FAQs: Selling property abroad

 

How do I go about selling my property abroad?

There are two main methods which you can use; you can use the local knowledge of an estate agent in the country where your property is, or you can choose to advertise your property on one of a myriad of websites on the internet.
 

Are the rules the same when selling a property abroad compared with the UK?

It is very unlikely that the rules will be the same when selling a property abroad. This is because the exact rules will depend on a countries local land and property law. It is therefore very important to find out prior to selling what laws cover your sale, for example in many countries there will be no exchange stage.
 

Once I have sold my property what is the best way to exchange the money?

This should be something you agree before signing a contract so that there can be no confusion about how this is to be done. You should agree which currency you will be paid in (this will usually be the local currency) and which method. The best method could be to have the money transferred directly to you or your solicitor.
 

Will I have to pay any tax in the UK when selling my property abroad?

Possibly, your property will be considered an asset for Capital Gains Tax purposes if you are ‘resident’ or ‘ordinarily resident’ in the UK. This means that you will have to work out whether you have made any gains on the property, and if you have these must be reported.
 

How could a solicitor help me?

A solicitor will be able to advise you as to the local land and property laws for the country which you are selling in and what the correct procedures are for that country. They will also be able to advise you what the best way to exchange the money will be and whether you are liable for any tax.
 
If you would like to obtain legal advice on selling a property abroad, Caven can put you in touch with a local solicitor free of charge. So, if you have any questions or would like our help in finding local solicitors please call us on 08001 221 2299 or complete the web-form above.
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