Congratulations! If you have taken the plunge and decided to move abroad then this is the beginning of an exciting journey. There are lots of questions which you will need to find answers for, but perhaps one that is often over looked is how you are going to make payments from the UK, to overseas. So once you have found a property you like and have made an offer which has been accepted, the time will soon come for you to pay the deposit.

Anything between 10 % and 70% could be expected for the initial deposit so it is vital you make sure you put enough money aside to pay this. The deposit can also vary, depending on whether you are buying from a private advertiser, or directly from a developer. If you decide to buy a new build, the offer can be made directly to the developer; however, offers must be made through an estate agent if you are buying privately.

The best advice you can have is to not to give any money to the estate agent or to the developer. An independent solicitor should be hired and the funds sent to them to look after. The buying process works this way in the UK so you should do it the same when buying anywhere in the world. Estate agents and developers have been known to ‘disappear’ once they have your money, and should this happen, you would be left without a legal leg to stand on.

The word ‘independent’ is crucial at this point. It is important that you make sure the solicitor is not working in conjunction with the developer or estate agent, but solely on your behalf. If this is not the case, there will be a conflict of interest. Although there are strict rules in the UK regarding trust funds, this is not always the case in other countries. For example, France is pretty safe generally; the notaries there have government controlled accounts which are very secure, however if you buy in Italy, the process is not as safe, not is it as well regulated. Don’t tell the solicitor the name of the estate agent or developer that you are buying from until you have asked them who else they are working for (if any).

It is simple to send money to your overseas solicitor, just as easy as it is to transfer money in the UK. It is better to use a currency specialist over your bank, as they can give a better rate, therefore saving you money. Once you have registered with a specialist, you will have to provide them with your solicitors account details, and the reference the solicitor wishes the transaction to appear as. With a currency specialist, funds will reach their destination much quicker than they would using a bank service. Where a bank can take 5-10 days, a specialist will only take around 2 days.