HOW TO BUY - Target Markets- Global Property Investment
HOW TO BUY - Target Markets- Global Property Investment
HOW TO BUY - Target Markets- Global Property Investment
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<strong>HOW</strong> <strong>TO</strong> <strong>BUY</strong><br />
OVERSEAS<br />
PROPERTY<br />
SAFELY<br />
2013<br />
THE CONSUMER GUIDE FROM THE INDUSTRY BODY<br />
IN ASSOCIATION WITH
We’re not here to sell property.<br />
We’re here to make sure it’s sold properly.
WELCOME<br />
Welcome to the AIPP’s Consumer Guide for 2013 -<br />
‘How to Buy Overseas <strong>Property</strong> Safely’.<br />
The AIPP was set up at the beginning of 2006 by a group<br />
of like-minded people working in international property who<br />
shared a real desire to improve the professional standards and customer service<br />
of all companies involved in the business.<br />
We soon realised that one of the ways in which we could also support potential<br />
buyers was by providing relevant and first-hand knowledge on how to purchase<br />
property safely.<br />
So this Consumer Guide sets out to pass on invaluable buying information to anyone<br />
planning to buy a property overseas whether for retirement, as a second home or for<br />
investment.<br />
We know that buying a property overseas is one of life’s landmark moments and<br />
that some simple safeguards can be forgotten. Do remember that there are few, if any,<br />
guarantees when buying property, at home or overseas and please<br />
take steps to make sure you have covered the fundamentals.<br />
Do use an independent lawyer – one with only your interests at heart. Please do the<br />
finances; take into account the fact that mortgage rates can change; check on the rental<br />
returns promised and take expert advice on how fluctuating exchange rates will affect<br />
your payments and the cost of your property.<br />
Not all agents and developers belong to the AIPP and have signed up to a code of<br />
conduct. So ask the agent or developer you are buying from to provide references<br />
and do take them up and, if buying off-plan, make sure you are clear about how the<br />
development is being financed. Finally, bear in mind that if you<br />
are buying property overseas as an investment (as many people have done in recent<br />
years), big returns may come with significant risks. Be careful to assess<br />
the possible downsides to an investment property as well as the exciting investment<br />
figures promised should all go to plan.<br />
For every negative story about buying a property overseas, there are<br />
many, many more successful tales of happy buyers enjoying their purchase.<br />
Good luck and enjoy!<br />
Sue Ash<br />
Chair<br />
Association of International <strong>Property</strong> Professionals (AIPP)<br />
Association of International <strong>Property</strong> Professionals Ltd<br />
St Clements House, 27-28 Clements Lane, London EC4N 7AE<br />
Tel: +44 (0)20 3207 9095 Fax: +44 (0)20 3207 9182<br />
Email: enquiries@aipp.org.uk Web: www.aipp.org.uk<br />
UK Company Number: 5677417. Copyright © 2011 by AIPP. All rights reserved.<br />
AIPP CONSUMER GUIDE 3
4 AIPP CONSUMER GUIDE<br />
SECTION 1<br />
PLANNING YOUR PURCHASE<br />
6 Why and where to buy<br />
Understanding what you want<br />
from your property will help<br />
narrow down the choices of<br />
where to buy<br />
8 What type of property to<br />
buy – new build & off plan<br />
Is a brand new property<br />
for you?<br />
9 What type of property<br />
to buy – resale<br />
Does someone living there<br />
before you reassure you or<br />
put you off?<br />
10 What type of property<br />
to buy – fractional<br />
Access luxury property for a<br />
fraction of the price; does<br />
this growing model of<br />
ownership suit your needs?<br />
11 Know before you go<br />
Planning to move overseas<br />
permanently? Sound<br />
advice from the Foreign<br />
and Commonwealth Offi ce on<br />
how to make it a success<br />
12 Planning your purchase<br />
Section checklist<br />
SECTION 2<br />
<strong>BUY</strong>ING YOUR PROPERTY<br />
13 Inspection trips<br />
If a developer is paying for<br />
your visit you need to<br />
understand what is expected<br />
from you<br />
14 Deals, deals everywhere<br />
With offers and discounts<br />
everywhere, how do you<br />
identify a good deal?<br />
16 Role of the agent<br />
You’ve met an agent who<br />
knows what they are talking<br />
about, but do you understand<br />
their role in your purchase?<br />
17 Role of the developer<br />
They have built it and you are<br />
buying from them - be clear<br />
on what you’re getting<br />
18 Buying costs<br />
Drawing up a realistic budget<br />
will help you assess<br />
purchase and ongoing costs<br />
20 Letting your property<br />
Offset your annual running<br />
costs with rental income –<br />
here’s how to go about it<br />
22 Buying your property<br />
Section checklist<br />
SECTION 3<br />
ESSENTIAL SERVICES<br />
23 Legal<br />
Appointing an independent<br />
lawyer is just the start<br />
24 Tax<br />
There’s no escaping it so<br />
understand the tax<br />
implications and get it right<br />
25 Mortgages<br />
Finding the right lender is a<br />
key descision<br />
26 Currency<br />
Go to a specialist - they can<br />
save you money<br />
27 Insurance<br />
Protect yourself against<br />
anything from poor<br />
workmanship to a dispute<br />
over land titles<br />
28 Insurance Services<br />
Advice and a range of<br />
products from the AIPP<br />
to give you reassurance<br />
29 SIPPs<br />
Just what type of property<br />
can you put in your pension?<br />
31 Who’s who in<br />
the buying process<br />
Section checklist
SECTION 4<br />
ABOUT THE AIPP<br />
32 The role of the AIPP<br />
Find out what we do, how we<br />
are relevant to you in your<br />
property search and why our<br />
members are well placed to<br />
help you<br />
33 What the AIPP<br />
badge means<br />
Our membership offers<br />
overseas property buyers<br />
added reassurance<br />
34 What if something<br />
goes wrong?<br />
How buying through AIPP<br />
members can give you<br />
recourse to support and<br />
resolution<br />
35 AIPP Code of Conduct<br />
Our members sign up to a<br />
code of conduct - good news<br />
for buyers<br />
36 AIPP Awards<br />
Once a year we reward<br />
members who have excelled<br />
in their approach to their<br />
business – here’s who<br />
came out on top in 2012<br />
SECTION 5<br />
MEMBER LISTINGS<br />
38 Member listings<br />
We believe AIPP members<br />
are the people you should be<br />
doing business with when<br />
buying overseas. Here’s how<br />
to get in touch with them<br />
49 Associate member listings<br />
Some of our members don’t<br />
sell property but provide a<br />
range of services to help the<br />
buyer of overseas property<br />
AIPP CONSUMER GUIDE 5
WHERE <strong>TO</strong> <strong>BUY</strong> ABROAD?<br />
W<br />
hen considering whether you should<br />
buy a home overseas you should<br />
always fi rst ask yourself why you<br />
are buying it. Identifying this clearly<br />
from the word go will make decisionmaking<br />
during your property-hunting easier – and<br />
prevent you avoid making a costly mistake by<br />
buying the wrong property.<br />
Few of us can afford to buy a holiday home that<br />
is a bad investment so by asking yourself some simple<br />
questions at the outset, you can spare yourself some<br />
heartache – and thousands of pounds too.<br />
First up, don’t assume that somewhere you like<br />
visiting will automatically be the ideal place to buy<br />
– though it could be a good starting point. For a start, if<br />
you want to rent it out regularly you need to be sure that<br />
plenty of other people will share your taste in location;<br />
whilst if you are planning on relocating there yourself,<br />
a few summer weekend minibreaks will not provide a<br />
fully rounded picture about life in that town or resort.<br />
So what are your motivations?<br />
Differentiate between a property that is going to be<br />
6 AIPP CONSUMER GUIDE<br />
purely for your own personal enjoyment; one that<br />
is also going to need to be rented out for part of the<br />
time to pay for itself; and something that will earn<br />
you as much money as possible because it will be<br />
your pension pot, or an income stream.<br />
<strong>Investment</strong> the main aim?<br />
The latter – a pure investment – will need to offer<br />
scope for capital appreciation combined with high<br />
rental income yields.<br />
So research how it will produce cash – don’t forget<br />
that on top of rental income and capital appreciation<br />
there is also capital gains by adding value – by<br />
renovating, converting or extending a property.<br />
Emerging or depressed markets will generally offer<br />
greater capital appreciation, and for this reason Spain,<br />
Florida, Greece and Turkey are currently popular, but<br />
the recent boom-then-bust has taught us to look at<br />
the long-term view, not for instant profi t.<br />
The global downturn has also shown that buying<br />
in the long-established markets can be a far safer<br />
bet that the so-called emerging nations of Eastern<br />
Europe, North Africa or the Far East. Five years ago EU
Emerging or depressed markets can off er<br />
greater capital appreciation, and for this reason<br />
Spain, Florida, Greece and Turkey are currently<br />
popular, but the recent boom-then-bust has<br />
taught us to look at the long-term view<br />
QUESTIONS..<br />
YOU MUST ASK..<br />
Why do you want<br />
to buy overseas?<br />
Ask yourself exactly<br />
what you want from<br />
a property in terms<br />
of lifestyle and/or<br />
investment.<br />
What is your budget?<br />
Compare local property<br />
prices with the<br />
travelling costs to get<br />
there and running costs.<br />
How essential<br />
is accessibility?<br />
Consider how frequently<br />
you want to go, how<br />
long it will take, and if<br />
potential renters will<br />
make the same trek.<br />
How important<br />
is rental income?<br />
To maximise your<br />
chances, focus on dual<br />
season / winter-sun<br />
locations which bring in<br />
a greater number of<br />
weeks’ income.<br />
accession was such a buzzword for investors, yet now<br />
we are all pondering the wisdom of buying in one of the<br />
eurozone’s so-called bailout countries. It’s not so much<br />
about political instability but economics and bad debts.<br />
For rental income, city lets can be far more lucrative<br />
than rural locations, as can popular beach areas,<br />
year-round resorts and golf communities.<br />
Investors will also analyse tourist growth, occupancy<br />
levels in rental properties, management costs as well<br />
as infrastructure changes and transport improvements<br />
over the long term. Savvy investors will also consider<br />
risk and exit strategy. Risk means whether a country<br />
is a so-called “safe” place to invest in terms of buying<br />
process transparency, land ownership and title issues.<br />
Exit strategy means asking how easily will you<br />
be able to sell on your home, when, and to whom.<br />
Will the locals buy it? How wide is the market for<br />
it internationally?<br />
Recent events have shown that truly international<br />
markets – like Ibiza, Marbella and Lake Como,<br />
for example, have fared much better than areas<br />
dominated by (and reliant upon) one nationality.<br />
Professional investors will also look at the<br />
exchange rates in markets, and try to buy in<br />
depressed markets with ailing currencies.<br />
Lured by lifestyle?<br />
If something is purely for your own enjoyment, you<br />
will be guided by lifestyle and your budget. What type<br />
of area will you seek: beach, golf resort, mountain<br />
bolthole or rural retreat – and how will you spend<br />
your time there?<br />
Access will also come into it as you need to decide<br />
how many times you wish to go each year, how long it<br />
will take you to get there and for how long each visit.<br />
Will you want winter sun and to play golf all year-round?<br />
France remains very popular for many reasons,<br />
including stability and affordability, but access is a<br />
signifi cant factor because it is possible to drive there<br />
– useful for families with lots of camping equipment.<br />
Spain also remains our other favourite destination<br />
because of the climate, amenities, beaches and<br />
great selection of cheap fl ights to choose between.<br />
1 PLANNING YOUR PURCHASE<br />
Budget will also be fundamental, and you may<br />
need to weigh up the cost (and time) of travelling<br />
to somewhere with low property prices versus a<br />
more accessible location with higher prices. Climate<br />
also comes into this of course: year-round sun for<br />
wintertime escapes also means higher air fares.<br />
For those wanting to relocate or retire abroad<br />
permanently, the decisions alter yet again. If a job<br />
or family links don’t dictate your location, climate,<br />
cost of living, tax, and quality of life will probably factor.<br />
Common cultural ties and lack of language barrier<br />
make America and Australia popular, though less<br />
accessible than France and Spain, and low cost of<br />
living draws people to countries such as Cyprus<br />
and Turkey – or the Far East.<br />
AIPP CONSUMER GUIDE 7
WHAT <strong>TO</strong> <strong>BUY</strong> –<br />
NEW-BUILDS<br />
B<br />
rand-new properties can be divided<br />
into those that are bought off plan<br />
(before they are built) and those<br />
that have already been constructed.<br />
Until fi ve years ago, buying off<br />
plan was the investor’s favoured method of buying<br />
property, but then thousands of new homes stalled<br />
on the drawing board or the building site.<br />
So where does that leave buyers now? Well in<br />
some buoyant markets, off plan is still thriving (parts of<br />
Turkey spring to mind), especially at the higher end of<br />
the market, where a custom-built property is required.<br />
Of course buying off plan has historically been a way<br />
of paying less for a new property - purchasers secure a<br />
discount by taking a leap of faith and buying something<br />
not yet built. After paying a deposit you then pay the<br />
rest in stage payments as the build progresses.<br />
But in topsy-turvy markets where new-builds can’t<br />
compete with the affordability of heavily-discounted<br />
resales, many people won’t take the risk of waiting a<br />
year or two for a property to materialise and off plans<br />
have lost some of their shine.<br />
Of course there are advantages of cherry-picking<br />
the best units in a development and infl uencing the<br />
plans, whether in reconfi guring a layout, getting the<br />
best views, or choosing the fl oor tiles and fi ttings.<br />
The key thing is whether the developer is able<br />
to deliver what he promises – and what guarantees<br />
you might have if he doesn’t. Many of the dubious<br />
builders have long gone out of business now but<br />
you should check out the developer’s track record<br />
and recent projects.<br />
Ask yourself whether the risk of buying something<br />
that doesn’t yet exist really is a better proposition than<br />
a resale property you can move into/start renting out<br />
in three months’ time, but which won’t match the<br />
brand-new feel of a property you are the fi rst to live<br />
in. And the same goes for if you are buying a newly<br />
completed property on a part-completed development.<br />
Unfortunately there are developments far and wide<br />
full of newly built but unsold properties, so you have to<br />
ask yourself have they been built in the right place, are<br />
they built to a decent quality, or are there just too many<br />
of them for the level of demand? You don’t want to buy<br />
on a ghost community where unpaid maintenance fees<br />
can mean ill-kept common areas.<br />
Buying a “distressed” property or bank-owned<br />
property comes with its own complications<br />
(see page 20 Deals, Deals…) and independent<br />
legal advice is imperative.<br />
Equally, though, do consider the benefi ts of<br />
new build, which deservedly has many converts.<br />
Unlike off plan, you see exactly what you’re getting,<br />
and at the same time benefi t from a brand-new<br />
property. There are usually no nasty surprises about<br />
size, blocked views or how close the neighbours are.<br />
New-builds are built to the latest building standards,<br />
and usually come with a ten-year guarantee – though<br />
remember, these might not be the same as the<br />
UK – and in countries such as Italy fi tted kitchens<br />
aren’t included in the price.<br />
Although you may be liable to a VAT type tax on<br />
new-builds (in France it is 20 per cent), generally<br />
you could expect very little extra outlay on top of<br />
the purchase price, although beware of over-priced<br />
furniture packages.<br />
But a big plus point is that new-build properties are<br />
usually easier and cheaper to maintain, and this is a<br />
distinct advantage for those renting out their homes.<br />
In some highly competitive (and lucrative) holiday<br />
rentals markets such as Ibiza and Kalkan in Turkey,<br />
the latest generation of new-builds (with integrated<br />
technology, sophisticated lighting etc), have become<br />
almost a must-have.<br />
1 PLANNING YOUR PURCHASE<br />
OUT WITH THE OLD,<br />
IN WITH THE NEW?<br />
Do the benefi ts<br />
of buying off plan<br />
outweigh the risks<br />
for you?<br />
What guarantees<br />
are there the developer<br />
will be able to deliver<br />
the project?<br />
Due diligence by an<br />
independent lawyer is a<br />
MUST. This should<br />
include planning<br />
permissions and<br />
building guarantees.<br />
Ensure your deposit<br />
is protected in case the<br />
developer is unable to<br />
complete the project.<br />
What taxes will be<br />
payable on your newbuild<br />
property? Some<br />
countries (eg Spain)<br />
have temporarily<br />
reduced VAT on<br />
new-builds to<br />
encourage buyers.<br />
Are all the fi xtures<br />
and fi ttings – and<br />
kitchen - included in<br />
the price?<br />
AIPP CONSUMER GUIDE 8
WHAT <strong>TO</strong> <strong>BUY</strong> –<br />
RESALES<br />
S<br />
econd-hand, pre-loved, call them<br />
what you want, but the home that<br />
has already been sold to someone<br />
else has enjoyed a comeback<br />
since off plan projects stalled<br />
from Miami to Marrakech.<br />
Suddenly something that has already borne the<br />
wear and tear and eclectic tastes of a previous owner<br />
became a lot more attractive than an architect’s<br />
drawing or a half-built home on a development<br />
after the global downturn.<br />
What you see is what you get. You can see the<br />
location, the way the terrace catches the sun (or not)<br />
in the afternoons, the persistent hum of the nearby<br />
bypass and the quality of the build.<br />
In other words, you get a feel for something that has<br />
actually been lived in and how it will wear over time.<br />
When this has been a century or so, you’re defi nitely<br />
looking at something that has a certain staying power,<br />
and no doubt plenty of character and history, but<br />
period homes come with their own issues.<br />
Failing to comply with modern building regulations<br />
– such as those that relate to earthquake zones<br />
– is one area; being draughty, damp, with outdated<br />
plumbing and electrics is another downside.<br />
With newer resales these shouldn’t be an issue,<br />
but obviously you don’t get the pristine blank canvas<br />
that you do with a new-build.<br />
Either way, it’s essential to have a survey<br />
undertaken before you buy. In many countries, like<br />
France, it may not be the custom to get one done – or<br />
be required by lenders - but it will pick up any potential<br />
problems with the property that could end up costing<br />
you thousands.<br />
An independent lawyer is essential too to verify the<br />
vendor has the legal right to sell the property and to<br />
check for any title issues or debts connected with it,<br />
as well as if any alterations to it have been legal.<br />
Older properties in certain countries will be subject<br />
to historic ownership issues and/or multiple owners<br />
within a family (especially Morocco) so the purchase<br />
can be much more complicated than a new-build.<br />
Complex inheritance laws where properties are<br />
co-owned by dozens of people who will need to give<br />
their permission for a property to be sold could<br />
mean months or even years of delay.<br />
For this reason it can be much simpler buying a<br />
new-build in regions such as the Balkans, or Morocco.<br />
1 PLANNING YOUR PURCHASE<br />
YOU SEE<br />
WHAT YOU GET?<br />
Use an independent<br />
lawyer to do thorough<br />
checks on title deeds,<br />
associated debts,<br />
planning permissions<br />
and inheritance laws.<br />
Get a survey done.<br />
Know exactly what<br />
you are buying.<br />
How much will it<br />
cost to update/<br />
maintain? Can you<br />
extend and/or improve?<br />
If you want to lockup-and-leave<br />
or rent it<br />
out, will an older<br />
property be as hasslefree<br />
and as attractive as<br />
the latest new-build?<br />
AIPP CONSUMER GUIDE 9
WHAT <strong>TO</strong> <strong>BUY</strong> –<br />
IS THE TIME RIPE FOR FRACTIONAL?<br />
wning an overseas holiday property<br />
is an expensive business, involving<br />
maintaining and managing it from<br />
O afar – or paying someone else to do<br />
it for you – even though you might<br />
not be able to get there to enjoy it for more than a<br />
few weeks a year.<br />
So in these cash-strapped times, when most<br />
of us are especially wary about investing all our<br />
savings in one place, surely fractional ownership<br />
is a great solution?<br />
Fractional ownership allows you to own a share<br />
– or fraction – of the property that equates to a set<br />
number of weeks usage per year.<br />
The idea has worked well in the aircraft, yachts<br />
and motoring sectors – all “luxury” products like<br />
holiday homes that most people can only enjoy for<br />
a proportion of their hectic lives.<br />
Of course it also means that people can afford<br />
to “own” something they would not be able to afford<br />
in its entirety, thus opening up a “luxury” lifestyle<br />
to them.<br />
That’s all well and good, but fractional ownership<br />
in overseas property has suffered from being<br />
tarnished with the same brush as timeshare.<br />
In timeshare schemes – so popular then so<br />
exploited in Spain during the 1980s - you don’t<br />
own a share of the underlying asset, you only buy<br />
time periods of usage, say two weeks a year for<br />
twenty-fi ve years.<br />
Fractional schemes do differ, you generally own a<br />
share of the property’s freehold, thus having a stake<br />
in an appreciating asset (if property prices are going<br />
up, not down, that is).<br />
You essentially pay for a share, such as a tenth,<br />
and the cost will be the proportionate share of the<br />
property’s value, such as £50k of a £500k villa<br />
– roughly (there is always a mark-up from<br />
the developer for admin/management costs).<br />
The key to the success of fractional schemes<br />
is their fi nancial backing and management, so you<br />
really must do your research on this subject, and<br />
consider getting advice from a legal expert who<br />
has specialist knowledge of the fractional sector.<br />
If fractional schemes do fail it’s because of poor<br />
management and their inability to sustain occupancy<br />
levels – a need for high levels means that fractional<br />
schemes tend to be found in areas with good yearround<br />
appeal: tourist hotspots such as Tuscany,<br />
city-break destinations, golfi ng regions such as<br />
the Algarve – or the USA.<br />
In North America, the fractional home market is<br />
most highly evolved, and varies from several parties<br />
co-owning a recreational home (such as a ski chalet<br />
or golfi ng apartment) to more formalised forms of<br />
co-ownership in a resort property.<br />
Whilst the informal type of fractional ownership<br />
is of course prone to disputes between owners, they<br />
will not come with the fees required to run resort or<br />
developer-managed schemes. However a well-run<br />
management scheme should be effi cient and make<br />
your ownership trouble-free.<br />
But someone’s got to pay for a more complex<br />
(and thus potentially problematical) form of<br />
ownership so investigate what this premium really<br />
equates to, what the running costs are and whether<br />
it is as cost-effective as it appears to be.<br />
One downside is that you will have no control<br />
over the décor/upkeep of the property, but that<br />
can also be seen as a plus for those seeking a<br />
hands-free investment.<br />
Finally, as always, consider your exit strategy.<br />
How easy is it to sell on your fraction? Are there<br />
any contractual restrictions on how and when<br />
you can sell?<br />
It’s still early days for many European fractional<br />
schemes so happy-ever-after stories of buyers<br />
selling on their fractions are hard to locate, yet this<br />
in itself is perhaps evidence that contented buyers<br />
haven’t been in a rush to sell yet. Do your own<br />
research and try to speak to other investors so<br />
you too can make an informed choice.<br />
1 PLANNING YOUR PURCHASE<br />
FRACTIONAL<br />
QUESTIONS YOU<br />
MUST ASK…<br />
What exactly will I<br />
actually be owning and<br />
how much control over<br />
it will I have?<br />
What will be the<br />
monthly running costs/<br />
service charges?<br />
Will the management<br />
be effective enough<br />
to ensure good<br />
occupancy levels?<br />
What will be my<br />
exit strategy? Fractional<br />
is typically much more<br />
attractive to lifestyle<br />
buyers than pure<br />
investors, but it’s still<br />
important to fi nd how<br />
and when you can sell<br />
the fraction.<br />
AIPP CONSUMER GUIDE 10
KNOW BEFORE YOU GO<br />
or some property buyers the<br />
motivation is a permanent<br />
move abroad. The Foreign &<br />
F Commonwealth Offi ce (FCO) has<br />
a wealth of advice and tips on<br />
starting your new life overseas, including the issues<br />
you should consider before you go and what steps<br />
you can take when you arrive to help yourself settle<br />
into your new community. The FCO’s Director of<br />
Consular Services, Charles Hay, says:<br />
“A new life abroad offers wonderful opportunities.<br />
But in the excitement of making plans for a future<br />
in the sun it’s all too easy not to take into account<br />
possible downsides or the problems that can occur.<br />
Local laws can be complex and full of pitfalls for the<br />
unwary, so I urge you to get independent legal advice<br />
to safeguard yourself and your property.”<br />
Before you leave:<br />
Ë Work out what your retirement income will be<br />
- Be clear about your fi nancial situation on your<br />
retirement and allow for exchange rate fl uctuations<br />
and infl ation.<br />
Ë Request a UK State Pension Forecast – This<br />
will tell you in today’s monetary value the amount<br />
of state pension you have earned already and the<br />
amount you can expect to receive at state pension<br />
age. You will still receive your state pension if you<br />
live overseas, but it may not be increased annually<br />
if you are going to live outside the EEA or if you<br />
reside within the EEA but are not covered by EC<br />
social security regulations.<br />
Ë Find out about your tax liability abroad -<br />
If you retire abroad you may still have to pay UK tax<br />
on income you receive from the UK. You may also<br />
have to pay tax on UK income in the country in<br />
which you live.<br />
Ë Find out about your welfare rights abroad -<br />
You may be able to claim a benefi t in your country<br />
of residency, but the benefi ts you receive in the UK<br />
may also be affected by your move abroad. You can<br />
fi nd out more about the ‘habitual residency test’ on<br />
the DWP’s website (www.dwp.gov.uk) or the Citizens<br />
Advice website (www.citizensadvice.org.uk).<br />
Ë Let people know your change of address - Let<br />
your Social Security Offi ce, HM Revenue & Customs,<br />
National Insurance Contributions Offi ce – Centre for<br />
Non-Residents, and the DWP know when you are<br />
going to leave and give them your address abroad.<br />
Ë Find out about health costs abroad - When you<br />
ask the Department of Work and Pensions about<br />
getting your pension paid to you in another EEA<br />
country, they will automatically check to see if you<br />
can get the E121 as well. If so, you will receive the<br />
same free or reduced-cost medical treatment as<br />
a qualifi ed pensioner of the country you are in.<br />
The European Health Insurance Card (EHIC) is<br />
not valid once you move abroad and we<br />
recommended getting private health insurance.<br />
Ë Find out about accommodation costs - It may<br />
be better to rent to begin with to familiarise yourself<br />
with the area. Make sure you seek independent<br />
professional legal advice before purchasing.<br />
Your local British Embassy, High Commission or<br />
Consulate can provide a list of English-speaking<br />
lawyers who can assist you. Buy with CARE: go into<br />
it with Caution, make sure you seek Advice - local<br />
laws can be complex and unclear. Do your own<br />
Research then Evaluate before proceeding.<br />
When you arrive:<br />
Ë Register with the local authorities - This may<br />
give you access to the local welfare services after<br />
a short period of time. If you are moving to another<br />
EEA country you must apply for a residence permit<br />
within three months of arrival. If you do not register<br />
you may be unable to access local benefi ts and<br />
could even be breaking local law.<br />
Ë Learn the local language - Try to fi t in with the<br />
local community, you will fi nd day-to-day life much<br />
easier if you can make yourself understood.<br />
Ë Make a will - If you die intestate abroad<br />
this can cause diffi culties for your heirs.<br />
Seek professional legal advice. You may require<br />
separate wills for assets and property held in<br />
the UK and other countries.<br />
Ë Find out about British Associations - There<br />
may be clubs, publications and charity organisations<br />
for the expatriate community, lists are available<br />
from your local British Embassy, High Commission<br />
or Consulate.<br />
Ë Keep your vote - You can register to vote as an<br />
overseas elector for up to 15 years after you were<br />
last registered in the UK. To register, contact the<br />
electoral registration offi cer at the local council where<br />
you were last registered as an elector when living<br />
in the UK. For further information see the Electoral<br />
Commission websites www.electoralcommission.org.uk<br />
and www.aboutmyvote.co.uk.<br />
To fi nd out what the British Consulate, High<br />
Commission or Embassy can do for you when<br />
you’re moving abroad, and for a list of useful<br />
contact details, visit www.fco.gov.uk/travel<br />
1 PLANNING YOUR PURCHASE<br />
AIPP CONSUMER GUIDE 11
SECTION CHECKLIST:<br />
WHAT SORT OF PROPERTY DO YOU WANT?<br />
Why are you buying abroad?<br />
If it is a holiday home you only really need to make sure<br />
you and your family will enjoy the property .<br />
Will you need to rent the property out to help cover costs?<br />
If so, how many weeks’ rental can you expect to secure?<br />
Climate and amenities will have a bearing on where you<br />
choose if you seek year-round rentals.<br />
If you hope for holiday rentals, make sure you buy a<br />
property where they are authorised (especially beware of<br />
restrictions in Florida and the Canaries).<br />
How accessible is your property?<br />
Within 90 mins of an airport is better for rentals.<br />
If the property is an investment, do you intend to make<br />
money by capital appreciation, rental income,<br />
or by improving it?<br />
1 PLANNING YOUR PURCHASE<br />
What type of property<br />
best matches your needs?<br />
If you are buying to let, a new build property on a managed<br />
complex might be the most hassle-free, rentals-friendly<br />
option (rather than an older property)<br />
New-builds: your lawyer needs to verify that the building<br />
has all the necessary licences and permits in place<br />
(due diligence)<br />
Make sure you know what is and is not included<br />
in the purchase price.<br />
If buying a resale – especially a distressed sale - make sure<br />
there are no outstanding debts against the property and<br />
be sure to check the title deeds.<br />
Are you buying the right size of property for your needs<br />
(enough bathrooms)?<br />
Could part-ownership or fractional work for you?<br />
If planning a permanent move abroad then the Foreign and<br />
Commonwealth Office has information that will help make<br />
your move a successful and happy one – see page 11<br />
AIPP CONSUMER GUIDE 12
INSPECTION TRIPS<br />
lthough not the major players<br />
they used to be in the overseas<br />
property world, inspection trips<br />
A can be a great way of fi nding your<br />
ideal property abroad.<br />
Buyers tend to be much better informed about<br />
properties since the end of the boom, and often<br />
prefer to plan their own research trips, but the<br />
fact is a trip organised by a reputable agent can<br />
be a great way of fi nding a property.<br />
Inspection trips tend to be arranged when<br />
you have identifi ed a specifi c area, worked<br />
out your target price range, and need to see<br />
what’s out there.<br />
Now buyers tend to be serious, such “freebie<br />
trips” are the subject of less controversy than<br />
they once were: buyers aren’t in the market for<br />
time-wasting and agents can’t afford to host<br />
them without very good reason.<br />
The key is to manage your expectations<br />
and make sure they tally with the organiser’s.<br />
You really shouldn’t consider going unless you<br />
are reasonably serious about buying in the area.<br />
What will be paid for exactly (fl ights are often<br />
part-covered or accommodation offered at a<br />
discount), what does the agent expect in return<br />
and are you happy that the proposed schedule<br />
meets your needs? If you are paying for your own<br />
fl ights you will not feel beholden to giving your<br />
time to anyone and you can arrange your<br />
appointments with agents at will.<br />
A sensible itinerary on an inspection trip will<br />
make the most of your time in the area with an<br />
expert – but not try to pack too much in as this<br />
may leave you confused.<br />
Will you require some spare time to look around<br />
yourself? Would it be useful taking along a trusted<br />
friend for a second opinion?<br />
Prepare questions before the trip, and once you’re<br />
there, keep a clear head during viewings, and don’t<br />
be afraid to speak up if you aren’t fi nding it useful<br />
or relevant. You don’t want to be getting on the fl ight<br />
home feeling you’ve had a wasted two days.<br />
Most trips won’t end in a sale immediately but<br />
that doesn’t mean they haven’t been a success.<br />
Don’t be brow-beaten into any instant decisions,<br />
let the sun and sangria wear off before acting.<br />
A clear understanding of what you are looking<br />
for and an equally clear dialogue with the agent,<br />
will help pave the way for a sucessful trip.<br />
2 <strong>BUY</strong>ING YOUR PROPERTY<br />
<strong>TO</strong>P TIPS FOR..<br />
SUCCESSFUL..<br />
TRIPS..<br />
Do your research<br />
and agree the terms of<br />
the trip in advance.<br />
Pay your way for<br />
more freedom.<br />
Can the agent speak<br />
English and do they<br />
know the area well?<br />
Maximise your<br />
time by seeing as<br />
much as possible.<br />
Take a map, make<br />
notes and take pictures<br />
as you go.<br />
Keep a cool head<br />
– don’t feel pressurised<br />
to buy on the spot.<br />
AIPP CONSUMER GUIDE 13
DEALS, DEALS, EVERYWHERE<br />
erhaps the biggest generalisation<br />
one can make about overseas<br />
property markets in 2012 is<br />
P that they are deluged with deals.<br />
In the drawn-out wake of the<br />
global downturn most major markets – with some<br />
notable exceptions such as Switzerland and<br />
Scandinavia – have a hefty proportion of homes<br />
worth at least 10-20 per cent less than they were<br />
fi ve years ago.<br />
It is clearly a buyer’s market right now and if<br />
an overseas property purchase is on your agenda<br />
and you can afford it, the current climate puts<br />
you in a strong negotiating position.<br />
But when faced with such volumes of “bargains”<br />
buyers can easily be fazed. How do you tell a<br />
genuine good deal from something that is not?<br />
How can you be sure you are buying something<br />
that will recover its value in fi ve or ten years?<br />
There is a certain amount of truth in the mantra<br />
of the downturn: “if it sounds too good to be true,<br />
it probably is.”<br />
Even if you are buying for lifestyle reasons,<br />
you should still think of your exit strategy (will it be<br />
sellable in a few years and who is likely to buy it?) as<br />
you never know what might happen that might mean<br />
you need to sell it sooner than originally planned.<br />
So, you need to sort the wheat from the<br />
chaff and make sure you make a sound – and<br />
safe – investment.<br />
14 AIPP CONSUMER GUIDE<br />
First of all, at the risk of repeating ourselves,<br />
you must always use independent legal advice.<br />
Secondly, when dazzled by drastic pricereductions,<br />
you mustn’t forget the most<br />
basic of rules of buying a property – location,<br />
location, location!<br />
A cheap price doesn’t always mean a good<br />
deal, and, just as if when contemplating buying a<br />
half-price coat in a high street sale, ask yourself<br />
whether you’d still want to own it if it was at its<br />
original price?<br />
Let’s take Spain for example, where there are<br />
around 330,000 repossessed properties in the<br />
hands of banks alone, never mind the ones being<br />
sold by agents or individuals desperate to sell.<br />
Bear in mind that banks have got properties<br />
because owners can’t sell them, so they are<br />
unlikely to be in prime locations, and any great<br />
buys have probably been cherry-picked by<br />
their employees.<br />
Don’t try approaching banks yourself – unless<br />
you are fl uent in Spanish – as they are not very<br />
well geared to dealing with foreign buyers.<br />
If you are offered bank-owned properties<br />
There is a certain amount of truth inthe<br />
mantra of the downturn: “if it sounds too<br />
good to be true, it probably is.”
via an agent, bear in mind that an agent may have<br />
his own agenda – and be pushing properties from<br />
a specifi c bank he has links with, for example –<br />
so do your own research on a property.<br />
Going back to location, is the property<br />
genuinely close to the coast (if that is what it is<br />
promoted as being), and is it on a healthy and<br />
well-established development?<br />
Who else is buying on the development, are<br />
many of the properties empty – or, worse, never<br />
been lived in?<br />
If the bulk of the properties on a development<br />
aren’t occupied you may have problems with unpaid<br />
community fees which will lead to problems with<br />
the upkeep of common areas (another danger<br />
sign to look out for).<br />
All these things make a visit to the property<br />
yourself essential; you won’t be able to ascertain<br />
its genuine condition – or that of its surroundings<br />
– without it.<br />
Your lawyer should investigate thoroughly if a<br />
property has any debts, including utility debts,<br />
as banks may not have time to keep on top of<br />
the management of their hefty portfolios.<br />
If you are tempted by buying something at<br />
auction, again, it is also essential that you inspect<br />
it yourself and get full legal checks done on its<br />
background. You must also have completed all the<br />
research you need to make an educated decision<br />
about your maximum bid on the day of the auction.<br />
What have neighbouring properties been selling<br />
for? What is its rental potential? How much is<br />
it going to cost to get into good shape?<br />
Needless to say, your fi nance should also be<br />
in place beforehand, and if you have any doubts<br />
on the day, walk away.<br />
If you are thinking of buying in Florida, many<br />
of the pieces of advice above will be just as<br />
relevant, with particular caution urged when<br />
buying on condominium complexes.<br />
Although some parts of the Florida market are<br />
fast-recovering, there are still a lot of short sales<br />
around which require extra caution and expert help.<br />
These are properties in negative equity, being sold<br />
off cheaply by the agent/lender to prevent it going<br />
into “foreclosure” (being repossessed).<br />
Many agents steer clear of dealing with short<br />
sales for the simple reason they can be too<br />
problematic and time-consuming. So bear this in<br />
mind – it is not the easiest arrangement for a buyer<br />
based across the Atlantic and unfamiliar with the<br />
workings of American agents and banks. Short<br />
sales take an average of three months to complete,<br />
so you need patience and good legal advice to<br />
make all those background checks.<br />
Foreclosed properties can also have their own<br />
problems, often based on the fact they would<br />
have remained unoccupied for a period of time,<br />
potentially leading to all sorts of issues of neglect<br />
or dampness where humidity is a factor.<br />
2 <strong>BUY</strong>ING YOUR PROPERTY<br />
BARGAIN..<br />
HUNTERS...<br />
BEWARE..<br />
A cheap price<br />
doesn’t always mean<br />
a great deal. Forget the<br />
numbers and ask all<br />
the usual questions<br />
about location, access<br />
and rentability.<br />
If it sounds too good<br />
to be true, it probably is.<br />
Why hasn’t it<br />
been snapped up by<br />
someone else?<br />
If you had to sell<br />
it on in six months,<br />
could you be sure that<br />
someone else would<br />
want it (ie does it tick<br />
lots of boxes)?<br />
Don’t scrimp<br />
on thorough legal<br />
advice and checks.<br />
Bank owned<br />
properties should<br />
be treated with<br />
extra caution - get<br />
expert advice.<br />
AIPP CONSUMER GUIDE 15
<strong>HOW</strong> DO YOU FIND<br />
A GOOD AGENT?<br />
state agents may be regarded by<br />
some as a necessary evil but the<br />
fact is if you’re buying or selling a<br />
E house it usually helps to have one.<br />
In the UK they may perform a<br />
relatively straightforward hand-holding role, but<br />
when you’re buying abroad they need to play a<br />
far more signifi cant role that encompasses tour<br />
guide, chauffeur, translator and general advisor.<br />
You may spend hours driving across the<br />
countryside with them, share meals, in fact even<br />
become life-long friends with them – if things work<br />
out especially well. In other cases, of course,<br />
relations might not end quite so cordially.<br />
So how do you fi nd someone<br />
knowledgeable and trustworthy?<br />
Word of mouth always counts for a lot, as do<br />
genuine testimonials from previous clients,<br />
or advice from online forums.<br />
Bear in mind that agents are not always<br />
regulated or accredited in any way – this differs<br />
hugely from country to country. Thus membership<br />
of the AIPP is one benchmark and means they<br />
are bound by a professional code of conduct and<br />
disciplinary process (see pages 47-49).<br />
In some countries, anyone with a phone and<br />
internet access can promote themselves as an<br />
agent. But in the States agents have indemnity<br />
insurance, and undergo relatively rigorous training.<br />
And in France an agent immobilier must have<br />
a carte professionelle, which means they are<br />
registered and have relevant experience.<br />
Meanwhile in Andalucia, in 2006 codes of<br />
conduct were introduced for estate agents which<br />
mean they have to provide a dossier of offi cial<br />
documentation with any property offered for sale<br />
or long-term rental – or they risk fi nes.<br />
But accountability aside, consider the language<br />
barrier and also whether an agent has the<br />
capabilities to deal with an overseas buyer who<br />
has different expectations and involves extra work,<br />
needing all sorts of information about transport,<br />
schools, beaches etc, as well as being unfamiliar<br />
with the buying process.<br />
Test their knowledge by asking them about all<br />
16 AIPP CONSUMER GUIDE<br />
these things – they should be happy to spend time<br />
helping you and meeting face to face will help you<br />
make a judgement on their suitability. Do you feel<br />
comfortable with them?<br />
You will also often have the choice of working<br />
with a UK-based company selling abroad, or one<br />
locally based. There are advantages of each, but<br />
make sure that you are going to end up dealing<br />
with someone with great local knowledge, whether<br />
it is through a UK associate, or not.<br />
So be clear who they are, who they work for,<br />
how they work, what you expect from them, and<br />
how much they are going to cost.<br />
Agent fees differ hugely between countries – and<br />
also in different cantons or regions within countries<br />
– and are sometimes paid for by the vendor, or<br />
shared between vendor and purchaser. They can<br />
vary from one to ten per cent, so check this out<br />
from the word go.<br />
Another option is using an independent property<br />
fi nder or agent who will be acting purely on your<br />
interests, but you may think the outlay is worth it<br />
– it is typically three per cent of the fi nal purchase<br />
price, plus possibly an initial search fee.<br />
Finally, as knowledgeable and helpful as your<br />
agent proves to be, they will never replace the<br />
need for independent legal advice. Always use<br />
a qualifi ed, English-speaking lawyer not supplied by<br />
the agent or developer. He or she may cost a little<br />
extra, but this is an essential cost that could save<br />
you thousands further along the line, if there is<br />
some oversight that comes to light due to<br />
the language barrier.<br />
2 <strong>BUY</strong>ING YOUR PROPERTY<br />
<strong>TO</strong>P TIPS <strong>TO</strong>..<br />
FIND A .<br />
<strong>TO</strong>P AGENT..<br />
Choose an agent who<br />
comes recommended.<br />
Ideally meet them<br />
face to face.<br />
Be clear about their<br />
role – and their costs<br />
– from the word go.<br />
Do they know their<br />
stuff? Make the most of<br />
their local knowledge.<br />
Are they licenced,<br />
or member of any<br />
regulatory body such<br />
as the AIPP?<br />
What help can<br />
you expect during<br />
the buying process?<br />
Will there be any<br />
after-sale care?<br />
Never view an agent<br />
as a substitute for<br />
independent legal and<br />
fi nancial advice.
ROLE OF THE<br />
DEVELOPER<br />
ove them or hate them, property<br />
developers have had a tough<br />
few years as many fl y-by-nights<br />
L fell at the wayside when the global<br />
downturn began to kick in.<br />
But now, in areas such as Orlando in Florida,<br />
new-build schemes are beginning to multiply, and<br />
you may fi nd yourself considering buying a property<br />
from a developer. What’s more, there are some<br />
pretty good deals out there from developers keen<br />
to get the market going, such as offers of free<br />
furnishings or white goods.<br />
The fi rst thing to point out is that you can buy<br />
a new home direct from the developer – through<br />
their on-site sales offi ce or wherever their own<br />
sales team have offi ces – but you can also buy<br />
their properties via agents.<br />
If you’re buying a property in Spain, you may<br />
also buy a new (repossessed) property via a bank,<br />
which is a different ballgame again – and you’ll<br />
need to gain expert advice on this (see page 14<br />
for some pointers).<br />
But in the main, you’ll be buying via the<br />
developer or an agent, and it is worth bearing in<br />
mind that buying direct from the developer could<br />
in some cases save you a mark-up, so it is worth<br />
doing your research and comparing price tags,<br />
especially if you’ve set your heart on one particular<br />
community or development.<br />
You should also always try negotiating on price<br />
as buyers are in short supply these days. If you<br />
are a serious buyer, they will be keen to talk to you.<br />
But whichever route you pursue, you must do your<br />
research on the track record of the developer.<br />
Contract is with the developer<br />
A common misconception is that you’re buying<br />
from the agent, but in the case of new-builds it’s<br />
the developer who you will enter into contract with,<br />
not the agent. If anything goes wrong with the build,<br />
it’s the developer that you will ultimately be dealing<br />
with, not the third party.<br />
So ask for full details of projects they have<br />
completed already – what is their recent track<br />
record? Get your legal advisor to check<br />
they are fi nancially sound, but also research<br />
their reputation.<br />
Can you chat with people who have bought from<br />
them already? If a development hasn’t been begun<br />
yet (and you are buying off plan) then going to see<br />
other projects from the same developer at least gives<br />
you an idea of the build quality they can turn out.<br />
Of course it won’t be a guarantee that your<br />
property will be the same or better, but developers<br />
often promote the “quality” of a project by showingoff<br />
other schemes, and you should be wary if<br />
they are not keen to do this for any reason.<br />
You should also ask the developer about<br />
the building code or regulations of the country<br />
where the property is located, guarantees and<br />
planning permissions.<br />
Regulations and standards obviously differ from<br />
country to country – especially those in hurricane<br />
or earthquake zones - and are also still evolving<br />
in emerging markets. You can’t always expect the<br />
same standards as the UK – though you can expect<br />
much better in countries such as Switzerland! - so<br />
be realistic.<br />
You should expect that full planning permissions<br />
have been received. If buying off plan before such<br />
permissions are granted, be very wary. Ask why<br />
this is, ensure you will have full rights to a refund if<br />
permissions are not obtained, and question whether<br />
you want to take the risk when there are so many<br />
already-built properties being sold off cheaply.<br />
Then there is timing. Many projects have been<br />
delayed in recent years and with fi nancial uncertainty<br />
ongoing in many countries, you need some sort<br />
of accountability. So when the developer provides<br />
you with a building schedule for your property,<br />
there should be penalty clauses for delays.<br />
The staged payments set out in the sales<br />
contract act as a form of guarantee – but<br />
should be held in a third-party escrow account<br />
for full protection.<br />
As with any building work, you should never<br />
make the fi nal payment until all the snagging<br />
issues are resolved.<br />
2 <strong>BUY</strong>ING YOUR PROPERTY<br />
DEVELOP..<br />
COMMON...<br />
SENSE..<br />
Know who you are<br />
buying from: direct from<br />
the developer or via<br />
one of their agents?<br />
Don’t sign a<br />
purchase agreement<br />
or sales agreement<br />
without seeking<br />
full independent,<br />
legal advice.<br />
Research the track<br />
record of the developer.<br />
Your legal adviser<br />
should perform due<br />
diligence on the<br />
developer, including<br />
planning permissions,<br />
land title, and<br />
bank guarantees.<br />
Check out their<br />
recent projects, fi nd out<br />
how fi nancially sound<br />
they are. Do other<br />
projects measure up<br />
in quality?<br />
Investigate how<br />
the development<br />
will be managed on<br />
completion – who will<br />
do it, how much will<br />
they charge? Estimates<br />
could increase once the<br />
complex is completed.<br />
AIPP CONSUMER GUIDE 17
<strong>BUY</strong>ING COSTS<br />
Are you really clear about the true<br />
costs of buying a property? To provide<br />
a helping hand with your budgeting,<br />
we’ve picked a typical holiday home<br />
and itemised the costs that come with<br />
buying it – and the ongoing costs.<br />
This example is a traditional fi nca<br />
in Sentenil in Andalucia.<br />
18 AIPP CONSUMER GUIDE
t’s easy to get excited about buying an overseas property and<br />
quite rightly too, owning a bolthole you can return to time<br />
and again and spend increasing periods of time in later life is<br />
I an aspiration for many. But you also need to keep a clear head<br />
and face up to costs other than the buying price, from one-off<br />
purchase expenses through to ongoing maintenance costs.<br />
You should have researched the country you plan to buy in and have a good<br />
understanding of the fees involved in purchasing a property – land registry, legal<br />
fees, etc – and your agent should be able to give you the detail on this. If you<br />
require funding, mortgage availability and interest rates will play a key part in your<br />
monthly outgoings and you should be clear on what you can and cannot afford.<br />
Exchange rate fl uctuation is an important factor and you may want to tie<br />
yourself into a pre-agreed rate with a specialist currency provider for monthly<br />
overseas payments so you have no nasty surprises if the rate moves against<br />
you (equally though, you won’t usually benefi t if the rate improves – for more<br />
information on currency see page 39).<br />
Many people choose to offset their monthly costs through rentals and if this<br />
is part of your plan, you need to have researched the area to see what similar<br />
properties charge per week in the high and low seasons and understand how<br />
many weeks occupancy you can expect (for more information on renting out<br />
your property see pages 28-29).<br />
The example below outlines typical one-off purchase costs, this happens to<br />
be in Spain and other countries will vary, plus the monthly repayments based<br />
on borrowing 70% of the purchase price. Obviously the mortgage repayments<br />
revolve around the amount borrowed but some of the one-off costs – legal fees<br />
for example – will also be less for a lower-priced property.<br />
PURCHASE PRICE: €379,500 (£307,502)<br />
MORTGAGE OPTION<br />
Capital repayment mortgage of 70 per cent LTV (€265,650) with an interest rate<br />
of 3.47 per cent and a 25-year term.<br />
ONE-OFF PURCHASE COSTS<br />
Deposit (30 per cent of €379,500) €113,850 (£92, 237)<br />
Closing costs (notary, land registry, purchase tax, lawyer) €30,360 (£24,599)<br />
<strong>TO</strong>TAL ONE-OFF PURCHASE COSTS £116,836<br />
ONGOING COSTS (NOT TAKING IN<strong>TO</strong> ACCOUNT ANY RENTAL INCOME)<br />
Monthly mortgage repayment (over 25 years) €1,326 (£1,074)<br />
Annual council tax €128 (£103)<br />
Utilities per year (has solar system, self-suffi cient water and electrics) zero<br />
<strong>TO</strong>TAL ANNUAL OUTGOINGS £12,991<br />
<strong>TO</strong>TAL MONTHLY OUTGOINGs £1,082<br />
RENTAL INCOME: This property should rent for €500-€1,000 per week<br />
(depending on time of year) and 40 weeks might be possible through good<br />
marketing. These fi gures are a guideline only.<br />
THE REAL DEAL: Budget to have £117,000 in the bank to take ownership of<br />
this property with a 70 per cent LTV mortgage. This would make the property’s<br />
annual running costs around £13,000 If you let the property, you’d need to factor<br />
in management costs and potential income tax on rentals.<br />
2 <strong>BUY</strong>ING YOUR PROPERTY<br />
AIPP CONSUMER GUIDE 19
MAKE THE MOST OF<br />
OVERSEAS RENTALS<br />
Many second home owners plan to rent out their<br />
property to help cover its costs. How to do this best?<br />
etting your holiday home has become<br />
a sophisticated business these days,<br />
with growing competition between<br />
L home owners who need to earn an<br />
income from their overseas property.<br />
Some people may decide they need to rent a<br />
property out due to rising mortgage payments<br />
(if exchange rates are working against them),<br />
escalating upkeep costs, or perhaps because<br />
they can’t sell it in a slow market.<br />
These “accidental landlords” may not have bought<br />
their property to let, yet can still maximise their<br />
property’s plus points, even if it might not tick every<br />
single box of the perfect rental property.<br />
But keeping a property in use does have<br />
advantages – a property lying empty for half the year<br />
is no use to anyone –and the ever-growing popularity<br />
of self-catering villa holidays (over hotels) means the<br />
sector is still expanding.<br />
So fi rst of all check that you are permitted to rent<br />
out your property for short term (holiday) lets. If it is<br />
on a development in Spain (especially the Canaries)<br />
or the States there may be restrictions within that<br />
specifi c urbanisation or community.<br />
In Florida, for example, areas close to the<br />
beaches or theme parks are often zoned for<br />
short-term rentals, whilst others are designated<br />
“residential” and only allow long-term lets<br />
(over three or six months).<br />
20 AIPP CONSUMER GUIDE<br />
Don’t just ask the selling agent, get independent<br />
advice too, and fi nd out if you need any kind of<br />
licence as an overseas owner. A recent clampdown<br />
in the Canaries has led to many owners being hit<br />
with fi nes, even though they bought on developments<br />
where they were told holiday lets<br />
were authorised.<br />
Of course, if you have the choice, you will need to<br />
consider whether you are targeting long- or short-term<br />
letting (or both), bearing in mind the lower weekly<br />
income offered by long-term might be balanced out<br />
by lower management and marketing costs plus also<br />
the security of a season-long booking. In France,<br />
long-term rental laws heavily weighted towards the<br />
tenant can cause problems for landlords, especially<br />
when tenants refuse to leave (eg families cannot<br />
be evicted during winter).<br />
Some owners fi nd short-term lets in the<br />
summer and long-term off-season lets work the<br />
best fi nancially.<br />
You will need to pay income tax on lets so<br />
investigate the tax situation (which can be constantly<br />
changing, so best to seek professional advice), what<br />
Some owners fi nd short-term lets<br />
in the summer and long-term off -season<br />
lets work the best.
unning costs/community charges you will have and<br />
also what insurance you will need as a landlord.<br />
Have you allowed for ad hoc maintenance costs?<br />
Consider what currency you will receive your<br />
rental income in, and how you will pay management<br />
costs locally. If you’ve purchased with a mortgage,<br />
it’s usually more convenient to receive your rental<br />
income in the same currency.<br />
Then you will have to market your property<br />
– essential in today’s competitive marketplace.<br />
Use high quality photographs, making the most<br />
of the best features, and use clear wording on<br />
user-friendly lettings portals.<br />
Have you determined who your market is going to<br />
be so you can target your advert (and facilities?).<br />
Are you going to be aiming for couples or families?<br />
You need to emphasize the location, amenities and<br />
relevant features you can provide (high-chairs, bikes,<br />
etc). Don’t forget you might need special safety<br />
features for pools.<br />
Consider creating your own website, alongside<br />
using the popular portals; also consider adverts in<br />
local businesses. Clever marketing campaigns using<br />
social media and last-minute offers are other options.<br />
Of course word-of-mouth recommendation is the<br />
most cost-effective source of business, so leaving<br />
a lasting impression (providing a welcome hamper,<br />
basic store cupboard necessities or other such<br />
extras which will be remembered) is savvy marketing.<br />
Then ask yourself if you are going to be able to<br />
respond to booking enquiries yourself speedily, or<br />
is it worth using an agency or portal? Doing this all<br />
yourself can be hard work or impractical, and that’s<br />
even before day-to-day management of the property.<br />
Most people have a local person on hand to<br />
deal with key handover and potential problems –<br />
so don’t forget to factor in management costs of<br />
10-15 per cent typically.<br />
Buying to let<br />
If you are buying a property expressly to rent, then<br />
having access to an established rentals management<br />
scheme might be preferable, assuming you are on<br />
a development or resort.<br />
Whether on a micro- or macro-level, location is<br />
essential. Think about accessibility: most people<br />
prefer to be within 90 minutes of an airport, and<br />
if it’s a beach location, that the beach is within a<br />
5-10 minute walk.<br />
What type of climate or seasons do you seek?<br />
Locations boasting year-round sun or dual-season<br />
appeal can be the most lucrative in terms of the<br />
level of occupancy you can expect.<br />
Weigh up city lets vs. year-round sun (Canaries,<br />
Cape Verde, Caribbean) vs. golfi ng and ski resorts<br />
or tourism hubs (Italian lakes).<br />
How saturated is the local market with rental<br />
properties, and what will you need to provide to<br />
match (or beat) the competition?<br />
Are there any gaps in the market? You may<br />
need to provide use of a shared pool on a complex,<br />
or offer a private one that will enable you to<br />
command a premium.<br />
The type and size of property is important.<br />
New-build properties are generally easier to<br />
maintain, and amenities on communal developments<br />
(children’s pools, spa, gyms) can be used as<br />
selling points.<br />
The most popular size of property in many<br />
holiday areas are one or two bed apartments –<br />
again, do your research – but the provision of a<br />
sofa bed in the lounge that turns it into a “sleeps<br />
4-6” adds fl exibility.<br />
In central Orlando, for example, four or fi ve bed<br />
villas with three bathrooms and their own pool are<br />
perfect for an extended family group or two families<br />
– the typical Disney holiday set-up (in the short-term<br />
rentals zone).<br />
When furnishing a property for rentals, many<br />
professionals recommend higher quality fi ttings<br />
and furniture that will stand the heavy wear and<br />
tear better than cheap stuff. This is especially<br />
relevant if you are targeting families.<br />
Also, don’t over-clutter and think of the type<br />
of things holidaying guests will need, from heaters<br />
to high-chairs and fi rst-aid kits. What kind of<br />
unique selling points will make it stand out<br />
against the competition?<br />
2 <strong>BUY</strong>ING YOUR PROPERTY<br />
TIPS <strong>TO</strong>..<br />
RENTAL SUCCESS..<br />
Do your research.<br />
Look for gaps in the<br />
market/demand when<br />
choosing a property.<br />
Consider climate,<br />
access and amenities<br />
when choosing a<br />
location.<br />
Know your target<br />
market. Buy and kit out<br />
to suit the target market<br />
in your chosen area. Is<br />
it families with young<br />
children or couples?<br />
Do things by the<br />
book. Are holiday<br />
lets authorised? Seek<br />
legal advice on local<br />
laws, obligations for<br />
landlords, tax liabilities<br />
and insurance.<br />
Make an impression.<br />
Add that little extra<br />
something to lead to<br />
repeat bookings and<br />
recommendations.<br />
Invest time and<br />
money in marketing.<br />
First impressions count.<br />
Sell your property<br />
at fi rst glance, use<br />
different media and<br />
innovative offers.<br />
AIPP CONSUMER GUIDE 21
SECTION CHECKLIST:<br />
WHAT <strong>TO</strong> CONSIDER WHEN <strong>BUY</strong>ING YOUR PROPERTY<br />
Research, plan and make sure you know what you are<br />
looking for – and what you can expect from other people<br />
in the process …<br />
Find yourself a good agent. Try to meet them in person,<br />
seek recommendations and don’t forget that they are<br />
usually acting for the vendor.<br />
Is the agent licensed or a member of a professional<br />
body such as the AIPP?<br />
Ask lots of questions to test their market and local<br />
knowledge. Quality agents should be prepared to advise<br />
broadly on the region, the property and the buying process.<br />
If you choose to go on an inspection trip, paying your way<br />
can facilitate greater freedom. There’s no such thing as a<br />
free lunch.<br />
If buying new-build, check the track record of the developer,<br />
what have they built recently, has it been built on time, and<br />
how have their earlier projects fared?<br />
2 <strong>BUY</strong>ING YOUR PROPERTY<br />
For bank-owned properties and short sales, it is advisable<br />
to deal with someone who specialises in that field – you<br />
need expert experience.<br />
Don’t proceed without independent legal advice or sign<br />
anything you don’t understand, get it checked by<br />
your lawyer.<br />
Budget for the legal fees, purchase taxes, and all the<br />
additional costs you might incur as part of the purchase,<br />
including money-transfer fees, mortgage arrangement fees,<br />
and survey (where applicable).<br />
What about ongoing costs? Can you afford to own a<br />
second property? Don’t forget management costs if<br />
renting, income tax on rental income, insurance<br />
and community fees.<br />
Investing a little extra in marketing tools can help your<br />
property compete in the rentals market if this income is<br />
something you’re going to need to rely on.<br />
AIPP CONSUMER GUIDE 22
LEGAL:<br />
n the UK we routinely use a lawyer<br />
when buying or selling a home.<br />
In fact we don’t have a choice –<br />
I the conveyancing process<br />
involves solicitors.<br />
Perhaps it’s the fact it is so routine here at home,<br />
that people buying abroad don’t think of taking the<br />
special effort to use a legal expert – when there is<br />
even more reason for them to use one!<br />
You may not speak the language, be familiar with<br />
the property-buying process or actually know anything<br />
about the legal systems for starters. Basically you’re<br />
highly open to manipulation and making mistakes.<br />
Who do you turn to for impartial advice? Not<br />
anyone supplied by the agent, developer, or anyone<br />
with interests in the transaction.<br />
Using an independent lawyer when buying abroad<br />
is arguably more important for your fi nancial<br />
protection than when purchasing at home in the UK.<br />
In most European countries, due to the role of<br />
notaries in the conveyancing process, it’s not practice<br />
for locals to employ a personal lawyer. But don’t try to<br />
scrimp on legal costs: it could be a costly oversight.<br />
Ask around for recommendations from people who<br />
have been through the buying process – and you can<br />
also ask the AIPP. Ideally the lawyer will be bi-lingual<br />
and have a good knowledge of the country’s land laws.<br />
The role of a lawyer is the same as in the UK in<br />
that they are acting in your interests so will<br />
do all necessary due diligence for you, ensuring<br />
WHY YOU SHOULD ALWAYS USE<br />
A LAWYER WHEN <strong>BUY</strong>ING ABROAD<br />
3 ESSENTIAL SERVICES<br />
your purchase contract achieves everything you<br />
expect and have agreed on.<br />
This will include searches on the property, the<br />
land it stands on, planning permissions, and whether<br />
it carries any debts or encumbrances.<br />
They will act as a facilitator between the different<br />
parties involved in the transaction, and for the sake<br />
of practicality, when buying abroad it is common to<br />
give your legal representative power of attorney.<br />
A good lawyer should also talk to you about<br />
inheritance law, how to minimise inheritance tax, and<br />
other tax implications – or refer you to a specialist.<br />
You should never sign any contract without having<br />
it checked by your lawyer. Even if it has been<br />
translated (which it should have been!) and you<br />
think you understand everything, it is often what is<br />
left out of a legal document that causes problems<br />
further down the line.<br />
When you come to complete on the property,<br />
your lawyer should check the public title deed<br />
drawn up by the notary before you sign it and pay<br />
the outstanding balance.<br />
After completing, your lawyer should oversee<br />
your compliance of tax affairs and ensure your<br />
deeds are registered at the Land Registry.<br />
Typically, fees for an overseas lawyer are 1-1.5<br />
per cent of the purchase price, with a minimum fee.<br />
These vary between countries and could increase if<br />
unexpected consultation is required (as always) but<br />
it is without doubt money well spent.<br />
WHY IS A NOTARY..<br />
NOT A LAWYER..<br />
Notaries (notaires in<br />
France, notaios in Italy<br />
and notarios in Spain)<br />
are legal representatives<br />
of the state whose<br />
job is to oversee and<br />
rubber-stamp property<br />
transactions. While it’s<br />
the job of a notary’s<br />
offi ce to draw up<br />
deeds, their impartial<br />
position means it is not<br />
their responsibility to<br />
indicate whether the<br />
deeds are in favour of<br />
either the vendor or the<br />
buyer. This is what your<br />
lawyer will do, who will<br />
(or should) be acting on<br />
your behalf and no<br />
one else’s.<br />
AIPP CONSUMER GUIDE 23
TAX:<br />
THERE IS NO ESCAPE,<br />
SO GET IT RIGHT<br />
n this age of austerity, governments<br />
are keener than ever to fi nd extra<br />
sources of income – which essentially<br />
I means raising taxes in addition to<br />
cutting public services.<br />
Second-home owners are inevitably going to be<br />
targeted by such governments, and we are seeing<br />
in Spain, especially, that authorities are suddenly<br />
clamping down on regulations and tax obligations<br />
previously ignored – with hefty fi nes the result.<br />
So, as an overseas property-owner, are you<br />
fully aware of your obligations? It is essential you<br />
understand the difference between being resident<br />
in a country and being tax-resident there. This has<br />
implications for inheritance tax – and inheritance<br />
issues should also be discussed with a legal/tax<br />
expert so you can avoid heartache and expense<br />
later down the line. In fact, it is worthwhile using an<br />
overseas lawyer or accountant – or in Spain, a gestor<br />
– once a year to ensure you pay the right tax - at the<br />
right time.<br />
In Spain, to be a tax-resident you must make an<br />
annual tax declaration to the Spanish tax offi ce (even<br />
if it amounts to a nil return). Unless you do this, you<br />
won’t be eligible for tax exemptions.<br />
But, wherever you’re buying, the initial dose of tax<br />
you’re likely to pay is that associated with purchasing a<br />
property, what we broadly term stamp duty in the UK.<br />
Transfer tax/stamp duty<br />
Overseas this is often called transfer, or purchase,<br />
tax but it is essentially the same thing: a government<br />
tax levied on the buyer in a property transaction<br />
and calculated as a percentage of the value of the<br />
transaction.<br />
Transfer tax rates vary considerably by country and<br />
often vary according to the value of a transaction,<br />
with a sliding scale of rates (in the Balearics, for<br />
example). It is usually minimal on new properties,<br />
although new-builds will typically be liable for VAT<br />
(IVA in Spain; TVA in France). For example, in Spain<br />
transfer tax (or ITP) on a resale is seven or eight per<br />
cent, but IVA on new-builds is currently at a reduced<br />
rate of four per cent.<br />
In an effort to stimulate the construction industry<br />
in Spain, IVA was slashed in half, yet there are<br />
rumours that it will be put up to 10 per cent in<br />
2013. Take advice! In Europe, taxes for a property<br />
transaction typically are paid via a notary and your<br />
fi nal notary bill will include transfer taxes,<br />
as well as fees for notary services.<br />
3 ESSENTIAL SERVICES<br />
Annual property taxes<br />
Once you own a property abroad, you’re likely to<br />
have an annual municipal real estate tax to pay,<br />
the equivalent of council tax in the UK. In Spain this<br />
is known as IBI, while in France there are two types<br />
– taxe d’habitation (paid by the occupier, whether<br />
they own the property or not) and taxe foncière<br />
(paid by the owner).<br />
Municipal taxes are based on a property’s rateable<br />
or book value as recorded by the local government,<br />
which tends to be much less than the market value<br />
(although it depends how depressed prices are in<br />
that location).<br />
Income tax: rentals<br />
If you rent out your property, you’ll need to pay<br />
income tax on rental income locally and in some<br />
countries, including Spain, even if you don’t rent out<br />
your property, you’ll be required to pay what’s termed<br />
“imputed income tax”.<br />
In the US, non-residents pay tax on US-sourced<br />
income – a 30 per cent withholding federal tax – and<br />
some states (but not Florida) tax at state level too.<br />
Capital Gains Tax<br />
Finally, when you come to sell, you’ll encounter<br />
Capital Gains Tax (CGT): a tax levied on the gain<br />
between the purchaser and sale price of your<br />
property (minus some renovation costs<br />
if documented).<br />
In some countries, CGT is scaled down<br />
with time, while in others, like the Bahamas,<br />
it doesn’t exist at all.<br />
Note that in some countries, if the vendor is<br />
not a resident, the buyer must withhold a percentage<br />
of the purchase price and pay it direct to the tax<br />
authorities – this is to cover any CGT the vendor<br />
might be liable for.<br />
As a tax resident in the UK, you’re taxed on<br />
worldwide income, which would include capital gains<br />
and income generated through an overseas property,<br />
regardless of the laws local to that property.<br />
The good news is that the UK has double taxation<br />
treaties with more than 100 countries, including<br />
most popular second home destinations, so you’ll<br />
never pay the same tax twice.<br />
AIPP CONSUMER GUIDE 24
MORTGAGES<br />
n the current climate the fast-changing<br />
mortgage market is hard to keep<br />
tabs on, but the key to buying abroad<br />
I with a mortgage is taking steps<br />
to ensure you don’t leave yourself<br />
fi nancially exposed in the future.<br />
In the wake of the fi nancial crisis, many banks<br />
catering for overseas property buyers have stopped<br />
lending, whilst domestic banks have either stopped<br />
lending to non-residents or have tightened their criteria.<br />
Now you can’t rely on lenders offering mortgages<br />
according to clear-cut criteria, and it’s certainly a good<br />
idea to talk through your options with an independent<br />
fi nancial adviser (IFA) and/or specialist overseas<br />
mortgage broker.<br />
So to avoid much wasted time – and disappointment<br />
– before you start seriously property hunting it’s a<br />
good idea to get an agreement in principle from a<br />
mortgage provider.<br />
This will show agents and vendors that you are<br />
a serious buyer and can move fast to complete a<br />
sale, giving you an edge.<br />
As a general rule, when choosing your mortgage<br />
always borrow in the same currency as the source<br />
of funds you plan to use to cover the repayments.<br />
Be especially wary of deals offered in a different<br />
currency altogether, for example Swiss-franc mortgages<br />
for a Cypriot property.<br />
So, if you’re going to be paying with a UK salary, your<br />
mortgage should be in sterling, but if you plan to rent<br />
3 ESSENTIAL SERVICES<br />
out your property in France, you’d be better<br />
off with a euro mortgage.<br />
It is likely your chosen lender will require proof<br />
of deposit from you, including how the funds were<br />
accumulated (eg by savings, inheritance or sale of<br />
another property). Banks’ affordability criteria have<br />
also got much stricter in the last few years and<br />
lending varies considerably between countries.<br />
Whatever you might have seen advertised, most<br />
lenders in Spain will typically offer foreign buyers a<br />
maximum loan to value (LTV) of 50 per cent, whilst<br />
in Portugal and Turkey the fi gure is 75 per cent, and<br />
in Italy you can get higher LTVs on properties worth<br />
€250,000 rather than €150,000.<br />
In France, there are currently some great long-term<br />
fi xed rate deals available, but the LTV available can vary<br />
according to what type of property you’re trying to buy,<br />
with old, rural properties being seen as more of<br />
a liability by lenders.<br />
Beware though, that the cost of changing mortgage<br />
provider is much higher in France than in the UK<br />
(around 2.5 per cent of the mortgage value), hence<br />
most French people don’t tend to switch lenders.<br />
Also, be wary of attractive fi nancing deals - 100<br />
per cent mortgages - available from Spanish banks<br />
trying to offl oad repossessed properties that nobody<br />
else appears to want.<br />
Meanwhile, foreign buyers in Florida typically need<br />
a 30 per cent deposit, but there are now some longterm<br />
fi xed deals available.<br />
MORTGAGE..<br />
COMMONSENSE..<br />
Do your homework.<br />
The mortgage market<br />
is ever-changing, not to<br />
mention the exchange<br />
rates is in constant fl ux.<br />
Use a specialist<br />
overseas mortgage<br />
broker - these routinely<br />
deal with a number of<br />
different banks.<br />
Get your fi nancing in<br />
shape before you start<br />
shopping in vain.<br />
Weigh up using an<br />
overseas bank in the<br />
country in which you<br />
are buying vs a large<br />
UK/international lender<br />
Be wary of generous<br />
fi nancing deals on<br />
repossessed properties:<br />
tempting fi gures<br />
don’t always mean<br />
a good buy.<br />
AIPP CONSUMER GUIDE 25
CURRENCY IS KEY<br />
ne of the big stories this year has<br />
been the fall of the euro against<br />
sterling, yet exchange rates should<br />
O always be a key consideration if<br />
you are buying a home abroad.<br />
Unless you already have funds in a particular<br />
country, buying an overseas property will always<br />
require you to exchange your pounds into another<br />
currency and transfer these funds abroad.<br />
Savvy investors will use exchange rates to help<br />
choose when best to buy, and take advantage of big<br />
currency swings in their favour. For example, at the<br />
time of writing the euro is at a four-year low against<br />
the pound (at €1.27), so the cost of purchasing a<br />
€200,000 home is £20,000 cheaper now than in<br />
November 2011.<br />
Even once you’ve bought, you may have to make<br />
regular payments overseas from the UK, for example<br />
to meet mortgage repayments, or if you retire<br />
somewhere sunny you’ll need to have your pension<br />
paid monthly into a foreign bank account. Your bank<br />
will be able to do such currency transfers for you,<br />
but you could get more favourable rates using a<br />
specialist currency - or FX - broker.<br />
More and more overseas buyers are choosing this<br />
option, because they can typically save up to four per<br />
cent, and also for the hassle-free aspect of the service<br />
(you transfer sterling to your broker and they do the<br />
rest such as making regular payments abroad).<br />
Brokers often charge lower money transfer<br />
fees than banks as well as allocating you your<br />
3 ESSENTIAL SERVICES<br />
own personal account manager, and will<br />
also offer on-line account access.<br />
Currency brokers can buy your currency at the<br />
exact time that rates are best (even if in the middle<br />
of the night!). For example, if you have funds<br />
you’d like to transfer abroad, are keen to do it at<br />
a particular rate and are not restricted by time,<br />
“stop-loss orders” and “limit orders” allow you to<br />
buy currency when your preferred exchange rate is<br />
available. Your broker would monitor the currency<br />
markets and keep you updated.<br />
Then there are “forward contracts” which effectively<br />
protect your buying power from currency fl uctuations<br />
by letting you fi x an exchange rate for a future<br />
transaction. This makes budgeting much easier!<br />
With a forward contract you can either fi x the<br />
date you wish to take delivery of your currency, or<br />
have the option of taking delivery at any point up<br />
until the agreed date. Firstly, you can fi x the amount<br />
of pounds you send abroad on a regular basis, for<br />
example monthly, which means the amount of local<br />
currency you receive in your foreign bank account<br />
will fl uctuate with the exchange rate.<br />
Or, in reverse, you can fi x the amount of local<br />
currency, for example euros, that is paid into your<br />
overseas account, meaning the amount of pounds<br />
being debited from your UK account will fl uctuate<br />
with the exchange rate.<br />
Finally, you can use a forward contract to fi x the<br />
exchange rate you receive on all regular payments<br />
over a specifi ed period, such as 18 months.<br />
MONEY..<br />
MATTERS..<br />
Follow exchange<br />
rates to help decide<br />
when to buy overseas.<br />
Use a currency<br />
exchange broker to<br />
save money on moving<br />
money abroad.<br />
Manage regular<br />
transfers abroad<br />
by fi xing rates with<br />
“forward contracts”.<br />
AIPP CONSUMER GUIDE 26
KEEPING YOUR INVESTMENT SAFE<br />
INSURANCE<br />
oliday homes differ from our main<br />
residences in the UK in many<br />
aspects and this includes the<br />
H way they are viewed by insurers.<br />
By their very nature they are left<br />
unoccupied for long periods, or they are rented out<br />
to third parties and may be in earthquake zones or<br />
hurricane belts.<br />
Whilst of course you must always shop around<br />
for the best premium costs, there are also lots of<br />
peculiarities regarding insurance requirements or<br />
types of cover between countries.<br />
For example, in Turkey it is law to have<br />
earthquake cover (dask), while earthquake cover<br />
hasn’t been historically available in Italy (quakes<br />
are regarded as an Act of God) yet just in the past<br />
year some companies have begun to offer it.<br />
In France, theft cover is especially strict, and<br />
there are also tight deadlines on claims for fl ood<br />
or storm damage – that can be missed if damage<br />
is only discovered weeks after the event by those<br />
with a second home they visit occasionally.<br />
Beware of local peculiarities too: subsidence<br />
cover isn’t available in every European country and<br />
in Florida you need a separate fl ood policy if your<br />
home is in one of the designated “fl ood zones”<br />
although the cost is relatively small ($300 a year<br />
on some homes).<br />
What to insure<br />
Premiums for buildings insurance, calculated on the<br />
type of property and number of bedrooms, covers<br />
you against damage to your permanent fi xtures<br />
and fi ttings, typically with a blanket cover of up to<br />
€1million (covering the cost to rebuild the property).<br />
The sum insured should be index linked, so<br />
updated yearly. Features that tend to increase a<br />
premium are a private pool/hot tub, conservatory<br />
and non-habitable outbuildings. Appliances, bikes<br />
and furniture tend to be covered under a contents<br />
policy – the value of these items should be<br />
calculated on a “new for old” basis.<br />
Typical premiums might be between £200-<br />
300 for a two- or three-bed property in Europe,<br />
and £500 for a three-bed villa in Florida. There,<br />
having a “four-point” home inspection can result in<br />
substantial savings in premiums, even though you<br />
need to pay a small fee for them.<br />
Anyone buying in a community or development<br />
27 AIPP CONSUMER GUIDE<br />
should check what their communal insurance<br />
includes – usually it’s just the communal parts of<br />
blocks. For example, with condos in the US, interior<br />
walls, fi ttings and kitchen cabinets are not included.<br />
When it comes to choosing an insurance<br />
provider, often the easiest route is to choose a<br />
UK based insurer, many of which include public<br />
liability insurance - essential if you plan to let your<br />
property - with their standard holiday home policy.<br />
Public liability limit offered by UK companies is<br />
usually higher than that offered by local insurers<br />
abroad: in Spain you might be covered for up to<br />
€300,000, while €5million is not an uncommon<br />
limit in the UK.<br />
Some UK insurers also include cover for loss<br />
of rental income following a claim, as well as<br />
emergency travel and accommodation in case you<br />
needed to travel to your property in an emergency.<br />
Typically, you’ll always pay extra (around ten per<br />
cent of the premium) for accidental damage cover,<br />
which includes damage not only done by you or<br />
guests but also paying tenants.<br />
Other benefi ts of a UK insurer include being<br />
able to make payments in sterling and speak<br />
to them in English – some also offer a 24-hour<br />
English-speaking helpline to assist with emergency<br />
situations in the property.
I<br />
n 2011 AIPP announced a new<br />
service for AIPP members and<br />
their clients providing access to<br />
a range of insurance services<br />
that can help eradicate common<br />
concerns when buying a property abroad and<br />
make the process safer for the consumer.<br />
Since its inception six years ago, the AIPP<br />
has dealt with a number of consumer complaints<br />
involving issues surrounding title deeds and building<br />
defects. Many of the concerns when buying abroad<br />
centre around quality of build and the certainty<br />
of obtaining full rights to the land and property.<br />
To make this easier and safer for consumers, AIPP<br />
launched an innovative range of insurance services<br />
to tackle these worries enabling consumers to feel<br />
more confi dent about buying a property abroad.<br />
The range of insurances available to the<br />
consumer through ‘AIPP Insurance Services’<br />
includes latent defects, title insurance, and<br />
travel insurance.<br />
Latent Defects Insurance<br />
When purchasing a property, one of the common<br />
concerns is the quality of the build as construction<br />
methods are not the same worldwide. Latent<br />
Defects Insurance helps minimise risk exposure<br />
from inadequately constructed buildings, and<br />
provides cover comparable to the NHBC (National<br />
House Building Council) guarantee on UK new build<br />
property. When buying off-plan or new build, if<br />
insurance against defects is not already provided<br />
for you by the developer, you could take this out<br />
directly insuring your property against problems<br />
that might arise as a result of the standard of build.<br />
This could include damage to your property caused<br />
by defective design, workmanship or materials<br />
28 AIPP CONSUMER GUIDE<br />
becoming apparent for up to 10 years after<br />
the practical completion of building work.<br />
<strong>HOW</strong> DO I FIND OUT MORE?<br />
3 ESSENTIAL SERVICES<br />
AIPP INSURANCE SERVICES<br />
Title Insurance<br />
Buying a property overseas isn’t the same as<br />
buying one at home, and Title Insurance is common<br />
in most parts of the world where land registration<br />
is not as complete or accurate as it is in the UK.<br />
Title Insurance covers property buyers against<br />
disputes over ownership, access rights and<br />
other common issues such as boundaries.<br />
Available on both new build and existing<br />
properties there are even bespoke policies for<br />
properties with known exposures. This insurance<br />
is not restricted to European countries and can<br />
also be purchased after completion.<br />
Travel Insurance<br />
If you’re buying a holiday home overseas, you<br />
and your family will no doubt be taking regular<br />
and perhaps extended trips to stay in the property.<br />
It is imperative to have a suitable travel insurance<br />
in place when buying an overseas home, as it<br />
takes the burden off the traveller should something<br />
go wrong while they are abroad. AIPP Insurance<br />
Services can help source the right policy to best<br />
suit your needs, even if you have problems with<br />
travel insurance due to age or illness.<br />
Enquiries about AIPP Insurance Services can be made via the AIPP<br />
website www.aipp.org.uk under the ‘Services’ tab.<br />
For added peace of mind when buying property overseas, ask your agent<br />
or developer about what insurances they have in place and contact AIPP<br />
Insurance Services to fi nd out what additional cover could be available to you.<br />
AIPP CONSUMER GUIDE 28
SIPPS: <strong>BUY</strong>ERS BEWARE<br />
ou may be vaguely aware of SIPPs,<br />
but not fully understand how they<br />
can be relevant when you are<br />
Y<br />
investing in a home overseas.<br />
With access to funds and<br />
lending so constrained these days, there’s been<br />
a fair amount of chatter in the trade about ‘SIPP<br />
compliant” investment products and you may<br />
well have seen adverts for properties including<br />
the entreaty ‘buy through your SIPP’.<br />
First up, if you are buying a holiday home for<br />
your own usage, you’d be best advised to forget<br />
about SIPPs in this context.<br />
Why? Let’s explain by starting with the basics.<br />
What is a SIPP?<br />
A SIPP (Self Invested Personal Pension) allows you to<br />
control how you invest the assets of your pension fund.<br />
They were created in 1989, were simplifi ed in<br />
2006, and are now much more widely available<br />
than they once were – and under the auspices<br />
of the Financial Services Authority (FSA).<br />
Whilst once the preserve of a small, wealthy<br />
minority, it is believed that now 800,000 UK<br />
consumers have one, and they are increasing<br />
with double-digit growth each year.<br />
The basis of having a SIPP is that you decide<br />
where to invest your money, have much greater<br />
29 AIPP CONSUMER GUIDE<br />
choice in what you invest in and can see exactly<br />
what the charges are for having and operating<br />
your own pension. Thus, their diversity and their<br />
self-management facility differentiates them from<br />
company and personal pension plans.<br />
An FSA regulated SIPP provider (pension trustee)<br />
will administer the scheme on your behalf and SIPPs<br />
come in all different shapes and sizes – as in what<br />
the variety of SIPP providers will let you invest in.<br />
However you basically get the same tax advantages<br />
from HMRC that you would get through a personal<br />
pension, allowing your investment to grow tax-free.<br />
In other words, a SIPP is a tax-effi cient “wrapper”<br />
around your portfolio of investments, facilitating<br />
certain tax advantages.<br />
SIPP limitations: private holiday homes<br />
However it is essential to point out that, although<br />
HMRC allow SIPPs to invest in certain types of<br />
commercial property they do not, unfortunately,<br />
allow residential property.<br />
So you cannot get your pension to buy your own<br />
house in the UK or a holiday home somewhere sunny<br />
which you can live in or visit to your heart’s content<br />
free of charge!<br />
That said, there are a few caveats to this ‘no<br />
residential’ ruling that will allow investors to use their<br />
SIPP to invest in property that looks a lot like it, such
as holiday resort hotel rooms and lodges where a<br />
‘commercial use’ designation has been attained.<br />
There are two very important points to make<br />
here: fi rstly, regardless of having a ‘commercial’<br />
designation, HMRC do not allow any personal use<br />
of property (or any other items) that have been<br />
bought through a SIPP. Basically, you may own the<br />
hotel room or lodge (in our example) but you can’t<br />
actually stay in it! Well, not without paying full price<br />
to the operator for doing so.<br />
So such a purchase should be seen as an<br />
investment only with the terms of the purchase being,<br />
perhaps, a leaseback of your property to the resort<br />
owner who will pay you a portion of the income they<br />
receive from renting the room out on your behalf.<br />
This can then be paid tax-free back into your SIPP.<br />
With the oversupply of leisure-oriented property<br />
from the boom years in places such as Spain, Cyprus<br />
and Florida, it is primarily property developers and<br />
their agents who are promoting such SIPP-based<br />
investment leaseback schemes.<br />
Is something really SIPP compliant?<br />
This brings us to our second important point:<br />
not all property advertised as ‘SIPP compliant’ by<br />
property developers, agents and other promoters<br />
can actually be held in a SIPP.<br />
The reason for this is that it is not enough that a<br />
30 AIPP CONSUMER GUIDE<br />
3 ESSENTIAL SERVICES<br />
developer believes his project/investment proposition<br />
complies with the qualifying terms set out by HMRC.<br />
It is for the SIPP Provider (who is co-trustee with you<br />
of your SIPP) to accept the scheme after their own<br />
thorough review – a due-diligence process designed<br />
to protect you and the SIPP Provider.<br />
After all, you do not want an asset/income you<br />
own in a foreign country to go awry with the potential<br />
loss of your income or, in the worst-case scenario,<br />
your property.<br />
The best way to test the veracity of a ‘SIPP<br />
compliant’ property investment is to ask for evidence<br />
of which (UK) SIPP Providers have accepted the<br />
scheme – the more the better.<br />
So if you are keen on pursuing a leisure property<br />
purchase for investment purposes through your<br />
pension it is certainly possible to do so. You can<br />
create your own ‘investment fund’ by setting up a<br />
SIPP and by paying in new money or transferring<br />
some or all of your existing pension arrangements<br />
into it, which you then control.<br />
That said, such a move should not be undertaken<br />
lightly and should only happen after receiving advice<br />
from a qualifi ed pension professional duly registered<br />
with the FSA as having permission to give such advice.<br />
Moving a pension scheme out of your current<br />
arrangements could seriously disadvantage you<br />
and a SIPP will certainly not suit everyone.
SECTION CHECKLIST:<br />
WHO’S WHO IN THE PROPERTY-<strong>BUY</strong>ING PROCESS?<br />
When buying abroad you will encounter a number of companies<br />
as part of the transaction. Here are some pointers.<br />
We do go on about it, but using an independent lawyer is<br />
essential to ensure your interests are protected. No one else<br />
impartial is on hand to check everything for you.<br />
Sort out financing before you go shopping. You may need<br />
to act fast, and getting a mortgage abroad is not quick and<br />
easy these days. Which currency would your mortgage<br />
best be in?<br />
Use a currency exchange broker to transfer funds for<br />
your purchase and protect you against currency swings<br />
3 ESSENTIAL SERVICES<br />
Budget for taxes. You’ll pay tax on the purchase price, and<br />
you’ll pay tax on rental income, and tax on any capital gain<br />
when selling the property.<br />
What about inheritance law and inheritance tax?<br />
Ask your lawyer for advice.<br />
Don’t forget to insure your property, and if you let it out<br />
you’ll need public liability insurance.<br />
Consider taking out title insurance and latent defects<br />
insurance which can give peace of mind and help resolve<br />
issues of ownership and build quality, see page 28<br />
AIPP CONSUMER GUIDE 31
THE ROLE OF THE AIPP<br />
A trade association representing its members<br />
but here to help you, the buyer<br />
uying property abroad could be<br />
one of the most emotive and<br />
challenging decisions you ever<br />
B make, which is why you want to<br />
be sure your purchase is pain free<br />
and those you are dealing with are professional,<br />
committed and trustworthy.<br />
Since 2006 the Association of International<br />
<strong>Property</strong> Professionals (AIPP) has been working<br />
to improve business standards in the overseas<br />
property market and to provide reassurance that<br />
the companies you are dealing with share these<br />
aims. We are a not-for-profi t organisation working<br />
with the aim of improving the market for industry<br />
and consumers alike.<br />
In October 2012, the AIPP became part of a<br />
wider family of professional bodies when it joined<br />
umbrella organisation the National Association<br />
of <strong>Property</strong> Professionals (NFOPP) where it now<br />
sits alongside organisations such as the National<br />
Association of Estate Agents (NAEA) and the<br />
Association of Residential Lettings Agents (ARLA).<br />
This increased support and infrastructure has<br />
enabled the AIPP to raise its profi le and widen<br />
its infl uence over the overseas property market.<br />
Our members are here to help<br />
The 312 members of AIPP include not only agents<br />
and property developers, but also lawyers, currency<br />
exchange brokers, and other service providers<br />
who have all signed up to a code of conduct and<br />
disciplinary process to encourage industry best<br />
practice. As a trade association fl ying the fl ag for<br />
industry standards, our role is to help stamp out<br />
bad practice so naturally we encourage you to look<br />
for the AIPP badge when buying overseas and deal<br />
with our members.<br />
We’ve made numerous improvements to the<br />
industry during our fi rst six years including the<br />
implementation of best practice guidance and<br />
training, as well as demonstrating our ability to<br />
take signifi cant disciplinary action against<br />
companies found to be in breach of our rules.<br />
As the industry emerges from the global recession,<br />
we will play a leading role in guiding the standards<br />
of the future and ensure the overseas property<br />
32 AIPP CONSUMER GUIDE<br />
industry moves forward with greater responsibility.<br />
But there is still a lot more we can do. We are<br />
working to recruit more professional companies to<br />
the AIPP in order to widen our reach and provide a<br />
safer marketplace for consumers and companies<br />
alike, and you can help play a role in this. Asking<br />
your agent or developer if they are a member of<br />
AIPP will help spread the message that you, the<br />
buyer, value professional standards.<br />
Protect Yourself<br />
AIPP as a trade association can work with its<br />
members to provide and enforce professional<br />
behaviour, however there are actions you can (and<br />
must) take to protect yourself. It is important that<br />
even if the companies you are dealing with are AIPP<br />
members, you do not forget your responsibilities<br />
as a buyer. You would never attempt to purchase<br />
property at home without a lawyer, yet many<br />
people think that they can buy overseas property<br />
without legal help. For an uninitiated buyer already<br />
struggling with language barriers and unfamiliar<br />
legal systems, getting the appropriate help is vital.<br />
If you only follow one piece of advice, and this guide<br />
will provide you with many more, ALWAYS ensure<br />
that you appoint a qualifi ed independent lawyer<br />
from the outset to guide you through the purchase<br />
from contract to completion.<br />
We have already helped many buyers with their<br />
overseas purchases and we hope that this guide<br />
will give advice that can benefi t you as well. In our<br />
experience buyers who do their homework and<br />
inform themselves appropriately are in a far better<br />
position than those who don’t; many of the pitfalls<br />
can be avoided by taking greater care throughout<br />
the buying process. Buyers should always bear<br />
in mind that any investment naturally comes with<br />
an element of risk, and take all possible steps to<br />
minimise the chances of things going wrong.<br />
By taking the advice on the following pages and<br />
ensuring you take care to safeguard your interests,<br />
your purchase can be a trouble-free and enjoyable<br />
experience. Indeed the majority of overseas<br />
property buyers enjoy successful purchases and<br />
realise their international property dream.<br />
We hope you fi nd this guide a useful resource.
4 AIPP<br />
WHAT THE BADGE MEANS?<br />
We recommend our members and their services but you<br />
need to realise what AIPP membership means – and what<br />
it doesn’t – so you know what help is at hand<br />
he badge of AIPP membership is a<br />
reminder to you, the consumer, that<br />
a company must follow professional<br />
T standards and act with honesty,<br />
integrity and transparency. When<br />
you see that a company is a member of the AIPP,<br />
it means that they have voluntarily agreed to follow<br />
and be bound by the industry Code of Conduct.<br />
By using AIPP Members to buy property<br />
overseas, you get reassurance that a member<br />
must act professionally as well as recourse to<br />
the AIPP if problems occur.<br />
Remember your responsibilities as a buyer<br />
Buying with an AIPP member does not mean you can<br />
close your eyes and hand over your money – there<br />
can be no such assurances or guarantees given.<br />
You have a responsibility to ensure you are<br />
informed and protect yourself when buying<br />
property overseas just as you would when you<br />
buy property in your own country.<br />
However, you should take some comfort from the<br />
fact that our members have voluntarily agreed to<br />
self-regulation and each has been checked before<br />
being accepted; AIPP’s qualifi cation requirements<br />
are based on professional experience. All member<br />
companies have also agreed to be bound by our<br />
Disciplinary and Dispute Resolution Procedures.<br />
We have taken action against our own members<br />
and will continue to do so where suitable.<br />
How companies become AIPP members<br />
For companies to qualify for membership, we ask<br />
for a trading history in the international property<br />
market of at least three years. Alternatively, some<br />
members qualify on the basis that the person<br />
(or one of the people) running the company has<br />
extensive previous experience of, or relevant to,<br />
the international property industry. All applicant<br />
companies must provide third party references,<br />
and all applicants sign a declaration confi rming<br />
that they follow all applicable laws in any relevant<br />
country, including the need to be licensed wherever<br />
applicable. It is not possible to check whether all<br />
the correct licences are held by each applicant<br />
company but it would be a breach of our Code<br />
of Conduct not to have the correct licences<br />
where necessary. AIPP Members pay an<br />
annual membership fee to the asscociation.<br />
What we don’t do<br />
AIPP membership does not provide any guarantee<br />
as to the services or products provided by a<br />
member, and the AIPP doesn’t have a compensation<br />
scheme. If you fi nd yourself in dispute with an AIPP<br />
member as a result of any agreement or contract<br />
made with them, this can be referred to our dispute<br />
resolution scheme or alternatively recourse should<br />
be sought via appropriate legal channels.<br />
We investigate any complaint that a member is<br />
not working in accordance with AIPP’s rules. AIPP<br />
has a disciplinary procedure and any complaint<br />
that an AIPP member has breached our rules or<br />
code of conduct will be investigated.<br />
AIPP does not buy or sell property and does<br />
not provide legal, fi nancial or tax advice. We leave<br />
this to our members.<br />
Our ultimate aim is to have all companies selling<br />
international property working to AIPP standards.<br />
Such a market would be a better, safer environment<br />
for you, the buyer of property overseas.<br />
AIPP CONSUMER GUIDE 33
WHAT HAPPENS IF...<br />
...something goes wrong with your property purchase?<br />
n life there can be few guarantees,<br />
and while the vast majority of<br />
international property transactions<br />
I proceed without a hitch, problems<br />
can arise. The sale of international<br />
property is a largely unregulated market but<br />
in the wake of the property boom then bust,<br />
we are no longer blissfully unaware that<br />
things can and do go wrong.<br />
The good news is that many of the pitfalls<br />
can be avoided by following the steps in this guide,<br />
once you have done your research, set out a<br />
realistic budget, and followed expert independent<br />
legal advice at every stage.<br />
And remember, if you appoint a qualifi ed,<br />
independent lawyer from the word go, you’ll fi nd it<br />
comforting that if something does go wrong, they<br />
will be fully prepared to advise you.<br />
Making a complaint to AIPP<br />
The ‘AIPP Arbitration Scheme’ – introduced in<br />
January 2011 – aims to resolve diffi cult and lengthy<br />
complaints between agent or developer members,<br />
and forms a key part of the Dispute Resolution<br />
Procedure. Administered by leading independent<br />
dispute resolution provider, IDRS Ltd (www.idrs.ltd.<br />
uk), the scheme is low-cost, straightforward, and<br />
designed specifi cally to handle disputes between<br />
AIPP members and consumers. A legally binding<br />
decision is made and compensation is awarded<br />
where necessary.<br />
This scheme can deal with matters where the<br />
sum in dispute is £30,000 or less; those disputes<br />
involving greater sums will be referred to adhoc<br />
arbitration, which will also be quicker and more<br />
cost effective than pursuing disputes through the<br />
international courts.<br />
If your complaint involves an alleged breach of<br />
the AIPP’s rules or Code of Conduct, it will be dealt<br />
with via the AIPP’s Internal Disciplinary Procedure,<br />
34 AIPP CONSUMER GUIDE<br />
at the conclusion of civil proceedings where<br />
applicable. A Disciplinary Panel assesses whether<br />
the AIPP member has breached the AIPP rules or<br />
Code of Conduct, to which they are accountable.<br />
Where complaints are upheld a reprimand,<br />
fi ne, suspension or ultimately, expulsion from<br />
membership can be applied.<br />
Full details of AIPP’s Code of Conduct,<br />
Dispute Resolution Procedure and Disciplinary<br />
Procedure can be found on our website<br />
www.aipp.org.uk, or contact enquiries@aipp.org.uk<br />
for further information.<br />
PROBLEMS WITH YOUR PURCHASE?..<br />
WHERE <strong>TO</strong> FIND HELP...<br />
Your agent or developer: try to resolve the problem directly if you can.<br />
Some issues can be resolved through direct contact and negotiation,<br />
and all established companies should have a complaints procedure in<br />
place to address your concerns. If it’s not an issue that can be resolved<br />
informally, we recommend that you set out your complaint clearly in<br />
writing, stating what outcome you are ideally seeking. AIPP provides a<br />
recommended complaints procedure for members to follow internally.<br />
Your lawyer: you will be in touch with your lawyer at all stages of<br />
the purchase and they will be your fi rst port of call if things seem to be<br />
going off-track. For any contractual matters it’s your lawyer who can<br />
advise you on the best course of action, and they will work with you to<br />
protect your interests.<br />
AIPP or other trade or regulatory body: if the company you are<br />
dealing with is part of a trade association or a regulatory body, there<br />
should be a complaints procedure that you can access. If you have<br />
not been able to resolve your dispute directly, or if you have a<br />
complaint about the professional conduct of the company,<br />
recourse may be available.<br />
Fellow buyers: through owners groups and online communities,<br />
international property purchasers can sometimes get in touch with<br />
others who have a shared experience, and this can sometimes be helpful<br />
for reassurance or to share information. Maintain a healthy dose of<br />
caution about any advice from non-qualifi ed professionals.
CODE OF CONDUCT<br />
n a largely unregulated market,<br />
AIPP members voluntarily commit<br />
to be bound by a professional code<br />
I of conduct, including a Dispute<br />
Resolution Procedure if things<br />
don’t quite go to plan. This means that the AIPP<br />
can enforce disciplinary action against its members<br />
if they don’t follow this code, providing added<br />
reassurance to international property buyers that<br />
a company is committed to being professional<br />
and accountable.<br />
While by no means guaranteeing everything will<br />
proceed perfectly, dealing with an AIPP member<br />
should give you, the buyer, increased confi dence<br />
that there is somewhere to go and a process in<br />
place to deal with issues arising from the purchase.<br />
The AIPP Code of Conduct covers many areas,<br />
with members signing up to codes covering Sales,<br />
Training, Legal and Dispute Resolution.<br />
To read the full Code of Conduct, or to raise a<br />
complaint that the Code of Conduct has not been<br />
followed, visit www.aipp.org.uk or email<br />
enquiries@aipp.org.uk.<br />
We believe that in joining the AIPP and signing<br />
up to this commitment, our members demonstrate<br />
their willingness to be accountable to their clients.<br />
We think this should recommend them to you when<br />
considering which agent, developer, lawyer or<br />
service provider to use.<br />
AIPP MEMBERS SHALL...<br />
“…adhere to the highest standards of honesty and professional<br />
integrity both in their dealings with the public and in their dealings<br />
with each other.”<br />
…conduct their affairs with integrity and dignity.<br />
…refrain from misleading statements and exaggerated claims in<br />
their dealings with sellers, buyers and potential buyers.<br />
…take all possible steps to avoid confl icts of interests and shall<br />
decline to deal with any transaction where such confl icts arise.<br />
…if they are developers or sales agents, make it clear that they are<br />
or represent the Seller of a property. In any other case the Member<br />
must make clear their status and whose interests they represent.<br />
…always recommend the use of an independent lawyer for<br />
international property transactions.<br />
…not require potential buyers to sign binding preliminary<br />
purchase contracts without giving them reasonable opportunity to<br />
refl ect on the contract and to obtain legal advice.<br />
…comply with all applicable local laws, including tax laws.”<br />
4 AIPP<br />
AIPP CONSUMER GUIDE 35
AIPP AWARDS<br />
What do AIPP members winning industry awards<br />
have to do with you? They must be doing something<br />
right and could well be the type of company you<br />
could do business with<br />
he AIPP awards are now in their<br />
fi fth year and continue to showcase<br />
overseas property businesses that<br />
T can demonstrate their excellence<br />
in customer service before a<br />
panel of independent judges.<br />
These awards have real value for the consumer<br />
because they put the buying experience at the heart<br />
of the evaluation process with the judges placing<br />
themselves in the position of you, the property buyer,<br />
asking the crucial question: ‘How will this overseas<br />
property company deliver the service I want?’<br />
The AIPP awards are not looking at the villa with<br />
the most innovative design or which development<br />
has the best facilities, but instead focus on best<br />
practice and companies doing their utmost to<br />
protect clients’ interests.<br />
The judges of the AIPP awards look at the level<br />
36 AIPP CONSUMER GUIDE<br />
of service provided, including the due diligence<br />
process an agent undertakes before promoting<br />
properties to their clients. Though you’ll always<br />
carry out your own research, clearly you want to<br />
deal with a business that can demonstrate they<br />
have done their homework and have a strong<br />
understanding of the properties and local market.<br />
Judges also examine the marketing materials used<br />
by entrants, looking at levels of transparency in<br />
marketing messages and buyer information. There’s<br />
also an award for staff training to reward the<br />
business that can demonstrate they invest in their<br />
employees to the benefi t of you, the client.<br />
We’d like to take the opportunity to thank all<br />
companies who chose to enter the AIPP awards<br />
in 2012 and were confi dent enough to put their<br />
businesses under the microscope; and of course,<br />
congratulations to all our winners.
4 AIPP<br />
AIPP AWARD WINNERS<br />
Best Small Agent,<br />
Single Country<br />
Best Developer,<br />
Western Europe<br />
Best Developer,<br />
Africa, Asia & Australasia<br />
Best Small Agent,<br />
Multi Country<br />
Best Developer,<br />
Central & Eastern Europe<br />
Most Transparent<br />
Marketing Campaign<br />
Best Large Agent,<br />
Multi Country<br />
Best Developer,<br />
The Americas<br />
Most User Friendly<br />
Website<br />
Most Outstanding Example<br />
of Customer Service<br />
(Agents & Developers)<br />
In 2012 the awards were sponsored by AIPP founder member<br />
Barrasford & Bird Worldwide, both an agent and developer;<br />
for more information on their services go to bandbw.co.uk.<br />
AIPP CONSUMER GUIDE 37
AIPP<br />
MEMBERS DIREC<strong>TO</strong>RY<br />
We believe our members are well placed to help you with<br />
your overseas property purchase. In joining the AIPP, all<br />
member companies have chosen to sign up to our Code of<br />
Conduct requiring them to act with honesty and integrity.<br />
The following members are either agents or developers<br />
and are all involved in selling property.<br />
Our Associate members do not directly sell property but<br />
provide services to consumers and the wider sector.<br />
A list of these can be found on page 48.<br />
38 AIPP CONSUMER GUIDE<br />
21st Century Overseas - Appart - Hotel<br />
<strong>Investment</strong>s<br />
United Kingdom<br />
+44 (0)208 385 7881<br />
mobile: 07956385061<br />
www.21stcenturyoverseas.com<br />
4 <strong>Property</strong> - 4: You <strong>Property</strong> Partners Ltd<br />
United Kingdom<br />
0800 1601 004 / +44 (0)1372 379741<br />
www.4property.uk.com<br />
A<br />
A World Overseas<br />
United Kingdom<br />
+44 (0)1423 552 220<br />
vas@aworldoverseas.co.uk<br />
Abbey Properties (Europe) Ltd<br />
Spain<br />
+34 96578 6540<br />
abbeyprop@terra.es<br />
AIP Homes - Aurora International<br />
Properties Ltd<br />
United Kingdom<br />
+44 (0)208 991 2380<br />
+44 (0)208 991 2987<br />
07812741816<br />
www.aiphomes.com<br />
Akbuk Resort Group Ins Taak Ltd Sti<br />
United Kingdom<br />
+44 (0)845 230 5210<br />
www.akbukresortgroup.com<br />
Albania <strong>Property</strong> Group Sh.p.k<br />
Albania<br />
+355 4 6720 80001<br />
www.albaniapropertygroup.com<br />
Alpine Angels - Mercatorial Ltd<br />
United Kingdom<br />
+44 (0)1225 442128<br />
www.alpineangels.net<br />
Alpine <strong>Property</strong> <strong>Investment</strong>s Ltd<br />
United Kingdom<br />
+44 (0)1722 743662<br />
www.alpinepropertyinvestments.co.uk<br />
Andalusian <strong>Property</strong> House S.L.<br />
Spain<br />
+34 (0)959521298<br />
www.andalusianhouse.com<br />
Another Way of Life<br />
Spain<br />
+34 958 2277 35<br />
www.anotherwayofl ife.com<br />
Aphrodite Resales - EPP Signature<br />
<strong>Property</strong> Promotions Ltd<br />
Cyprus<br />
+35 77000 9012<br />
www.aphroditeresales.com<br />
Arco Iris Residential Brazil - Ecohouse<br />
Developments Ltd<br />
United Kingdom<br />
+44 (0)20 3468 6910<br />
rebecca@arcoirisbrazil.com<br />
www.arcoirisbrazil.com<br />
Artev <strong>Global</strong><br />
Artev Tur.Yatirim Ins.Tic.veSan.AS<br />
Turkey<br />
+90 252 525 2195<br />
www.artevhomes.com<br />
Founder Member
ASAS Pan Gulf for Real Estate<br />
<strong>Investment</strong><br />
Saudi Arabia<br />
+966 1 473 6311<br />
www.asas-re.com<br />
Asem Overseas Properties Ltd<br />
United Kingdom<br />
+44 (0)1325 358 080<br />
www.asemconstruction.com<br />
Assetz International Ltd<br />
United Kingdom<br />
+44 (0)161 456 4000<br />
+44 (0)845 400 7000<br />
www.assetz.co.uk<br />
Australian <strong>Property</strong> Alliance<br />
Australia<br />
0800 978 8155<br />
www.australianpropertyalliance.co.uk<br />
Avante <strong>Property</strong> <strong>Investment</strong>s Ltd<br />
United Kingdom<br />
+44 (0)1926 844231<br />
www.avanteproperty.com<br />
Azahar Properties<br />
Spain<br />
+34 962 129 633<br />
www.azaharproperties.com<br />
B<br />
Barrasford and Bird Worldwide Ltd<br />
United Kingdom<br />
0800 1 303 101<br />
www.bandbw.co.uk<br />
Baystone Estates<br />
United Arab Emirates<br />
info@baystone-estates.com<br />
Become Owner - Christina Guenther<br />
Italy<br />
+39 085 943 0360<br />
www.becomeowner.com<br />
Founder Member<br />
Best International - Best Group Ltd<br />
United Kingdom<br />
+44 (0)845 130 9022<br />
www.bestinternational.co.uk<br />
Between Friends Ltd<br />
Cyprus<br />
+357 26 8181 00<br />
www.latchipanoramacy.com<br />
Black Lion <strong>Property</strong> Services<br />
Sakir Karaaslan<br />
Turkey<br />
+90 (0)242 844 1345<br />
www.2blacklions.com<br />
Blue Flag Group - Consulting Tectonics SL<br />
Spain<br />
+34 952 472 283<br />
www.bluefl aggroup.com<br />
Blue Sun Destinations Ltd<br />
United Kingdom<br />
+ 44 (0)161 298 4744<br />
www.blue-sun-destinations.co.uk<br />
Bohemian Estates International sro<br />
Czech Republic<br />
+420 222 220 866 /+420 774 007 000<br />
www.bohemianestates.com<br />
Bravomar International Properties<br />
Mary Pridmore<br />
Spain<br />
+34 966 795 196<br />
www.bravomar.net<br />
Briteman Properties S L<br />
Spain<br />
info@britemanproperties.com<br />
Buy Berlin <strong>Investment</strong>s Ltd<br />
United Kingdom<br />
+44 (0)208 315 7517<br />
www.buyberlin.co.uk<br />
Buy in Bulgaria<br />
Memtech International Ltd<br />
Ireland<br />
+353 1 2544155<br />
www.buyinbulgaria.com<br />
Buying Homes Abroad Limited T/a 1Casa<br />
Estate Agency<br />
Spain<br />
0800 081 1939 / +34 952 495 509<br />
www.1casa.com<br />
BW International - Barton Wyatt<br />
United Kingdom<br />
+44 (0)1344 843000<br />
www.bartonwyatt.co.uk<br />
5 AIPP MEMBERS<br />
Cadiz Properties-<strong>Property</strong> Consultants SL<br />
Spain<br />
+34 956 495 177<br />
www.cadizcasa.com<br />
C<br />
Calabria <strong>Property</strong> Services<br />
Italy<br />
+39 098282360<br />
www.calabria-property-services.com<br />
Casa Travella Ltd<br />
United Kingdom<br />
+44 (0)1322 410 896<br />
lindatravella@hotmail.co.uk<br />
Casasol Real Estate SL<br />
Spain<br />
+34 965 325 601<br />
www.casasolrealestate.com<br />
Caversham Barnes (Crete)<br />
United Kingdom<br />
+44 (0)118 9843 201<br />
+30 (0)282 104 6682<br />
www.caversham-barnes.com<br />
AIPP CONSUMER GUIDE 39
40 AIPP CONSUMER GUIDE<br />
Cicada <strong>Investment</strong>s Ltd<br />
United Kingdom<br />
+44 (0)20 7481 6875<br />
ww.cicadainvestmentsforeclosures.co.uk<br />
City and Urban International<br />
United Kingdom<br />
+44 (0)207 431 8828<br />
www.cityandurban.com<br />
CLC UK PLC<br />
Spain<br />
+34 952 66 99 00<br />
www.clcestates.com<br />
Clover Builders and Estates Ltd<br />
Turkey<br />
+90 531 464 9880 / 0787 5138140<br />
www.properties-sw-turkey.com<br />
Cluttons Bahrain<br />
Bahrain<br />
paul.u.nathan@hotmail.com<br />
Coldwell Banker Feltrim<br />
United States<br />
+1 863 420 9404<br />
www.cbfeltrim.com<br />
Colordarcy <strong>Investment</strong> Ltd<br />
United Kingdom<br />
+44 (0)207 100 2393<br />
www.colordarcy.com<br />
Compass Immobilier<br />
France<br />
victora@headdonconsulting.com<br />
Concabral Business Solutions e.K.<br />
Germany<br />
+49 341 478 5976<br />
www.concabral.com<br />
Condado Invest<br />
Resort <strong>Investment</strong> Solutions SL<br />
Spain<br />
+34 8680 8 2019<br />
www.condadoinvest.com<br />
Cotton & Co<br />
United Kingdom<br />
fi ona@cottonandco.org<br />
Country Homes France Llp<br />
France<br />
info@countryhomesfrance.co.uk<br />
Crete Connection<br />
United Kingdom<br />
steve.riddiford@crete-connections.com<br />
Crete Imperial Homes Ltd<br />
United Kingdom<br />
+44 (0)1449 740128<br />
www.creteimperialhomes.com<br />
Crown Acquisitions Worldwide Plc<br />
United Kingdom<br />
+44 (0)207 235 3101<br />
www.crownworld.com<br />
Cybarco (UK) Ltd<br />
United Kingdom<br />
+44 (0)20 8371 9700<br />
www.cybarco.com<br />
D<br />
Danos/BNP PARIBAS Real Estate<br />
Bulgaria<br />
andreyfi lev@yahoo.com<br />
DB International Homes Ltd<br />
United Kingdom<br />
+44 (0)845 003 8098<br />
www.dbinternationalhomes.co.uk<br />
De La Luz Properties SL<br />
Spain<br />
+34 956 450 889<br />
www.delaluzproperties.com<br />
DE Sunshine Living<br />
Cyprus<br />
+357 99 57 3668<br />
www.sunshineliving.eu<br />
Derin & Derin - Derin Emlak Insaat Tur<br />
Ltd Sti<br />
Turkey<br />
+90 242 324 8284 / +90 537 799 44 48<br />
www.derinandderin.com<br />
Des Res - Desirable Residences Ltd<br />
United Kingdom<br />
+44 (0)207 586 3566<br />
www.desres.net<br />
Direct <strong>Property</strong> <strong>Investment</strong>s<br />
Sheridan White Holdings SL<br />
Spain<br />
+34 952 806 609<br />
www.directpropertyinvestments.com<br />
DJK Developments Limited<br />
Cyprus<br />
+357 992 92906<br />
www.djkgroup.com<br />
DLR Properties Overseas<br />
United Kingdom<br />
+44 (0)1206 303049<br />
www.dlr-properties.co.uk<br />
DLT International LP<br />
United Kingdom<br />
+44 (0) 207 183 7565<br />
www.dlt.co.uk<br />
Domaine De Perroubaud<br />
France<br />
+33 (0)4945 4 43 88<br />
Davidblake-standing@wanadoo.fr<br />
Domum Holding Co Ltd<br />
Thailand<br />
+66 38251464<br />
www.domum-holding.com<br />
Dream Homes Orlando Ltd<br />
United Kingdom<br />
+44 (0)1392 278230<br />
www.dreamhomesorlando.co.uk<br />
Founder Member
E<br />
Ecoresorts sales limited<br />
Ecoresorts Sales Ltd<br />
United Kingdom<br />
0845 2187518<br />
www.ecoresortssales.co.uk<br />
Egyptian Marketing Group<br />
Egypt<br />
+20 1221 66101<br />
www.sharmelsheikhrealestate.com<br />
Elite Homes<br />
Turkey<br />
+90 256 6180444<br />
www.elitehomesturkey.com<br />
Emerging Real Estate Ltd<br />
United Kingdom<br />
+44 (0)1924 364754<br />
www.emergingrealestate.com<br />
Ersa Construction<br />
Ersa Insaat Otomotiv Sa ve Tur Ltd Sti<br />
Turkey<br />
+90 242 746 9800<br />
www.ersahomes.com<br />
ETU - Etucon Insaat<br />
Turkey<br />
+90 2425 125699<br />
www.etucon.com<br />
Euro Dd Finance International<br />
France<br />
amdeym@club-internet.fr<br />
Euro-Prestige Spanish Properties<br />
United Kingdom<br />
bs@ephomes.co.uk<br />
Evaco Ltd<br />
Mauritius<br />
+230 269 1800<br />
www.evacogroup.com<br />
Founder Member<br />
Exclusive <strong>Property</strong> Mallorca S.L.<br />
Spain<br />
+34 971 701 081<br />
www.exclusivepropertyfi nder.com<br />
Experience International<br />
ExperienceBG Ltd<br />
United Kingdom<br />
0800 612 0901<br />
www.experience-international.com<br />
F<br />
Findhomeabroad Ltd<br />
United Kingdom<br />
+44(0)20 8996 9583<br />
www.fi ndhomeabroad.com<br />
First Atlantic Properties Ltd<br />
United Kingdom<br />
+44 (0)845 860 1353<br />
www.fi rstatlanticproperties.com<br />
Forbes, Forbes and Forbes Ltd<br />
Turks and Caicos Islands<br />
+1 649 946 6132<br />
www.forbesrealtytci.com<br />
Freedom Bay - Whitton <strong>Investment</strong>s Ltd<br />
United Kingdom<br />
+44 (0)207 959 2393<br />
www.whittoninvestments.com<br />
G<br />
G&V Hadjidemosthenous Ltd<br />
Cyprus<br />
+35 726 822 333<br />
www.pafosproperty.com<br />
Garrigae Investissements<br />
France<br />
+33 679 297115<br />
www.garrigae.com<br />
GEA Properties Italia SRL<br />
Italy<br />
+39 346 325 0501<br />
www.geaproperties.com<br />
Gecko Business Services Sl<br />
Spain<br />
lucas@lucasmayo.net<br />
George W Glen<br />
United Kingdom<br />
george@gwglen.com<br />
GFE Epargne Retraite<br />
Groupe France Epargne<br />
France<br />
+33 240 696 119<br />
www.gfe-epargne-retraite.com<br />
Girasol Homes Ltd<br />
United Kingdom<br />
+44 (0)1974 299055<br />
www.girasolhomes.co.uk<br />
Glenasia - Tiree Management Co Ltd<br />
Thailand<br />
+66 (0)2 168 7090<br />
www.glensasia.com<br />
5 AIPP MEMBERS<br />
<strong>Global</strong> Turkey - NT Grup Emlak Ins. Taah.<br />
Tur. Ihr. Ve Ltd Sti<br />
Turkey<br />
+90 (530) 551 1301<br />
www.globalturkey.net<br />
Go <strong>Global</strong> <strong>Investment</strong>s<br />
United Kingdom<br />
+44 (0)208 874 7433<br />
www.goglobalinvestments.com<br />
Green Gem Properties (UK) Ltd<br />
United Kingdom<br />
+44 (0)844 544 2468<br />
www.greengemproperties.com<br />
AIPP CONSUMER GUIDE 41
42 AIPP CONSUMER GUIDE<br />
Grenadine Escape Ltd<br />
United Kingdom<br />
+44 (0)20 3468 5592<br />
www.grenadine-escape.com<br />
Grosvenor Park Intelligent <strong>Investment</strong>s<br />
United Kingdon<br />
+44 (0)1323 647 070<br />
www.grosvenorparkinternational.com<br />
Grupo Inland - Verdelago SA<br />
Portugal<br />
+351 21 782 6850<br />
www.inland.pt<br />
Grupo Platinum Estates SL<br />
Spain<br />
+34 666 687 251<br />
www.grupoplatinum.com<br />
GSK Properties Abroad Ltd<br />
Bulgaria<br />
+44 (0)1359 270285<br />
www.gskpropertiesabroad.com<br />
Guy Sherratt Equestrian & Overseas<br />
United Kingdom<br />
+44 (0)1598 710134<br />
www.guysherratt.co.uk<br />
H<br />
Halcion Homes - Hamilton Homes SL<br />
United Kingdom<br />
+44 (0)1244 893144<br />
www.halcionhomes.com<br />
Hancock Homes<br />
Spain<br />
+34 956 441 806 / +34 630 564 683<br />
www.hancockhomes.co.uk<br />
Hemera Properties<br />
United Kingdom<br />
+44 (0)208 325 1953<br />
yildizgoncu@gmail.com<br />
Hestia Homes<br />
United Kingdom<br />
+44 (0)7818 60 346<br />
trevor@tijones.co.uk<br />
Highground <strong>Property</strong> <strong>Investment</strong> Ltd<br />
United Kingdom<br />
+44 (0)845 021 0018<br />
www.highground.net<br />
Home and Away Estates<br />
United Kingdom<br />
+44 (0)1707 873 454<br />
chris@homeandawayestates.com<br />
HOMEland<br />
Greece<br />
+30 28310 51341<br />
www.homeland-greece.com<br />
Hot <strong>Property</strong> Hua Hin Co., Ltd.<br />
Thailand<br />
+66 32 533 3333<br />
www.hotpropertyhuahin.com<br />
HWG Properties<br />
United Kingdon<br />
+44 (0)208 546 1086Work<br />
www.hwgproperties.com<br />
I<br />
IMG Administradora do Grupo<br />
Empresarial<br />
Brazil<br />
+55 8432194135<br />
k.eyres@imgonline.com.br<br />
www.imgonline.com.br<br />
Inmobiliaria C J Bestard<br />
Spain<br />
carlos@cjbestard.com<br />
Inmobiliaria Cala D’Or Finca D’Or Sl<br />
Spain<br />
offi ce@immocalador.com<br />
Inmourbana - Urbana Project<br />
Management, S.L.<br />
Spain<br />
+34 647 715 832<br />
www.inmourbana.com<br />
Integral Estates SL<br />
Spain<br />
+34 952 908690<br />
www.integral-estates.com<br />
Intelligent <strong>Property</strong> Network Ltd<br />
United Kingdom<br />
+44 (0)845 3628486<br />
www.intelligentpropertynetwork.co.uk<br />
International Dreams Ltd<br />
United Kingdom<br />
+44 (0)20 3239 9430<br />
www.internationaldreams.co.uk<br />
International <strong>Property</strong> Solutions (Pty) Ltd<br />
Supa Nova <strong>Investment</strong>s 106 (Pty) Ltd<br />
South Africa<br />
+27 (0)114 630 588<br />
www.ipsinvest.com<br />
International <strong>Property</strong> Success Ltd<br />
United Kingdom<br />
+44 (0)844 800 6661<br />
www.ipsbmv.com<br />
Invest in Brazil Ltd<br />
United Kingdom<br />
+44 (0)845 313 6216<br />
www.investinbrazil.co.uk<br />
Invest5Star - Woodlands PMS Ltd<br />
United Kingdom<br />
+44 (0)1980 625 086<br />
www.invest5star.co.uk<br />
IQ <strong>Property</strong> <strong>Investment</strong>s Ltd<br />
United Kingdom<br />
+44 (0)1924 863832<br />
www.iqpropertyinvest.co.uk<br />
Founder Member
Island Real Estate International SL<br />
Spain<br />
+34 928 537 870<br />
+34 6670 04 915<br />
www.ire-international.com<br />
J<br />
Javea Home Finders<br />
Spain<br />
+34 966 470 133<br />
www.javeahomefi nders.com<br />
Johal Regan Ltd<br />
United Kingdom<br />
+44 (0)20 8532 2222<br />
www.johalregan.co.uk<br />
K<br />
Kalkan <strong>Property</strong><br />
Turkey<br />
+90 242 844 2456<br />
www.kalkanproperty.com<br />
Kanika Developments Ltd<br />
Cyprus<br />
0808 234 1805 / +357 25 81 42 66<br />
www.kanikadevelopments.com<br />
Kaya Homes - Kaya Homes Ins Ta Tur Tic<br />
Ve San Ltd Sti<br />
Turkey<br />
+90 530 601 64 71 /+90 242 753 46 31<br />
www.kayahomes.com<br />
Kirk Rahill and Associates<br />
United Kingdom<br />
+44 (0)416 855248<br />
gandphrahill@eircom.net<br />
L<br />
La Luz <strong>Property</strong> Ltd<br />
United Kingdom<br />
+44 (0)1937 843131<br />
www.laluzproperty.com<br />
Founder Member<br />
La Residence (South)<br />
United Kingdom<br />
+44 (0)1865 318 111<br />
stephen@laresidence.co.uk<br />
Landmark Properties International Ltd<br />
United Kingdom<br />
+44 (0)1483 243633<br />
www.landmarkpi.com<br />
Langdon and Langdon Ltd - Bassett Pearl<br />
Villas and Bassett Pearl Development<br />
Limited<br />
Grenada<br />
+44 (0) 7852 900 830<br />
07852900830<br />
www.lalpl.com<br />
Laurel <strong>Property</strong> Development Co. Ltd<br />
Nigeria<br />
+234 8035511286<br />
www.laurelpropertyltd.com<br />
Lefteris Livadhiotis & Sons Ltd<br />
Cyprus<br />
info@livadhiotisdevelopers.com<br />
Lets Group Dan Tur Sey Ins Em Tic Ltd Sti<br />
- Lets Estates<br />
Turkey<br />
+90 256 813 8545<br />
www.lets-altinkum.com<br />
LetsGoToTurkey<br />
Tur-Al Insaat Turizm Tic Ltd Sti<br />
Turkey<br />
+90 242 513 2064<br />
www.lgt.com.tr<br />
Livadhiotis Developers<br />
Lefteris Livadhiotis & Sons Ltd<br />
Cyprus<br />
+357 2482 3888<br />
www.livadhiotisdevelopers.com<br />
Locations 4 U<br />
United Kingdom<br />
+44 (0)2890 020700<br />
www.locations4u.co.uk<br />
Lucre Properties Ltd<br />
United Kingdom<br />
+44 (0) 203 440 4010<br />
www.lucreproperties.co.uk<br />
Luz Del Sol New Properties SL<br />
Spain<br />
0800 112 3503<br />
+34 (0)968 199 068<br />
www.luzdelsol.net<br />
M<br />
Maispa Construction &<br />
Land Development Ltd<br />
Cyprus<br />
maispa@cy.net<br />
5 AIPP MEMBERS<br />
Marena Murray - The <strong>Property</strong> Specialists<br />
Spain<br />
+34 609 140 409<br />
marena@marenamurraylmc.com<br />
Marshall DeFliece<br />
United Kingdon<br />
+44 (0)717 793 839<br />
www.marshalldefl iece.com<br />
Martin Greene International Real Estate<br />
United States<br />
+1 (0) 321 799 0799<br />
martin@greeneinternational.com<br />
Mecitoglu Homes - Mecitoglu Insaat<br />
Turizm San Ve Tic Ltd Sti<br />
Turkey<br />
+90 242 7533 910<br />
www.homeinturkey.com<br />
Medcoast Homes - Medcoast (Cyprus) Ltd<br />
United Kingdom<br />
+44 (0)1564 778262<br />
www.medcoasthomes.co.uk<br />
Minoan Homes<br />
Greece<br />
+30 28240 83000<br />
www.minoanhomes.com<br />
AIPP CONSUMER GUIDE 43
44 AIPP CONSUMER GUIDE<br />
Mirage International <strong>Property</strong><br />
Consultants<br />
Qatar<br />
+974 44 44 4431<br />
www.mirageproperty.com<br />
Money Choice Pty Ltd<br />
Australia<br />
+61 3941 72551<br />
www.moneychoice.com<br />
Monopoly <strong>Property</strong> Group Pty Ltd<br />
Australia<br />
+61 8 8232 7605 (Australian)<br />
+44 (0)8458684613 (UK)<br />
www.monopolypg.com<br />
MPM Overseas Ltd<br />
United Kingdom<br />
+44 (0)1260 279622<br />
www.mpmoverseas.co.uk<br />
My-French-House.Com<br />
United Kingdom<br />
+44 (0)845 123 5885<br />
info@my-french-house.com<br />
N<br />
Newplace International Properties Ltd<br />
United Kingdom<br />
+44 (0)20 72321858<br />
www.newplace-international.com<br />
O<br />
Oak International Finance<br />
United Kingdom<br />
+44 (0)845 299 7450<br />
www.oakif.com<br />
Oasis Land Development Ltd<br />
United Kingdom<br />
+44 (0)1704 544438<br />
www.oasis-land.com<br />
Oceanwide Properties Ltd<br />
United Kingdom<br />
suleyman@oceanwideproperties.co.uk<br />
Oracle <strong>Property</strong> Developers - Izdog<br />
Turizm Tic Ltd Sti<br />
Turkey<br />
+90 256 813 2470<br />
www.oracleproperties.co.uk<br />
Orbit Alliance SAE<br />
Egypt<br />
+20 1871 80033<br />
+44 870 423 5633<br />
www.orbitalliance.com<br />
Orchid Palm Homes - SLM Real Estate<br />
Co Ltd<br />
Thailand<br />
+66 32828145<br />
www.orchidpailmhomes.com<br />
O’Reillys I.A.V.I.<br />
Ireland<br />
info@oreillysfi neart.com<br />
Orlando <strong>Property</strong> UK<br />
United Kingdom<br />
+44 (0)1234 345074<br />
www.orlandopropertyuk.com<br />
Overseas Connections<br />
United Kingdom<br />
+44 (0)1603 662288<br />
www.overseasconnections.co.uk<br />
P<br />
Palladium Advisors - Abbo Holdings Ltd<br />
Virgin Islands, British<br />
+44 (0)7767 475 804<br />
stephen@palladiumadvisors.net<br />
Pan-Cyprian Properties Ltd<br />
United Kingdom<br />
+44 (0)208 864 7972<br />
www.pan-cyprianproperties.com<br />
Paradise <strong>Property</strong> Solutions<br />
Spain<br />
+34 9664 72595<br />
www.paradisepropertysolutions.com<br />
Pentamulet, Inc. - Team Perotti at Frank<br />
Howard Allen Realtors<br />
United States<br />
+1 415 367 4200<br />
www.TeamPerotti.com<br />
Phoenix Overseas Marketing<br />
United Kingdon<br />
+44 (0)1233 771 909<br />
www.phoenix-overseas.com<br />
Pinoso Villas<br />
Spain<br />
+34 645746176<br />
www.pinosovillas.com<br />
Pioneer <strong>Property</strong> - Pioneer for<br />
<strong>Investment</strong> and Real Estate LLC<br />
Egypt<br />
+20 69 366 5575<br />
+20 69 366 0625<br />
www.pioneer-property.co.uk<br />
Planethouse UK - Immoworld UK Ltd<br />
United Kingdom<br />
+44 (0)1275 390421<br />
www.planethouseuk.com<br />
Plusworld Realtors and <strong>Investment</strong> Ltd<br />
Nigeria<br />
+234 (1)804 7973<br />
www.plusworldrealtors.net<br />
Precise Assoicates<br />
United States<br />
+44 (0)161 408 0199<br />
www.preciseassociates.com<br />
Premier Properties Tenerife SC<br />
Spain<br />
+34 922 750 603<br />
www.premierpropertiestenerife.com<br />
Founder Member
Price Brown & Company<br />
Spain<br />
daphne@pricebrown.com<br />
Prime French Properties<br />
United Kingdom<br />
+44 (0)1323 896 812<br />
info@primefrenchproperties.com<br />
www.primefrenchproperties.com<br />
Principal International<br />
Principal Choice Ltd<br />
United Kingdom<br />
+44 (0)1483 748629<br />
www.pip4u.com<br />
Properties of the World Ltd<br />
United Kingdom<br />
+44 (0) 207 328 1533<br />
www.propertiesoftheworld.co.uk<br />
<strong>Property</strong> Frontiers Ltd<br />
United Kingdom<br />
+44 (0)1865 202700 /+44 (0)1865268551<br />
www.propertyfrontiers.com<br />
<strong>Property</strong> <strong>Global</strong> <strong>Investment</strong>s Ltd<br />
United Kingdom<br />
+44 (0)114 221 3055<br />
www.propertyglobalinvestments.com<br />
<strong>Property</strong> Venture<br />
United Kingdom<br />
+44 (0)1932 849536<br />
www.property-venture.com<br />
Prudential Florida Wci Realty<br />
United States<br />
+1 561 790 1739<br />
johnprupb@aol.com<br />
Pure <strong>Property</strong> Overseas Ltd<br />
Off planworld and Pure <strong>Property</strong><br />
United Kingdom<br />
+44 (0)161 975 6080<br />
www.pureproperty.tv<br />
Founder Member<br />
Q<br />
Quadrant <strong>Property</strong> Services Ltd<br />
United Kingdom<br />
info@quadrant-proeprty.com<br />
Quality Group (Larnaca Cyprus)<br />
<strong>Property</strong> Developers<br />
Cyprus<br />
markos@qualitydevelopments.com<br />
Quintalac Mediação Imobiliária lda<br />
Portugal<br />
+351 282332371<br />
www.quintalake.com<br />
R<br />
RA <strong>Property</strong> Consultants<br />
Spain<br />
+34 9713 154 11<br />
www.ibiza-ra.com<br />
Real Estate Services<br />
Australia<br />
+61 882 954 649<br />
peter@realestateservices.net.au<br />
Realpoint <strong>Property</strong> Ltd<br />
United Kingdom<br />
+44 (0)845 331 2812<br />
www.realpointproperty.com<br />
Realty World Top Producers Realty Inc<br />
United States<br />
britishnaples@hotmail.com<br />
Red Earth <strong>Investment</strong>s<br />
Red Earth Real State Ltd<br />
United Kingdom<br />
+44 (0)20 7209 8937<br />
www.redearthinvestments.com<br />
Redbrick Wealth<br />
United Kingdom<br />
+44 (0)845 388358<br />
www.redbrickwealth.com<br />
Restless Earth Ltd<br />
United Kingdom<br />
+41 22 776 0838<br />
www.restlessearth.com<br />
Richard Immobiliier<br />
France<br />
+33 (0) 5 53 83 30 46<br />
www.richardimmo.com<br />
Richardsons Estate Agents<br />
Gibraltar<br />
trichardson@richardsons.gi<br />
RightBuy Homes<br />
Casacalida Properties Ltd<br />
United Kingdom<br />
+44 (0)1621 874 716<br />
0844 7344800<br />
www.rightbuyhomes.com<br />
ROC <strong>Investment</strong>s<br />
Return on Capital Group Ltd<br />
United Kingdom<br />
+44 (0)845 130 9011<br />
www.rocinvestments.co.uk<br />
Rocksure <strong>Property</strong> Ltd<br />
United Kingdom<br />
+44 (0)1993 823 809<br />
www.rocksureproperty.com<br />
Romance of Turkey<br />
United Kingdon<br />
0800 999 8866<br />
www.romanceofturkey.co.uk<br />
S<br />
Sanctuary Belize - Eco-Futures<br />
Development Inc<br />
United States<br />
+1 949 673 4270<br />
www.sanctuarybelize.com<br />
5 AIPP MEMBERS<br />
AIPP CONSUMER GUIDE 45
46 AIPP CONSUMER GUIDE<br />
Sapphire Properties York SL<br />
Spain<br />
+34 96 671 8507<br />
+34 620 624 252<br />
www.sapphire-properties.co.uk<br />
Select Resorts Ltd<br />
United Kingdom<br />
+44 (0)1202 765011<br />
www.selectresorts.co.uk<br />
Sellpropertyinspain.com<br />
Mejor Me Alquilan SL<br />
Spain<br />
+34 968 109697<br />
paul@sellpropertyinspain.com<br />
www.sellpropertyinspain.com<br />
Serenity Homes Turkey - N.E.D. Tur. Ins.<br />
San. Ve Tic. Ltd. Sti<br />
Turkey<br />
+90 532 405 1058<br />
www.serenityhomesturkey.com<br />
Sextant Properties<br />
United Kingdom<br />
mcany@sextantproperties.com<br />
Simply Overseas<br />
Independent <strong>Property</strong> Agents Ltd<br />
United Kingdom<br />
+44 (0)1743 343634<br />
www.simplyoverseas.com<br />
Smith & Ken Real Estate<br />
United Kingdom<br />
martin.julier@smithandken.com<br />
Snobby Homes<br />
G. Karalaki-P. Saunders Ltd<br />
Greece<br />
+30 28240 83097<br />
www.snobbyhomes.co.uk<br />
Solomon Levy<br />
Gibraltar<br />
+350 200 78047<br />
slevy@gibnet.gi<br />
Sophia <strong>Investment</strong>s Gillie Parsons<br />
United Kingdom<br />
+44 (0)1235 771340<br />
gillie@sophiainvestments.co.uk<br />
www.sophiainvestments.co.uk<br />
Spain4U<br />
Spain<br />
+34 962 855 841<br />
info@spain4u.es<br />
Spanish <strong>Property</strong> Choice<br />
Spain<br />
+34 653 722 290<br />
www.spanishpropertychoice.com<br />
SPC Overseas Realty SL<br />
Spain<br />
+44 (0)844 5982929<br />
www.spc-overseas.com<br />
Spencer James Residential Limited<br />
United Kingdom<br />
+44 (0)207 989 6000<br />
www.spencer-james.co.uk<br />
Spot Blue Overseas <strong>Property</strong> Ltd<br />
United Kingdom<br />
+44 (0)20 8339 6036<br />
www.spotblue.co.uk<br />
SPS (UK) Overseas <strong>Property</strong> Services<br />
United Kingdom<br />
+44 (0) 1690 770 222<br />
gellcolin@aol.com<br />
Stef Lukas Realtor<br />
1071127 Alberta Ltd<br />
Canada<br />
+1 403 256 0002<br />
www.calgaryrealestatebuyers.com<br />
Strategic <strong>Investment</strong> <strong>Property</strong><br />
United Kingdom<br />
+44 (0)8452 572562<br />
www.strategicip.co.uk<br />
Stratus international<br />
Spain<br />
+34 627 241 129<br />
www.stratusinternational.com<br />
Successful Investor Ltd<br />
United Kingdom<br />
0800 8600 789<br />
www.successful-investor.co.uk<br />
Sun and Sand <strong>Property</strong><br />
United Kingdom<br />
+44 (0)1722 743662<br />
www.sunandsandproperty.co.uk<br />
Sun Direct Group - Euro <strong>Property</strong> Centre<br />
United Kingdom<br />
+44 (0)1202 258693<br />
www.sundirectgroup.com<br />
Suncroft Overseas <strong>Property</strong><br />
United Kingdom<br />
+44 (0)1245 505853<br />
www.suncroft.com<br />
Sunshine Villas<br />
United Kingdom<br />
+44 (0)207 794 9013<br />
maggie@sunshinevillas.co.uk<br />
T<br />
<strong>Target</strong> <strong>Markets</strong> Ltd<br />
United Kingdom<br />
+44 (0)8456891097<br />
www.target-markets.co.uk<br />
Taylor Estate Agents Ltd<br />
Cyprus<br />
+357 238 831002<br />
bob@taylor-estates-cyprus.com<br />
Tenerife Properties<br />
Spain<br />
+34 619 058 387<br />
info@tenerifeproperties.net<br />
Founder Member
Tenerife <strong>Property</strong> Shop S L<br />
Spain<br />
bruce@tenerifepropertyshop.com<br />
Tenerife Royale Estate Agents SL<br />
Spain<br />
+34 922 788 305<br />
www.teneriferoyale.com<br />
Terra Online<br />
Saint Lucia<br />
+1758 485 7400<br />
www.terrastlucia.com<br />
The Abroad Group Ltd<br />
United Kingdom<br />
+44 (0)844 535 0100<br />
www.propertyabroad.com<br />
The Florida Consultancy<br />
Susandrew Ltd<br />
United States<br />
+1 941 309 5140<br />
+1 941 302 2151<br />
www.fl oridaconsultancy.com<br />
The Hotel <strong>Investment</strong> Company Ltd<br />
United Kingdom<br />
+44 (0)1937 541442<br />
www.thehotelinvestmentcompany.com<br />
The House Presentation Company<br />
United Kingdom<br />
gilesnewby@hotmail.co.uk<br />
The Italian <strong>Property</strong> Gallery Ltd<br />
Italy<br />
saritavincent@italianproperty.com<br />
The Laguna Developments Langkawi<br />
South Africa<br />
ejenkins@winkworth.co.uk<br />
The Olive Tree Pinoso<br />
Spain<br />
+34 965070591<br />
www.theolivetreepinoso.com<br />
Founder Member<br />
The Overseas Investor Ltd.<br />
United Kingdom<br />
0800 093 3654<br />
+44 (0)7771 742 047<br />
01706627499<br />
www.theoverseasinvestor.co.uk<br />
The Overseas <strong>Property</strong> Agency<br />
United Kingdom<br />
+44 (0)1380 859 878<br />
info@topa.co.uk<br />
The Parker Co Ltd<br />
United States<br />
mario@theparkercompany.com<br />
The <strong>Property</strong> Place<br />
United Kingdom<br />
ian@thepropertyplace.uk.com<br />
The Turkish <strong>Property</strong> Centre - TTPC<br />
Insaat Emlak Turizm Ticaret Ltd Sti<br />
Turkey<br />
+90 252 313 3536<br />
www.ttpclimited.com<br />
The Turkish <strong>Property</strong> Company<br />
United Kingdom<br />
+44 (0)7905 937645<br />
www.theturkishpropertycompany.com<br />
The Vision Phatumnak Co. Ltd<br />
Matrix MR Co., Ltd.<br />
Thailand<br />
+66 (0)38250120<br />
www.matrix-developments.com<br />
The World Of Florida<br />
United Kingdom<br />
+44 (0)1568 797 899<br />
suzanne.morrill@worldoffl orida.co.uk<br />
The Worldwide <strong>Property</strong> Group<br />
Wilkes & Wilkes <strong>Property</strong> Ltd<br />
United Kingdom<br />
+44 (0)1235 553 569<br />
www.w-wideproperty.com<br />
TheSpanishBrick.com<br />
United Kingdom<br />
+44 (0)20 85866633<br />
www.spanish-real-estate.co.uk<br />
TM Marketing & Sales S.L.U.<br />
Spain<br />
+34 965 71 20 11<br />
www.tmgrupoinmobiliario.com<br />
TM UK<br />
United Kingdom<br />
jeremy@tmuk.info<br />
Topmarks Partnership Limited<br />
United Kingdom<br />
+44 (0)23 9259 7001<br />
www.topmarksoverseasproperty.com<br />
Town & Country Spain<br />
Spain<br />
paul@townandcountryspain.co.uk<br />
Tradewinds Realty<br />
Canada<br />
+90 2275 5613<br />
tim.harris@tradewindsrealty.com<br />
Tropical Connections Ltd<br />
United Kingdom<br />
+44 (0)845 2221413<br />
www.tropicalconnections.co.uk<br />
Turkey <strong>Property</strong> Plus LTD<br />
Turkey<br />
+44 (0)161 408 7588<br />
www.turkeypropertyplus.com<br />
Turkish Connextions<br />
United Kingdom<br />
+44 (0)1772 735151<br />
www.turkishconnextions.co.uk<br />
Two Summers Ltd<br />
United Kingdom<br />
+44 (0)1454 615683<br />
www.twosummers.co.uk<br />
5 AIPP MEMBERS<br />
AIPP CONSUMER GUIDE 47
48 AIPP CONSUMER GUIDE<br />
U<br />
Ulster <strong>Property</strong> Sales<br />
United Kingdom<br />
gdallas@ulsterpropertysales.co.uk<br />
Unicasa London<br />
United Kingdom<br />
+44 (0)207 924 7718<br />
anna@unicasa-international.com<br />
Unique Living-International Real Estate<br />
United Kingdom<br />
serge@uniqueliving.com<br />
Unlimited Opportunities Limited<br />
United Kingdom<br />
+44 (0)7775868170<br />
www.unlimitedopportunities.co.uk<br />
USA Bound-Lemontree Marketing LLC<br />
United States<br />
+1 3212517904<br />
www.usa-bound.com<br />
USA <strong>Property</strong> Investor Ltd<br />
United Kingdom<br />
+44 (0)1253 820905<br />
0845 438 0634<br />
www.usapropertyinvestor.com<br />
UV10 LLC<br />
United Kingdom<br />
+44 (0)845 643 1036<br />
www.uv10.com<br />
V<br />
Verdeland Homes & Services<br />
Portugal<br />
+351 281 326 888<br />
www.verdeland.com<br />
Villatua<br />
Italy<br />
+39 0583 359 157<br />
jenny@villatua.com<br />
Villauno - Martins <strong>Property</strong> Service Ltd<br />
United Kingdom<br />
+44 (0)1708 520 000<br />
www.villauno.com<br />
Vilnius Golf & Spa Resort UAB<br />
Lithuania<br />
+37 052 739 759<br />
www.vilniusgolfandspa.com<br />
Volcano Estates - Volcano Villas SL<br />
Spain<br />
+34 928 518 752<br />
www.volcanoestates.com<br />
W<br />
Walton Residential<br />
United Kingdom<br />
pat@waltonresidential.co.uk<br />
Whole World of <strong>Property</strong> - Iain Stewart<br />
United Kingdom<br />
+44 (0)845 026 1067<br />
www.wholeworldofproperty.com<br />
Windrush Alliance Ltd<br />
United Kingdom<br />
+44 (0)203 411 8590<br />
www.windrushalliance.com<br />
Wisemovetospain.Com<br />
United Kingdom<br />
+44 (0)161 432 2849<br />
nick@nickwestby.com<br />
Word and Buyer Ltd<br />
United Kingdom<br />
+44 (0)1642 640 242<br />
www.wordandbuyer.co.uk<br />
Worldwide <strong>Investment</strong>s - Universal<br />
Marketing Ltd<br />
United Kingdom<br />
+44 (0)845 833 4725<br />
www.worldwideinvestments.co.uk<br />
Y<br />
Yafa Mac Tourism Company<br />
Egypt<br />
+202 (0)2414242604<br />
www.yafamac.co.eg<br />
Your Holiday Homes Ltd<br />
United Kingdom<br />
+44 (0)208 762 95 07<br />
www.yourholidayhomes.com<br />
Z<br />
Zerin Properties<br />
Malaysia<br />
+603 20922008<br />
www.zerinproperties.com<br />
Visit www.aipp.org.uk for a fully up-to-date list of AIPP members<br />
Founder Member
AIPP<br />
MEMBERS DIREC<strong>TO</strong>RY<br />
FINANCE<br />
Excel Currencies Ltd<br />
United Kingdom<br />
+44 (0)1322 221121<br />
www.excelcurrencies.com<br />
First Rate FX Ltd<br />
United Kingdom<br />
+44 (0)207 038 8075<br />
020 35143700<br />
www.fi rstratefx.com<br />
GoBMV - Premier Advice Club Ltd<br />
United Kingdom<br />
+44 (0)845 189 8009<br />
www.gobmv.co.uk<br />
GTE Banco Pastor Group - General De<br />
Terrenos Y Edifi cios SL Uno<br />
Spain<br />
+34 915623705<br />
www.bancopastor.es<br />
Scrimshaw Wealth Management Ltd<br />
United Kingdom<br />
+44 (0)1909 532270<br />
www.scrimshawwealthmanagement.com<br />
Smart Exchange Ltd<br />
United Kingdom<br />
+44 (0)207 384 2267<br />
www.smart-exchange.co.uk<br />
Founder Member<br />
LAW<br />
Acacia International - Acacia<br />
International Pro Yon ve Tic Ltd Sti<br />
Turkey<br />
+44 (0)207193 1656<br />
www.acacia-int.com<br />
Alexandra Pereira Law Offi ce<br />
Portugal<br />
+351 289 399 963<br />
www.alexandrapereira.com<br />
Birchall Blackburn Solicitors<br />
United Kingdom<br />
+44 (0)161 236 0662<br />
+44 (0)161 238 5631<br />
www.bboverseas.co.uk<br />
Chebsey Law Ltd<br />
United Kingdom<br />
+44 (0)1494 670440<br />
www.chebsey.com<br />
Chlorakiotis & Floraki LLC<br />
Cyprus<br />
+357 2693 4300<br />
info@cfl aw.com.cy<br />
www.cfl aw.com.cy<br />
Interlaw<br />
Spain<br />
+34 968 83 85 05<br />
www.interlaw.es<br />
Ripoll & Mateu Solicitors Mallorca<br />
CODELEX LAW FIRM<br />
Spain<br />
+34 971 532109<br />
www.ripollmateu.com<br />
MARKETING<br />
Ash Communications -<br />
Ash Associates Communications Ltd<br />
United Kingdom<br />
+44 (0)20 7831 1954<br />
www.ashcommunications.com<br />
Intelligent Partnership<br />
The Intelligent Partnership (UK) Ltd<br />
United Kingdom<br />
+44 (0)845 3628486<br />
www.intelligent-partnership.com<br />
MBI Consulting<br />
United Kingdom<br />
+44 (0)700 349 5933<br />
www.mbiconsultingltd.com<br />
5 AIPP ASSOCIATE MEMBERS<br />
Associate members are companies providing services to the<br />
overseas property buyer but they do not sell property<br />
AIPP CONSUMER GUIDE 49
MEDIA<br />
A Place in the Sun – APITS Ltd<br />
United Kingdom<br />
+44 (0)203 207 2920<br />
www.aplaceinthesun.com<br />
Daily Mail Ltd<br />
United Kingdom<br />
+44 (0)20 7938 6000<br />
www.dailymail.co.uk<br />
HomeAway UK Ltd<br />
United Kingdom<br />
+44 (0)20 8827 1971<br />
www.homeaway.co.uk<br />
Homesgofast.com<br />
Marr International Ltd<br />
United Kingdom<br />
+44 (0)207 099 3392<br />
www.homesgofast.com<br />
50 AIPP CONSUMER GUIDE<br />
LandOr<strong>Property</strong>.com<br />
Destra Software Ltd<br />
United Kingdom<br />
+44 (0)781 039 0096<br />
www.landorproperty.com<br />
OPP Media Ltd<br />
United Kingdom<br />
+44 (0)20 8734 3960<br />
www.opp.org.uk<br />
<strong>Property</strong> Investor Media Ltd<br />
United Kingdom<br />
+44 (0)20 8877 0610<br />
www.propertyinvestor.co.uk<br />
<strong>Property</strong>Pal<br />
Ireland<br />
+353 (0)289 0330 055<br />
www.propertypal.com<br />
SERVICES<br />
Citadel Trustees Ltd<br />
United Kingdom<br />
+44 (0)1276 482015<br />
verannewil@citadeltrustees.com<br />
www.citadeltrustees.com<br />
DREI - Dubai Real Estate Institute<br />
United Arab Emirates<br />
+971 42030560<br />
www.drei.ae<br />
Intasure - Blenheim Park Ltd<br />
United Kingdom<br />
+44 (0)845 111 0680<br />
www.intasure.com<br />
Pantheon Realty Pantheon Realty<br />
Consultancy Ltd<br />
United Kingdom<br />
+44 (0)20 71128178<br />
www.pantheon-realty.com<br />
The industry body. The industry voice. The industry standard.<br />
WE’RE NOT HERE <strong>TO</strong> SELL PROPERTY OVERSEAS...<br />
...WE’RE HERE <strong>TO</strong> MAKE SURE IT’S SOLD PROPERLY<br />
By using AIPP Members, you get:<br />
REASSURANCE - that a Member must act professionally, and<br />
RECOURSE - to the AIPP if problems occur<br />
To order a free copy of our guide to buying property overseas safely or to find<br />
out more about our work, visit www.aipp.org.uk or call 020 3207 9095.<br />
We are a not-for-profit organisation. We do not sell property.<br />
Association of International <strong>Property</strong> Professionals Ltd<br />
St Clements House, 27-28 Clements Lane, London EC4N 7AE. UK Company No. 5677417<br />
<strong>Property</strong> Tax International Ltd<br />
Ireland<br />
+353 1635 3722<br />
www.ptireturns.com<br />
Survey Spain SL<br />
Spain<br />
+34 952 923 520<br />
www.surveyspain.com<br />
Tailormade Alternative <strong>Investment</strong>s Ltd.<br />
United Kingdom<br />
+44 (0)1928 719 609 ,<br />
+44 (0)1925 81095<br />
www.tm-ai.com<br />
The Registry Collection<br />
Wyndham Worldwide Plc<br />
United Kingdom<br />
+44 (0)208 762 6681<br />
+44 (0)7794 925954<br />
www.theregistrycollection.com<br />
Founder Member
For a full and updated list of<br />
AIPP members, or for more<br />
information about the work<br />
of AIPP, visit our website:<br />
www.aipp.org.uk
Association of International<br />
<strong>Property</strong> Professionals is a trade<br />
association for the international<br />
property industry.<br />
AIPP is a not-for-profit organisation<br />
and does not sell property.<br />
The industry body.<br />
The industry voice.<br />
The industry standard.<br />
Association of International <strong>Property</strong> Professionals Ltd<br />
St Clements House, 27-28 Clements Lane, London EC4N 7AE<br />
Tel: +44 (0)20 3207 9095<br />
Fax: +44 (0)20 3207 9182<br />
Email: enquiries@aipp.org.uk<br />
Web: www.aipp.org.uk<br />
UK Company Number: 5677417