A third of Brits are looking to escape the cold British weather for sunnier climates by either buying property abroad or emigrating. It seems that America and Australia are the preferred destination of those considering leaving the UK, according to a survey by Banco Halifax Hispania, which is the Spanish arm of mortgage lender Halifax.
Nearly 10% of the survey respondents said they’d like to head across the Atlantic or Down Under. In Europe, Spanish property came out on top, with 6% of people saying they’d love to move there.
“Over recent years we have seen a huge increase in the number of UK residents wanting to buy a property in Spain. Banco Halifax Hispania aims to take the worry out of the Spanish housebuying process by supporting customers at every stage in the purchase,” said Ian Smith, head of European operations at Halifax.
Spain was closely followed by the Caribbean, New Zealand and Canada in the league table of preferred destinations for Brits. Banco Halifax Hispania said that its mortgage products cater well for Brits thinking about moving abroad. Mr Smith said: “Our mortgage products are designed with British residents in mind. We certainly understand the type of mortgage products that British customers require, based on our vast experience in the UK and our knowledge of British attitudes and culture. “There are certainly slight procedural differences and different jargon, such as evaluators rather than surveyors.
However, as long as care is taken over the choice of bank and some initial checks carried out, such as the bank’s ability to deal with British residents in English, all these differences are capable of being explained. “Therefore, the whole process becomes no more complex than buying a property within the UK.”
The bank provided some helpful tips for anyone who’s thinking about buying property overseas:
- Make sure you get all necessary documents, such as visas and work permits
- Check medical arrangements
- Make sure you’ve registered your residency status with the Inland Revenue in the UK, as well as the correct authorities wherever you’re moving to
- Get advice from a tax specialist
- Set up bank accounts in the country you’re moving to
- Arrange furniture shipments well in advance
- Remember your electrical goods might not work abroad!