the property.

KEEPING YOUR INVESTMENT SAFE

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HOW DO I FIND OUT MORE?


n 2011 AIPP announced a new service for AIPP members and their clients providing access to a range of insurance services that can help eradicate common

concerns when buying a property abroad and make the process safer for the consumer.

Since its inception six years ago, the AIPP has dealt with a number of consumer complaints involving issues surrounding title deeds and building defects. Many of the concerns when buying abroad centre around quality of build and the certainty of obtaining full rights to the land and property. To make this easier and safer for consumers, AIPP launched an innovative range of insurance services to tackle these worries enabling consumers to feel more confi dent about buying a property abroad.

The range of insurances available to the consumer through ‘AIPP Insurance Services’ includes latent defects, title insurance, and travel insurance.

Latent Defects InsuranceWhen purchasing a property, one of the common concerns is the quality of the build as construction methods are not the same worldwide. Latent Defects Insurance helps minimise risk exposure from inadequately constructed buildings, and provides cover comparable to the NHBC (National House Building Council) guarantee on UK new build property. When buying off-plan or new build, if insurance against defects is not already provided for you by the developer, you could take this out directly insuring your property against problems that might arise as a result of the standard of build. This could include damage to your property caused by defective design, workmanship or materials

Ibecoming apparent for up to 10 years after the practical completion of building work.

Title InsuranceBuying a property overseas isn’t the same as buying one at home, and Title Insurance is common in most parts of the world where land registration is not as complete or accurate as it is in the UK. Title Insurance covers property buyers against disputes over ownership, access rights and other common issues such as boundaries.

Available on both new build and existing properties there are even bespoke policies for properties with known exposures. This insurance is not restricted to European countries and can also be purchased after completion.

Travel InsuranceIf you’re buying a holiday home overseas, you and your family will no doubt be taking regular and perhaps extended trips to stay in the property. It is imperative to have a suitable travel insurance in place when buying an overseas home, as it takes the burden off the traveller should something go wrong while they are abroad. AIPP Insurance Services can help source the right policy to best suit your needs, even if you have problems with travel insurance due to age or illness.

AIPP INSURANCE SERVICES

Enquiries about AIPP Insurance Services can be made via the AIPP

website www.aipp.org.uk under the ‘Services’ tab.

For added peace of mind when buying property overseas, ask your agent

or developer about what insurances they have in place and contact AIPP

Insurance Services to fi nd out what additional cover could be available to you.


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ou may be vaguely aware of SIPPs, but not fully understand how they can be relevant when you are investing in a home overseas.

With access to funds and lending so constrained these days, there’s been a fair amount of chatter in the trade about ‘SIPP compliant” investment products and you may well have seen adverts for properties including the entreaty ‘buy through your SIPP’.

First up, if you are buying a holiday home for your own usage, you’d be best advised to forget about SIPPs in this context.

Why? Let’s explain by starting with the basics.

What is a SIPP? A SIPP (Self Invested Personal Pension) allows you to control how you invest the assets of your pension fund.

They were created in 1989, were simplifi ed in 2006, and are now much more widely available than they once were – and under the auspices of the Financial Services Authority (FSA).

Whilst once the preserve of a small, wealthy minority, it is believed that now 800,000 UK consumers have one, and they are increasing with double-digit growth each year.

The basis of having a SIPP is that you decide where to invest your money, have much greater

choice in what you invest in and can see exactly what the charges are for having and operating your own pension. Thus, their diversity and their self-management facility differentiates them from company and personal pension plans.

An FSA regulated SIPP provider (pension trustee) will administer the scheme on your behalf and SIPPs come in all different shapes and sizes – as in what the variety of SIPP providers will let you invest in. However you basically get the same tax advantages from HMRC that you would get through a personal pension, allowing your investment to grow tax-free.

In other words, a SIPP is a tax-effi cient “wrapper” around your portfolio of investments, facilitating certain tax advantages.

SIPP limitations: private holiday homes However it is essential to point out that, although HMRC allow SIPPs to invest in certain types of commercial property they do not, unfortunately, allow residential property.

So you cannot get your pension to buy your own house in the UK or a holiday home somewhere sunny which you can live in or visit to your heart’s content free of charge!

That said, there are a few caveats to this ‘no residential’ ruling that will allow investors to use their SIPP to invest in property that looks a lot like it, such

SIPPS: BUYERS BEWARE

Y

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as holiday resort hotel rooms and lodges where a ‘commercial use’ designation has been attained.

There are two very important points to make here: fi rstly, regardless of having a ‘commercial’ designation, HMRC do not allow any personal use of property (or any other items) that have been bought through a SIPP. Basically, you may own the hotel room or lodge (in our example) but you can’t actually stay in it! Well, not without paying full price to the operator for doing so.

So such a purchase should be seen as an investment only with the terms of the purchase being, perhaps, a leaseback of your property to the resort owner who will pay you a portion of the income they receive from renting the room out on your behalf. This can then be paid tax-free back into your SIPP.

With the oversupply of leisure-oriented property from the boom years in places such as Spain, Cyprus and Florida, it is primarily property developers and their agents who are promoting such SIPP-based investment leaseback schemes.

Is something really SIPP compliant?This brings us to our second important point: not all property advertised as ‘SIPP compliant’ by property developers, agents and other promoters can actually be held in a SIPP.

The reason for this is that it is not enough that a


developer believes his project/investment proposition complies with the qualifying terms set out by HMRC. It is for the SIPP Provider (who is co-trustee with you of your SIPP) to accept the scheme after their own thorough review – a due-diligence process designed to protect you and the SIPP Provider.

After all, you do not want an asset/income you own in a foreign country to go awry with the potential loss of your income or, in the worst-case scenario, your property.

The best way to test the veracity of a ‘SIPP compliant’ property investment is to ask for evidence of which (UK) SIPP Providers have accepted the scheme – the more the better.

So if you are keen on pursuing a leisure property purchase for investment purposes through your pension it is certainly possible to do so. You can create your own ‘investment fund’ by setting up a SIPP and by paying in new money or transferring some or all of your existing pension arrangements into it, which you then control.

That said, such a move should not be undertaken lightly and should only happen after receiving advice from a qualifi ed pension professional duly registered with the FSA as having permission to give such advice.

Moving a pension scheme out of your current arrangements could seriously disadvantage you and a SIPP will certainly not suit everyone.

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Budget for taxes. You’ll pay tax on the purchase price, and you’ll pay tax on rental income, and tax on any capital gain when selling the property.

What about inheritance law and inheritance tax? Ask your lawyer for advice.

Don’t forget to insure your property, and if you let it out you’ll need public liability insurance.

Consider taking out title insurance and latent defects insurance which can give peace of mind and help resolve issues of ownership and build quality, see page 28

WHO’S WHO IN THE PROPERTY-BUYING PROCESS?

We do go on about it, but using an independent lawyer is essential to ensure your interests are protected. No one else impartial is on hand to check everything for you.

Sort out financing before you go shopping. You may need to act fast, and getting a mortgage abroad is not quick and easy these days. Which currency would your mortgage best be in?

Use a currency exchange broker to transfer funds for your purchase and protect you against currency swings


SECTION CHECKLIST:

When buying abroad you will encounter a number of companies as part of the transaction. Here are some pointers.

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THE ROLE OF THE AIPP

uying property abroad could be one of the most emotive and challenging decisions you ever make, which is why you want to be sure your purchase is pain free

and those you are dealing with are professional, committed and trustworthy.

Since 2006 the Association of International Property Professionals (AIPP) has been working to improve business standards in the overseas property market and to provide reassurance that the companies you are dealing with share these aims. We are a not-for-profi t organisation working with the aim of improving the market for industry and consumers alike.

In October 2012, the AIPP became part of a wider family of professional bodies when it joined umbrella organisation the National Association of Property Professionals (NFOPP) where it now sits alongside organisations such as the National Association of Estate Agents (NAEA) and the Association of Residential Lettings Agents (ARLA). This increased support and infrastructure has enabled the AIPP to raise its profi le and widen its infl uence over the overseas property market.

Our members are here to helpThe 312 members of AIPP include not only agents and property developers, but also lawyers, currency exchange brokers, and other service providers who have all signed up to a code of conduct and disciplinary process to encourage industry best practice. As a trade association fl ying the fl ag for industry standards, our role is to help stamp out bad practice so naturally we encourage you to look for the AIPP badge when buying overseas and deal with our members.

We’ve made numerous improvements to the industry during our fi rst six years including the implementation of best practice guidance and training, as well as demonstrating our ability to take signifi cant disciplinary action against companies found to be in breach of our rules. As the industry emerges from the global recession, we will play a leading role in guiding the standards of the future and ensure the overseas property

Bindustry moves forward with greater responsibility.

But there is still a lot more we can do. We are working to recruit more professional companies to the AIPP in order to widen our reach and provide a safer marketplace for consumers and companies alike, and you can help play a role in this. Asking your agent or developer if they are a member of AIPP will help spread the message that you, the buyer, value professional standards.

Protect YourselfAIPP as a trade association can work with its members to provide and enforce professional behaviour, however there are actions you can (and must) take to protect yourself. It is important that even if the companies you are dealing with are AIPP members, you do not forget your responsibilities as a buyer. You would never attempt to purchase property at home without a lawyer, yet many people think that they can buy overseas property without legal help. For an uninitiated buyer already struggling with language barriers and unfamiliar legal systems, getting the appropriate help is vital. If you only follow one piece of advice, and this guide will provide you with many more, ALWAYS ensure that you appoint a qualifi ed independent lawyer from the outset to guide you through the purchase from contract to completion.

We have already helped many buyers with their overseas purchases and we hope that this guide will give advice that can benefi t you as well. In our experience buyers who do their homework and inform themselves appropriately are in a far better position than those who don’t; many of the pitfalls can be avoided by taking greater care throughout the buying process. Buyers should always bear in mind that any investment naturally comes with an element of risk, and take all possible steps to minimise the chances of things going wrong.

By taking the advice on the following pages and ensuring you take care to safeguard your interests, your purchase can be a trouble-free and enjoyable experience. Indeed the majority of overseas property buyers enjoy successful purchases and realise their international property dream.

We hope you fi nd this guide a useful resource.

A trade association representing its members but here to help you, the buyer

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4 AIPP

WHAT THE BADGE MEANS?

he badge of AIPP membership is a reminder to you, the consumer, that a company must follow professional standards and act with honesty, integrity and transparency. When

you see that a company is a member of the AIPP, it means that they have voluntarily agreed to follow and be bound by the industry Code of Conduct.

By using AIPP Members to buy property overseas, you get reassurance that a member must act professionally as well as recourse to the AIPP if problems occur.

Remember your responsibilities as a buyerBuying with an AIPP member does not mean you can close your eyes and hand over your money – there can be no such assurances or guarantees given.

You have a responsibility to ensure you are informed and protect yourself when buying property overseas just as you would when you buy property in your own country.

However, you should take some comfort from the fact that our members have voluntarily agreed to self-regulation and each has been checked before being accepted; AIPP’s qualifi cation requirements are based on professional experience. All member companies have also agreed to be bound by our Disciplinary and Dispute Resolution Procedures. We have taken action against our own members and will continue to do so where suitable.

How companies become AIPP membersFor companies to qualify for membership, we ask for a trading history in the international property market of at least three years. Alternatively, some members qualify on the basis that the person (or one of the people) running the company has extensive previous experience of, or relevant to, the international property industry. All applicant companies must provide third party references, and all applicants sign a declaration confi rming that they follow all applicable laws in any relevant country, including the need to be licensed wherever applicable. It is not possible to check whether all

T

the correct licences are held by each applicant company but it would be a breach of our Code of Conduct not to have the correct licences where necessary. AIPP Members pay an annual membership fee to the asscociation.

What we don’t doAIPP membership does not provide any guarantee as to the services or products provided by a member, and the AIPP doesn’t have a compensation scheme. If you fi nd yourself in dispute with an AIPP member as a result of any agreement or contract made with them, this can be referred to our dispute resolution scheme or alternatively recourse should be sought via appropriate legal channels.

We investigate any complaint that a member is not working in accordance with AIPP’s rules. AIPP has a disciplinary procedure and any complaint that an AIPP member has breached our rules or code of conduct will be investigated.

AIPP does not buy or sell property and does not provide legal, fi nancial or tax advice. We leave this to our members.

Our ultimate aim is to have all companies selling international property working to AIPP standards. Such a market would be a better, safer environment for you, the buyer of property overseas.

We recommend our members and their services but you need to realise what AIPP membership means – and what it doesn’t – so you know what help is at hand

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WHAT HAPPENS IF...

Your agent or developer: try to resolve the problem directly if you can.

Some issues can be resolved through direct contact and negotiation,

and all established companies should have a complaints procedure in

place to address your concerns. If it’s not an issue that can be resolved

informally, we recommend that you set out your complaint clearly in

writing, stating what outcome you are ideally seeking. AIPP provides a

recommended complaints procedure for members to follow internally.

Your lawyer: you will be in touch with your lawyer at all stages of

the purchase and they will be your fi rst port of call if things seem to be

going off-track. For any contractual matters it’s your lawyer who can

advise you on the best course of action, and they will work with you to

protect your interests.

AIPP or other trade or regulatory body: if the company you are

dealing with is part of a trade association or a regulatory body, there

should be a complaints procedure that you can access. If you have

not been able to resolve your dispute directly, or if you have a

complaint about the professional conduct of the company,

recourse may be available.

Fellow buyers: through owners groups and online communities,

international property purchasers can sometimes get in touch with

others who have a shared experience, and this can sometimes be helpful

for reassurance or to share information. Maintain a healthy dose of

caution about any advice from non-qualifi ed professionals.

n life there can be few guarantees, and while the vast majority of international property transactions proceed without a hitch, problems can arise. The sale of international

property is a largely unregulated market but in the wake of the property boom then bust, we are no longer blissfully unaware that things can and do go wrong.

The good news is that many of the pitfalls can be avoided by following the steps in this guide, once you have done your research, set out a realistic budget, and followed expert independent legal advice at every stage.

And remember, if you appoint a qualifi ed, independent lawyer from the word go, you’ll fi nd it comforting that if something does go wrong, they will be fully prepared to advise you.

Making a complaint to AIPPThe ‘AIPP Arbitration Scheme’ – introduced in January 2011 – aims to resolve diffi cult and lengthy complaints between agent or developer members, and forms a key part of the Dispute Resolution Procedure. Administered by leading independent dispute resolution provider, IDRS Ltd (www.idrs.ltd.uk), the scheme is low-cost, straightforward, and designed specifi cally to handle disputes between AIPP members and consumers. A legally binding decision is made and compensation is awarded where necessary.

This scheme can deal with matters where the sum in dispute is £30,000 or less; those disputes involving greater sums will be referred to adhoc arbitration, which will also be quicker and more cost effective than pursuing disputes through the international courts.

If your complaint involves an alleged breach of the AIPP’s rules or Code of Conduct, it will be dealt with via the AIPP’s Internal Disciplinary Procedure,

Iat the conclusion of civil proceedings where applicable. A Disciplinary Panel assesses whether the AIPP member has breached the AIPP rules or Code of Conduct, to which they are accountable. Where complaints are upheld a reprimand, fi ne, suspension or ultimately, expulsion from membership can be applied.

Full details of AIPP’s Code of Conduct, Dispute Resolution Procedure and Disciplinary Procedure can be found on our website www.aipp.org.uk, or contact [email protected] for further information.

...something goes wrong with your property purchase?

PROBLEMS WITH YOUR PURCHASE?.. WHERE TO FIND HELP...

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4 AIPP

CODE OF CONDUCT

n a largely unregulated market, AIPP members voluntarily commit to be bound by a professional code of conduct, including a Dispute Resolution Procedure if things

don’t quite go to plan. This means that the AIPP can enforce disciplinary action against its members if they don’t follow this code, providing added reassurance to international property buyers that a company is committed to being professional and accountable.

While by no means guaranteeing everything will proceed perfectly, dealing with an AIPP member should give you, the buyer, increased confi dence that there is somewhere to go and a process in place to deal with issues arising from the purchase.

The AIPP Code of Conduct covers many areas, with members signing up to codes covering Sales, Training, Legal and Dispute Resolution.

To read the full Code of Conduct, or to raise a complaint that the Code of Conduct has not been followed, visit www.aipp.org.uk or email [email protected].

We believe that in joining the AIPP and signing up to this commitment, our members demonstrate their willingness to be accountable to their clients. We think this should recommend them to you when considering which agent, developer, lawyer or service provider to use.

I

“…adhere to the highest standards of honesty and professional

integrity both in their dealings with the public and in their dealings

with each other.”

…conduct their affairs with integrity and dignity.

…refrain from misleading statements and exaggerated claims in

their dealings with sellers, buyers and potential buyers.

…take all possible steps to avoid confl icts of interests and shall

decline to deal with any transaction where such confl icts arise.

…if they are developers or sales agents, make it clear that they are

or represent the Seller of a property. In any other case the Member

must make clear their status and whose interests they represent.

…always recommend the use of an independent lawyer for

international property transactions.

…not require potential buyers to sign binding preliminary

purchase contracts without giving them reasonable opportunity to

refl ect on the contract and to obtain legal advice.

…comply with all applicable local laws, including tax laws.”

AIPP MEMBERS SHALL...

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AIPP AWARDS

he AIPP awards are now in their fi fth year and continue to showcase overseas property businesses that can demonstrate their excellence in customer service before a

panel of independent judges. These awards have real value for the consumer

because they put the buying experience at the heart of the evaluation process with the judges placing themselves in the position of you, the property buyer, asking the crucial question: ‘How will this overseas property company deliver the service I want?’

The AIPP awards are not looking at the villa with the most innovative design or which development has the best facilities, but instead focus on best practice and companies doing their utmost to protect clients’ interests.

The judges of the AIPP awards look at the level

Tof service provided, including the due diligence process an agent undertakes before promoting properties to their clients. Though you’ll always carry out your own research, clearly you want to deal with a business that can demonstrate they have done their homework and have a strong understanding of the properties and local market. Judges also examine the marketing materials used by entrants, looking at levels of transparency in marketing messages and buyer information. There’s also an award for staff training to reward the business that can demonstrate they invest in their employees to the benefi t of you, the client.

We’d like to take the opportunity to thank all companies who chose to enter the AIPP awards in 2012 and were confi dent enough to put their businesses under the microscope; and of course, congratulations to all our winners.

What do AIPP members winning industry awards have to do with you? They must be doing something right and could well be the type of company you could do business with

036-037 AF AIPP - Awards.indd 36036-037 AF AIPP - Awards.indd 36 7/9/12 15:26:117/9/12 15:26:11


4 AIPP

AIPP AWARD WINNERS

In 2012 the awards were sponsored by AIPP founder member Barrasford & Bird Worldwide, both an agent and developer; for more information on their services go to bandbw.co.uk.

Most Outstanding Example of Customer Service

(Agents & Developers)

Most User Friendly Website

Best Large Agent,Multi Country

Best Developer, Central & Eastern Europe

Best Developer, Western Europe

Most Transparent Marketing Campaign

Best Developer, Africa, Asia & Australasia

Best Small Agent, Multi Country

Best Developer, The Americas

Best Small Agent, Single Country

036-037 AF AIPP - Awards.indd 37036-037 AF AIPP - Awards.indd 37 7/9/12 15:26:157/9/12 15:26:15

38 AIPP CONSUMER GUIDE Founder Member

AIPP

MEMBERS DIRECTORY

21st Century Overseas - Appart - Hotel

Investments

United Kingdom

+44 (0)208 385 7881

mobile: 07956385061

www.21stcenturyoverseas.com

4 Property - 4: You Property Partners Ltd

United Kingdom

0800 1601 004 / +44 (0)1372 379741

www.4property.uk.com

AA World Overseas

United Kingdom

+44 (0)1423 552 220

[email protected]

Abbey Properties (Europe) Ltd

Spain

+34 96578 6540

[email protected]

AIP Homes - Aurora International

Properties Ltd

United Kingdom

+44 (0)208 991 2380

+44 (0)208 991 2987

07812741816

www.aiphomes.com

Akbuk Resort Group Ins Taak Ltd Sti

United Kingdom

+44 (0)845 230 5210

www.akbukresortgroup.com

Albania Property Group Sh.p.k

Albania

+355 4 6720 80001

www.albaniapropertygroup.com

Alpine Angels - Mercatorial Ltd

United Kingdom

+44 (0)1225 442128

www.alpineangels.net

Alpine Property Investments Ltd

United Kingdom

+44 (0)1722 743662

www.alpinepropertyinvestments.co.uk

Andalusian Property House S.L.

Spain

+34 (0)959521298

www.andalusianhouse.com

Another Way of Life

Spain

+34 958 2277 35

www.anotherwayofl ife.com

Aphrodite Resales - EPP Signature

Property Promotions Ltd

Cyprus

+35 77000 9012

www.aphroditeresales.com

Arco Iris Residential Brazil - Ecohouse

Developments Ltd

United Kingdom

+44 (0)20 3468 6910

[email protected]

www.arcoirisbrazil.com

Artev Global

Artev Tur.Yatirim Ins.Tic.veSan.AS

Turkey

+90 252 525 2195

www.artevhomes.com

We believe our members are well placed to help you with your overseas property purchase. In joining the AIPP, all member companies have chosen to sign up to our Code of Conduct requiring them to act with honesty and integrity. The following members are either agents or developers and are all involved in selling property. Our Associate members do not directly sell property but provide services to consumers and the wider sector. A list of these can be found on page 48.

038-050 AF AIPP Members Listings38 38038-050 AF AIPP Members Listings38 38 7/9/12 15:28:037/9/12 15:28:03


5 AIPP MEMBERS

Founder Member

ASAS Pan Gulf for Real Estate

Investment

Saudi Arabia

+966 1 473 6311

www.asas-re.com

Asem Overseas Properties Ltd

United Kingdom

+44 (0)1325 358 080

www.asemconstruction.com

Assetz International Ltd

United Kingdom

+44 (0)161 456 4000

+44 (0)845 400 7000

www.assetz.co.uk

Australian Property Alliance

Australia

0800 978 8155

www.australianpropertyalliance.co.uk

Avante Property Investments Ltd

United Kingdom

+44 (0)1926 844231

www.avanteproperty.com

Azahar Properties

Spain

+34 962 129 633

www.azaharproperties.com

BBarrasford and Bird Worldwide Ltd

United Kingdom

0800 1 303 101

www.bandbw.co.uk

Baystone Estates

United Arab Emirates

[email protected]

Become Owner - Christina Guenther

Italy

+39 085 943 0360

www.becomeowner.com

Best International - Best Group Ltd

United Kingdom

+44 (0)845 130 9022

www.bestinternational.co.uk

Between Friends Ltd

Cyprus

+357 26 8181 00

www.latchipanoramacy.com

Black Lion Property Services

Sakir Karaaslan

Turkey

+90 (0)242 844 1345

www.2blacklions.com

Blue Flag Group - Consulting Tectonics SL

Spain

+34 952 472 283

www.bluefl aggroup.com

Blue Sun Destinations Ltd

United Kingdom

+ 44 (0)161 298 4744

www.blue-sun-destinations.co.uk

Bohemian Estates International sro

Czech Republic

+420 222 220 866 /+420 774 007 000

www.bohemianestates.com

Bravomar International Properties

Mary Pridmore

Spain

+34 966 795 196

www.bravomar.net

Briteman Properties S L

Spain

[email protected]

Buy Berlin Investments Ltd

United Kingdom

+44 (0)208 315 7517

www.buyberlin.co.uk

Buy in Bulgaria

Memtech International Ltd

Ireland

+353 1 2544155

www.buyinbulgaria.com

Buying Homes Abroad Limited T/a 1Casa

Estate Agency

Spain

0800 081 1939 / +34 952 495 509

www.1casa.com

BW International - Barton Wyatt

United Kingdom

+44 (0)1344 843000

www.bartonwyatt.co.uk

Cadiz Properties-Property Consultants SL

Spain

+34 956 495 177

www.cadizcasa.com

CCalabria Property Services

Italy

+39 098282360

www.calabria-property-services.com

Casa Travella Ltd

United Kingdom

+44 (0)1322 410 896

[email protected]

Casasol Real Estate SL

Spain

+34 965 325 601

www.casasolrealestate.com

Caversham Barnes (Crete)

United Kingdom

+44 (0)118 9843 201

+30 (0)282 104 6682

www.caversham-barnes.com



Cicada Investments Ltd

United Kingdom

+44 (0)20 7481 6875

ww.cicadainvestmentsforeclosures.co.uk

City and Urban International

United Kingdom

+44 (0)207 431 8828

www.cityandurban.com

CLC UK PLC

Spain

+34 952 66 99 00

www.clcestates.com

Clover Builders and Estates Ltd

Turkey

+90 531 464 9880 / 0787 5138140

www.properties-sw-turkey.com

Cluttons Bahrain

Bahrain

[email protected]

Coldwell Banker Feltrim

United States

+1 863 420 9404

www.cbfeltrim.com

Colordarcy Investment Ltd

United Kingdom

+44 (0)207 100 2393

www.colordarcy.com

Compass Immobilier

France

[email protected]

Concabral Business Solutions e.K.

Germany

+49 341 478 5976

www.concabral.com

Condado Invest

Resort Investment Solutions SL

Spain

+34 8680 8 2019

www.condadoinvest.com

Cotton & Co

United Kingdom

fi [email protected]

Country Homes France Llp

France

[email protected]

Crete Connection

United Kingdom

[email protected]

Crete Imperial Homes Ltd

United Kingdom

+44 (0)1449 740128

www.creteimperialhomes.com

Crown Acquisitions Worldwide Plc

United Kingdom

+44 (0)207 235 3101

www.crownworld.com

Cybarco (UK) Ltd

United Kingdom

+44 (0)20 8371 9700

www.cybarco.com

DDanos/BNP PARIBAS Real Estate

Bulgaria

andreyfi [email protected]

DB International Homes Ltd

United Kingdom

+44 (0)845 003 8098

www.dbinternationalhomes.co.uk

De La Luz Properties SL

Spain

+34 956 450 889

www.delaluzproperties.com

DE Sunshine Living

Cyprus

+357 99 57 3668

www.sunshineliving.eu

Derin & Derin - Derin Emlak Insaat Tur

Ltd Sti

Turkey

+90 242 324 8284 / +90 537 799 44 48

www.derinandderin.com

Des Res - Desirable Residences Ltd

United Kingdom

+44 (0)207 586 3566

www.desres.net

Direct Property Investments

Sheridan White Holdings SL

Spain

+34 952 806 609

www.directpropertyinvestments.com

DJK Developments Limited

Cyprus

+357 992 92906

www.djkgroup.com

DLR Properties Overseas

United Kingdom

+44 (0)1206 303049

www.dlr-properties.co.uk

DLT International LP

United Kingdom

+44 (0) 207 183 7565

www.dlt.co.uk

Domaine De Perroubaud

France

+33 (0)4945 4 43 88

[email protected]

Domum Holding Co Ltd

Thailand

+66 38251464

www.domum-holding.com

Dream Homes Orlando Ltd

United Kingdom

+44 (0)1392 278230

www.dreamhomesorlando.co.uk



5 AIPP MEMBERS

Founder Member

EEcoresorts sales limited

Ecoresorts Sales Ltd

United Kingdom

0845 2187518

www.ecoresortssales.co.uk

Egyptian Marketing Group

Egypt

+20 1221 66101

www.sharmelsheikhrealestate.com

Elite Homes

Turkey

+90 256 6180444

www.elitehomesturkey.com

Emerging Real Estate Ltd

United Kingdom

+44 (0)1924 364754

www.emergingrealestate.com

Ersa Construction

Ersa Insaat Otomotiv Sa ve Tur Ltd Sti

Turkey

+90 242 746 9800

www.ersahomes.com

ETU - Etucon Insaat

Turkey

+90 2425 125699

www.etucon.com

Euro Dd Finance International

France

[email protected]

Euro-Prestige Spanish Properties

United Kingdom

[email protected]

Evaco Ltd

Mauritius

+230 269 1800

www.evacogroup.com

Exclusive Property Mallorca S.L.

Spain

+34 971 701 081

www.exclusivepropertyfi nder.com

Experience International

ExperienceBG Ltd

United Kingdom

0800 612 0901

www.experience-international.com

FFindhomeabroad Ltd

United Kingdom

+44(0)20 8996 9583

www.fi ndhomeabroad.com

First Atlantic Properties Ltd

United Kingdom

+44 (0)845 860 1353

www.fi rstatlanticproperties.com

Forbes, Forbes and Forbes Ltd

Turks and Caicos Islands

+1 649 946 6132

www.forbesrealtytci.com

Freedom Bay - Whitton Investments Ltd

United Kingdom

+44 (0)207 959 2393

www.whittoninvestments.com

GG&V Hadjidemosthenous Ltd

Cyprus

+35 726 822 333

www.pafosproperty.com

Garrigae Investissements

France

+33 679 297115

www.garrigae.com

GEA Properties Italia SRL

Italy

+39 346 325 0501

www.geaproperties.com

Gecko Business Services Sl

Spain

[email protected]

George W Glen

United Kingdom

[email protected]

GFE Epargne Retraite

Groupe France Epargne

France

+33 240 696 119

www.gfe-epargne-retraite.com

Girasol Homes Ltd

United Kingdom

+44 (0)1974 299055

www.girasolhomes.co.uk

Glenasia - Tiree Management Co Ltd

Thailand

+66 (0)2 168 7090

www.glensasia.com

Global Turkey - NT Grup Emlak Ins. Taah.

Tur. Ihr. Ve Ltd Sti

Turkey

+90 (530) 551 1301

www.globalturkey.net

Go Global Investments

United Kingdom

+44 (0)208 874 7433

www.goglobalinvestments.com

Green Gem Properties (UK) Ltd

United Kingdom

+44 (0)844 544 2468

www.greengemproperties.com



Grenadine Escape Ltd

United Kingdom

+44 (0)20 3468 5592

www.grenadine-escape.com

Grosvenor Park Intelligent Investments

United Kingdon

+44 (0)1323 647 070

www.grosvenorparkinternational.com

Grupo Inland - Verdelago SA

Portugal

+351 21 782 6850

www.inland.pt

Grupo Platinum Estates SL

Spain

+34 666 687 251

www.grupoplatinum.com

GSK Properties Abroad Ltd

Bulgaria

+44 (0)1359 270285

www.gskpropertiesabroad.com

Guy Sherratt Equestrian & Overseas

United Kingdom

+44 (0)1598 710134

www.guysherratt.co.uk

HHalcion Homes - Hamilton Homes SL

United Kingdom

+44 (0)1244 893144

www.halcionhomes.com

Hancock Homes

Spain

+34 956 441 806 / +34 630 564 683

www.hancockhomes.co.uk

Hemera Properties

United Kingdom

+44 (0)208 325 1953

[email protected]

Hestia Homes

United Kingdom

+44 (0)7818 60 346

[email protected]

Highground Property Investment Ltd

United Kingdom

+44 (0)845 021 0018

www.highground.net

Home and Away Estates

United Kingdom

+44 (0)1707 873 454

[email protected]

HOMEland

Greece

+30 28310 51341

www.homeland-greece.com

Hot Property Hua Hin Co., Ltd.

Thailand

+66 32 533 3333

www.hotpropertyhuahin.com

HWG Properties

United Kingdon

+44 (0)208 546 1086Work

www.hwgproperties.com

IIMG Administradora do Grupo

Empresarial

Brazil

+55 8432194135

[email protected]

www.imgonline.com.br

Inmobiliaria C J Bestard

Spain

[email protected]

Inmobiliaria Cala D’Or Finca D’Or Sl

Spain

offi [email protected]

Inmourbana - Urbana Project

Management, S.L.

Spain

+34 647 715 832

www.inmourbana.com

Integral Estates SL

Spain

+34 952 908690

www.integral-estates.com

Intelligent Property Network Ltd

United Kingdom

+44 (0)845 3628486

www.intelligentpropertynetwork.co.uk

International Dreams Ltd

United Kingdom

+44 (0)20 3239 9430

www.internationaldreams.co.uk

International Property Solutions (Pty) Ltd

Supa Nova Investments 106 (Pty) Ltd

South Africa

+27 (0)114 630 588

www.ipsinvest.com

International Property Success Ltd

United Kingdom

+44 (0)844 800 6661

www.ipsbmv.com

Invest in Brazil Ltd

United Kingdom

+44 (0)845 313 6216

www.investinbrazil.co.uk

Invest5Star - Woodlands PMS Ltd

United Kingdom

+44 (0)1980 625 086

www.invest5star.co.uk

IQ Property Investments Ltd

United Kingdom

+44 (0)1924 863832

www.iqpropertyinvest.co.uk



5 AIPP MEMBERS

Founder Member

Island Real Estate International SL

Spain

+34 928 537 870

+34 6670 04 915

www.ire-international.com

JJavea Home Finders

Spain

+34 966 470 133

www.javeahomefi nders.com

Johal Regan Ltd

United Kingdom

+44 (0)20 8532 2222

www.johalregan.co.uk

KKalkan Property

Turkey

+90 242 844 2456

www.kalkanproperty.com

Kanika Developments Ltd

Cyprus

0808 234 1805 / +357 25 81 42 66

www.kanikadevelopments.com

Kaya Homes - Kaya Homes Ins Ta Tur Tic

Ve San Ltd Sti

Turkey

+90 530 601 64 71 /+90 242 753 46 31

www.kayahomes.com

Kirk Rahill and Associates

United Kingdom

+44 (0)416 855248

[email protected]

LLa Luz Property Ltd

United Kingdom

+44 (0)1937 843131

www.laluzproperty.com

La Residence (South)

United Kingdom

+44 (0)1865 318 111

[email protected]

Landmark Properties International Ltd

United Kingdom

+44 (0)1483 243633

www.landmarkpi.com

Langdon and Langdon Ltd - Bassett Pearl

Villas and Bassett Pearl Development

Limited

Grenada

+44 (0) 7852 900 830

07852900830

www.lalpl.com

Laurel Property Development Co. Ltd

Nigeria

+234 8035511286

www.laurelpropertyltd.com

Lefteris Livadhiotis & Sons Ltd

Cyprus

[email protected]

Lets Group Dan Tur Sey Ins Em Tic Ltd Sti

- Lets Estates

Turkey

+90 256 813 8545

www.lets-altinkum.com

LetsGoToTurkey

Tur-Al Insaat Turizm Tic Ltd Sti

Turkey

+90 242 513 2064

www.lgt.com.tr

Livadhiotis Developers

Lefteris Livadhiotis & Sons Ltd

Cyprus

+357 2482 3888

www.livadhiotisdevelopers.com

Locations 4 U

United Kingdom

+44 (0)2890 020700

www.locations4u.co.uk

Lucre Properties Ltd

United Kingdom

+44 (0) 203 440 4010

www.lucreproperties.co.uk

Luz Del Sol New Properties SL

Spain

0800 112 3503

+34 (0)968 199 068

www.luzdelsol.net

MMaispa Construction &

Land Development Ltd

Cyprus

[email protected]

Marena Murray - The Property Specialists

Spain

+34 609 140 409

[email protected]

Marshall DeFliece

United Kingdon

+44 (0)717 793 839

www.marshalldefl iece.com

Martin Greene International Real Estate

United States

+1 (0) 321 799 0799

[email protected]

Mecitoglu Homes - Mecitoglu Insaat

Turizm San Ve Tic Ltd Sti

Turkey

+90 242 7533 910

www.homeinturkey.com

Medcoast Homes - Medcoast (Cyprus) Ltd

United Kingdom

+44 (0)1564 778262

www.medcoasthomes.co.uk

Minoan Homes

Greece

+30 28240 83000

www.minoanhomes.com



Mirage International Property

Consultants

Qatar

+974 44 44 4431

www.mirageproperty.com

Money Choice Pty Ltd

Australia

+61 3941 72551

www.moneychoice.com

Monopoly Property Group Pty Ltd

Australia

+61 8 8232 7605 (Australian)

+44 (0)8458684613 (UK)

www.monopolypg.com

MPM Overseas Ltd

United Kingdom

+44 (0)1260 279622

www.mpmoverseas.co.uk

My-French-House.Com

United Kingdom

+44 (0)845 123 5885

[email protected]

NNewplace International Properties Ltd

United Kingdom

+44 (0)20 72321858

www.newplace-international.com

OOak International Finance

United Kingdom

+44 (0)845 299 7450

www.oakif.com

Oasis Land Development Ltd

United Kingdom

+44 (0)1704 544438

www.oasis-land.com

Oceanwide Properties Ltd

United Kingdom

[email protected]

Oracle Property Developers - Izdog

Turizm Tic Ltd Sti

Turkey

+90 256 813 2470

www.oracleproperties.co.uk

Orbit Alliance SAE

Egypt

+20 1871 80033

+44 870 423 5633

www.orbitalliance.com

Orchid Palm Homes - SLM Real Estate

Co Ltd

Thailand

+66 32828145

www.orchidpailmhomes.com

O’Reillys I.A.V.I.

Ireland

info@oreillysfi neart.com

Orlando Property UK

United Kingdom

+44 (0)1234 345074

www.orlandopropertyuk.com

Overseas Connections

United Kingdom

+44 (0)1603 662288

www.overseasconnections.co.uk

PPalladium Advisors - Abbo Holdings Ltd

Virgin Islands, British

+44 (0)7767 475 804

[email protected]

Pan-Cyprian Properties Ltd

United Kingdom

+44 (0)208 864 7972

www.pan-cyprianproperties.com

Paradise Property Solutions

Spain

+34 9664 72595

www.paradisepropertysolutions.com

Pentamulet, Inc. - Team Perotti at Frank

Howard Allen Realtors

United States

+1 415 367 4200

www.TeamPerotti.com

Phoenix Overseas Marketing

United Kingdon

+44 (0)1233 771 909

www.phoenix-overseas.com

Pinoso Villas

Spain

+34 645746176

www.pinosovillas.com

Pioneer Property - Pioneer for

Investment and Real Estate LLC

Egypt

+20 69 366 5575

+20 69 366 0625

www.pioneer-property.co.uk

Planethouse UK - Immoworld UK Ltd

United Kingdom

+44 (0)1275 390421

www.planethouseuk.com

Plusworld Realtors and Investment Ltd

Nigeria

+234 (1)804 7973

www.plusworldrealtors.net

Precise Assoicates

United States

+44 (0)161 408 0199

www.preciseassociates.com

Premier Properties Tenerife SC

Spain

+34 922 750 603

www.premierpropertiestenerife.com



5 AIPP MEMBERS

Founder Member

Price Brown & Company

Spain

[email protected]

Prime French Properties

United Kingdom

+44 (0)1323 896 812

[email protected]

www.primefrenchproperties.com

Principal International

Principal Choice Ltd

United Kingdom

+44 (0)1483 748629

www.pip4u.com

Properties of the World Ltd

United Kingdom

+44 (0) 207 328 1533

www.propertiesoftheworld.co.uk

Property Frontiers Ltd

United Kingdom

+44 (0)1865 202700 /+44 (0)1865268551

www.propertyfrontiers.com

Property Global Investments Ltd

United Kingdom

+44 (0)114 221 3055

www.propertyglobalinvestments.com

Property Venture

United Kingdom

+44 (0)1932 849536

www.property-venture.com

Prudential Florida Wci Realty

United States

+1 561 790 1739

[email protected]

Pure Property Overseas Ltd

Off planworld and Pure Property

United Kingdom

+44 (0)161 975 6080

www.pureproperty.tv

QQuadrant Property Services Ltd

United Kingdom

[email protected]

Quality Group (Larnaca Cyprus)

Property Developers

Cyprus

[email protected]

Quintalac Mediação Imobiliária lda

Portugal

+351 282332371

www.quintalake.com

RRA Property Consultants

Spain

+34 9713 154 11

www.ibiza-ra.com

Real Estate Services

Australia

+61 882 954 649

[email protected]

Realpoint Property Ltd

United Kingdom

+44 (0)845 331 2812

www.realpointproperty.com

Realty World Top Producers Realty Inc

United States

[email protected]

Red Earth Investments

Red Earth Real State Ltd

United Kingdom

+44 (0)20 7209 8937

www.redearthinvestments.com

Redbrick Wealth

United Kingdom

+44 (0)845 388358

www.redbrickwealth.com

Restless Earth Ltd

United Kingdom

+41 22 776 0838

www.restlessearth.com

Richard Immobiliier

France

+33 (0) 5 53 83 30 46

www.richardimmo.com

Richardsons Estate Agents

Gibraltar

[email protected]

RightBuy Homes

Casacalida Properties Ltd

United Kingdom

+44 (0)1621 874 716

0844 7344800

www.rightbuyhomes.com

ROC Investments

Return on Capital Group Ltd

United Kingdom

+44 (0)845 130 9011

www.rocinvestments.co.uk

Rocksure Property Ltd

United Kingdom

+44 (0)1993 823 809

www.rocksureproperty.com

Romance of Turkey

United Kingdon

0800 999 8866

www.romanceofturkey.co.uk

SSanctuary Belize - Eco-Futures

Development Inc

United States

+1 949 673 4270

www.sanctuarybelize.com



Sapphire Properties York SL

Spain

+34 96 671 8507

+34 620 624 252

www.sapphire-properties.co.uk

Select Resorts Ltd

United Kingdom

+44 (0)1202 765011

www.selectresorts.co.uk

Sellpropertyinspain.com

Mejor Me Alquilan SL

Spain

+34 968 109697

[email protected]

www.sellpropertyinspain.com

Serenity Homes Turkey - N.E.D. Tur. Ins.

San. Ve Tic. Ltd. Sti

Turkey

+90 532 405 1058

www.serenityhomesturkey.com

Sextant Properties

United Kingdom

[email protected]

Simply Overseas

Independent Property Agents Ltd

United Kingdom

+44 (0)1743 343634

www.simplyoverseas.com

Smith & Ken Real Estate

United Kingdom

[email protected]

Snobby Homes

G. Karalaki-P. Saunders Ltd

Greece

+30 28240 83097

www.snobbyhomes.co.uk

Solomon Levy

Gibraltar

+350 200 78047

[email protected]

Sophia Investments Gillie Parsons

United Kingdom

+44 (0)1235 771340

[email protected]

www.sophiainvestments.co.uk

Spain4U

Spain

+34 962 855 841

[email protected]

Spanish Property Choice

Spain

+34 653 722 290

www.spanishpropertychoice.com

SPC Overseas Realty SL

Spain

+44 (0)844 5982929

www.spc-overseas.com

Spencer James Residential Limited

United Kingdom

+44 (0)207 989 6000

www.spencer-james.co.uk

Spot Blue Overseas Property Ltd

United Kingdom

+44 (0)20 8339 6036

www.spotblue.co.uk

SPS (UK) Overseas Property Services

United Kingdom

+44 (0) 1690 770 222

[email protected]

Stef Lukas Realtor

1071127 Alberta Ltd

Canada

+1 403 256 0002

www.calgaryrealestatebuyers.com

Strategic Investment Property

United Kingdom

+44 (0)8452 572562

www.strategicip.co.uk

Stratus international

Spain

+34 627 241 129

www.stratusinternational.com

Successful Investor Ltd

United Kingdom

0800 8600 789

www.successful-investor.co.uk

Sun and Sand Property

United Kingdom

+44 (0)1722 743662

www.sunandsandproperty.co.uk

Sun Direct Group - Euro Property Centre

United Kingdom

+44 (0)1202 258693

www.sundirectgroup.com

Suncroft Overseas Property

United Kingdom

+44 (0)1245 505853

www.suncroft.com

Sunshine Villas

United Kingdom

+44 (0)207 794 9013

[email protected]

TTarget Markets Ltd

United Kingdom

+44 (0)8456891097

www.target-markets.co.uk

Taylor Estate Agents Ltd

Cyprus

+357 238 831002

[email protected]

Tenerife Properties

Spain

+34 619 058 387

[email protected]



5 AIPP MEMBERS

Founder Member

Tenerife Property Shop S L

Spain

[email protected]

Tenerife Royale Estate Agents SL

Spain

+34 922 788 305

www.teneriferoyale.com

Terra Online

Saint Lucia

+1758 485 7400

www.terrastlucia.com

The Abroad Group Ltd

United Kingdom

+44 (0)844 535 0100

www.propertyabroad.com

The Florida Consultancy

Susandrew Ltd

United States

+1 941 309 5140

+1 941 302 2151

www.fl oridaconsultancy.com

The Hotel Investment Company Ltd

United Kingdom

+44 (0)1937 541442

www.thehotelinvestmentcompany.com

The House Presentation Company

United Kingdom

[email protected]

The Italian Property Gallery Ltd

Italy

[email protected]

The Laguna Developments Langkawi

South Africa

[email protected]

The Olive Tree Pinoso

Spain

+34 965070591

www.theolivetreepinoso.com

The Overseas Investor Ltd.

United Kingdom

0800 093 3654

+44 (0)7771 742 047

01706627499

www.theoverseasinvestor.co.uk

The Overseas Property Agency

United Kingdom

+44 (0)1380 859 878

[email protected]

The Parker Co Ltd

United States

[email protected]

The Property Place

United Kingdom

[email protected]

The Turkish Property Centre - TTPC

Insaat Emlak Turizm Ticaret Ltd Sti

Turkey

+90 252 313 3536

www.ttpclimited.com

The Turkish Property Company

United Kingdom

+44 (0)7905 937645

www.theturkishpropertycompany.com

The Vision Phatumnak Co. Ltd

Matrix MR Co., Ltd.

Thailand

+66 (0)38250120

www.matrix-developments.com

The World Of Florida

United Kingdom

+44 (0)1568 797 899

suzanne.morrill@worldoffl orida.co.uk

The Worldwide Property Group

Wilkes & Wilkes Property Ltd

United Kingdom

+44 (0)1235 553 569

www.w-wideproperty.com

TheSpanishBrick.com

United Kingdom

+44 (0)20 85866633

www.spanish-real-estate.co.uk

TM Marketing & Sales S.L.U.

Spain

+34 965 71 20 11

www.tmgrupoinmobiliario.com

TM UK

United Kingdom

[email protected]

Topmarks Partnership Limited

United Kingdom

+44 (0)23 9259 7001

www.topmarksoverseasproperty.com

Town & Country Spain

Spain

[email protected]

Tradewinds Realty

Canada

+90 2275 5613

[email protected]

Tropical Connections Ltd

United Kingdom

+44 (0)845 2221413

www.tropicalconnections.co.uk

Turkey Property Plus LTD

Turkey

+44 (0)161 408 7588

www.turkeypropertyplus.com

Turkish Connextions

United Kingdom

+44 (0)1772 735151

www.turkishconnextions.co.uk

Two Summers Ltd

United Kingdom

+44 (0)1454 615683

www.twosummers.co.uk



UUlster Property Sales

United Kingdom

[email protected]

Unicasa London

United Kingdom

+44 (0)207 924 7718

[email protected]

Unique Living-International Real Estate

United Kingdom

[email protected]

Unlimited Opportunities Limited

United Kingdom

+44 (0)7775868170

www.unlimitedopportunities.co.uk

USA Bound-Lemontree Marketing LLC

United States

+1 3212517904

www.usa-bound.com

USA Property Investor Ltd

United Kingdom

+44 (0)1253 820905

0845 438 0634

www.usapropertyinvestor.com

UV10 LLC

United Kingdom

+44 (0)845 643 1036

www.uv10.com

VVerdeland Homes & Services

Portugal

+351 281 326 888

www.verdeland.com

Villatua

Italy

+39 0583 359 157

[email protected]

Villauno - Martins Property Service Ltd

United Kingdom

+44 (0)1708 520 000

www.villauno.com

Vilnius Golf & Spa Resort UAB

Lithuania

+37 052 739 759

www.vilniusgolfandspa.com

Volcano Estates - Volcano Villas SL

Spain

+34 928 518 752

www.volcanoestates.com

WWalton Residential

United Kingdom

[email protected]

Whole World of Property - Iain Stewart

United Kingdom

+44 (0)845 026 1067

www.wholeworldofproperty.com

Windrush Alliance Ltd

United Kingdom

+44 (0)203 411 8590

www.windrushalliance.com

Wisemovetospain.Com

United Kingdom

+44 (0)161 432 2849

[email protected]

Word and Buyer Ltd

United Kingdom

+44 (0)1642 640 242

www.wordandbuyer.co.uk

Worldwide Investments - Universal

Marketing Ltd

United Kingdom

+44 (0)845 833 4725

www.worldwideinvestments.co.uk

YYafa Mac Tourism Company

Egypt

+202 (0)2414242604

www.yafamac.co.eg

Your Holiday Homes Ltd

United Kingdom

+44 (0)208 762 95 07

www.yourholidayhomes.com

ZZerin Properties

Malaysia

+603 20922008

www.zerinproperties.com

Visit www.aipp.org.uk for a fully up-to-date list of AIPP members


AIPP CONSUMER GUIDE 49Founder Member

AIPP

MEMBERS DIRECTORY

FINANCE

Excel Currencies Ltd

United Kingdom

+44 (0)1322 221121

www.excelcurrencies.com

First Rate FX Ltd

United Kingdom

+44 (0)207 038 8075

020 35143700

www.fi rstratefx.com

GoBMV - Premier Advice Club Ltd

United Kingdom

+44 (0)845 189 8009

www.gobmv.co.uk

GTE Banco Pastor Group - General De

Terrenos Y Edifi cios SL Uno

Spain

+34 915623705

www.bancopastor.es

Scrimshaw Wealth Management Ltd

United Kingdom

+44 (0)1909 532270

www.scrimshawwealthmanagement.com

Smart Exchange Ltd

United Kingdom

+44 (0)207 384 2267

www.smart-exchange.co.uk

LAW

Acacia International - Acacia

International Pro Yon ve Tic Ltd Sti

Turkey

+44 (0)207193 1656

www.acacia-int.com

Alexandra Pereira Law Offi ce

Portugal

+351 289 399 963

www.alexandrapereira.com

Birchall Blackburn Solicitors

United Kingdom

+44 (0)161 236 0662

+44 (0)161 238 5631

www.bboverseas.co.uk

Chebsey Law Ltd

United Kingdom

+44 (0)1494 670440

www.chebsey.com

Chlorakiotis & Floraki LLC

Cyprus

+357 2693 4300

info@cfl aw.com.cy

www.cfl aw.com.cy

Interlaw

Spain

+34 968 83 85 05

www.interlaw.es

Ripoll & Mateu Solicitors Mallorca

CODELEX LAW FIRM

Spain

+34 971 532109

www.ripollmateu.com

MARKETING

Ash Communications -

Ash Associates Communications Ltd

United Kingdom

+44 (0)20 7831 1954

www.ashcommunications.com

Intelligent Partnership

The Intelligent Partnership (UK) Ltd

United Kingdom

+44 (0)845 3628486

www.intelligent-partnership.com

MBI Consulting

United Kingdom

+44 (0)700 349 5933

www.mbiconsultingltd.com

Associate members are companies providing services to the overseas property buyer but they do not sell property

5 AIPP ASSOCIATE MEMBERS



MEDIA

A Place in the Sun – APITS Ltd

United Kingdom

+44 (0)203 207 2920

www.aplaceinthesun.com

Daily Mail Ltd

United Kingdom

+44 (0)20 7938 6000

www.dailymail.co.uk

HomeAway UK Ltd

United Kingdom

+44 (0)20 8827 1971

www.homeaway.co.uk

Homesgofast.com

Marr International Ltd

United Kingdom

+44 (0)207 099 3392

www.homesgofast.com

LandOrProperty.com

Destra Software Ltd

United Kingdom

+44 (0)781 039 0096

www.landorproperty.com

OPP Media Ltd

United Kingdom

+44 (0)20 8734 3960

www.opp.org.uk

Property Investor Media Ltd

United Kingdom

+44 (0)20 8877 0610

www.propertyinvestor.co.uk

PropertyPal

Ireland

+353 (0)289 0330 055

www.propertypal.com

WE’RE NOT HERE TO SELL PROPERTY OVERSEAS... ...WE’RE HERE TO MAKE SURE IT’S SOLD PROPERLY

By using AIPP Members, you get:REASSURANCE - that a Member must act professionally, andRECOURSE - to the AIPP if problems occur

To order a free copy of our guide to buying property overseas safely or to find out more about our work, visit www.aipp.org.uk or call 020 3207 9095.

We are a not-for-profit organisation. We do not sell property.

The industry body. The industry voice. The industry standard.

Association of International Property Professionals LtdSt Clements House, 27-28 Clements Lane, London EC4N 7AE. UK Company No. 5677417

SERVICES

Citadel Trustees Ltd

United Kingdom

+44 (0)1276 482015

[email protected]

www.citadeltrustees.com

DREI - Dubai Real Estate Institute

United Arab Emirates

+971 42030560

www.drei.ae

Intasure - Blenheim Park Ltd

United Kingdom

+44 (0)845 111 0680

www.intasure.com

Pantheon Realty Pantheon Realty

Consultancy Ltd

United Kingdom

+44 (0)20 71128178

www.pantheon-realty.com

Property Tax International Ltd

Ireland

+353 1635 3722

www.ptireturns.com

Survey Spain SL

Spain

+34 952 923 520

www.surveyspain.com

Tailormade Alternative Investments Ltd.

United Kingdom

+44 (0)1928 719 609 ,

+44 (0)1925 81095

www.tm-ai.com

The Registry Collection

Wyndham Worldwide Plc

United Kingdom

+44 (0)208 762 6681

+44 (0)7794 925954

www.theregistrycollection.com


For a full and updated list of AIPP members, or for more information about the work of AIPP, visit our website:

www.aipp.org.uk

051 AF IBC Quote AIPP12.indd 51051 AF IBC Quote AIPP12.indd 51 7/9/12 15:29:297/9/12 15:29:29

Association of International Property Professionals is a trade association for the international property industry. AIPP is a not-for-profit organisationand does not sell property. The industry body.The industry voice.The industry standard.

Association of International Property Professionals Ltd St Clements House, 27-28 Clements Lane, London EC4N 7AE

Tel: +44 (0)20 3207 9095

Fax: +44 (0)20 3207 9182

Email: [email protected]

Web: www.aipp.org.uk

UK Company Number: 5677417

052 AF OBC AIPP13.indd 1052 AF OBC AIPP13.indd 1 7/9/12 15:30:137/9/12 15:30:13

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