Polaris World

FAQ's

When looking to buy property overseas, you will no doubt have a number of questions or factors to consider.  We will be more than happy to discuss the purchasing process with you either on the phone or in person, but to help you get started, we’ve included some of the more frequently asked questions below.

Q: Could I pay less for my new home elsewhere?

A: No just the opposite.  We offer you your new home at the lowest list price.  Whether you go direct to the vendor or through a third party, the price will not be any less, and in some cases, you will actually pay more, whilst being offered a vastly inferior range of homes to those we can provide.
Going through a company such as ours has several advantages: You will get to see properties that suit your requirements; you will have the benefit of our many years of experience, as well as the help of fully trained supportive staff who will help take away the stress and strain associated with house purchasing .

Q: What other costs on top of the purchase price can I expect?

A: There will be additional charges, fees and taxes as you might expect when buying a new property.  Your lawyer will be able to give you an estimate of these costs when they know more about your plans.  Fees you will have to consider are those of your lawyer, the notary, bank charges, taxes etc.

Q: Will the property I purchase be freehold?

A: Yes all the properties we offer are what we in the U.K would call freehold.

Q: If I buy a new property, will I be able to inspect it before I complete?

A: Yes you will usually be able to make inspections at any time.  On completion you will be invited to inspect the property and make the builder aware of anything that is not to your satisfaction.  Until the full terms of the contact have been met, you are not required to make your final payment.  Even after you have the keys, anything you may subsequently discover that requires rectification should be brought to the developer’s attention for correction.

Q: Should I use a U.K or Irish solicitor?

A: Past experience has shown us that it is better to use a solicitor based in the country where you are buying a property.  We can introduce you to a reputable local independent solicitor, and all the communications from them will be in English so don’t worry about understanding legal documents. If using a U.K or Irish solicitor they may still have to use an overseas solicitor to complete your purchase and therefore you could be liable for two legal bills.

Q: I need to sell my house in the UK before I can buy an overseas property, can you help?

This is one of our most frequently asked questions, and yes we can help.
A: If you have approx. 30% of the purchase price or over available in cash funds without selling your home, you can reserve a new property, securing its price in Euros, you then need to sell your home within a time period agreed by you with the developer.
If you sell your own property before your new one is finished, you simply move out overseas, rent a property in the local area and start to enjoy the lifestyle. The money you spend on renting a property overseas will normally be offset by the decreased living costs and increase in your property value as it is being constructed.
You then get a brand new home to move into, without any of the normal stress and strain associated with trying to sell and buy simultaneously. Some people arrange a short term re-mortgage/equity release from their own house to enable them to do this.
If you don't have approx. 30% of the purchase price on hand and you don't want to re-mortgage or to arrange bridging finance (overdraft facilities) then you will need to sell your own home before you can purchase a property overseas..
However, when you have sold your U.K. property you then have two options available to you:
1. Move overseas and rent a property for a short term whilst your new property is being built.  This is not actually a bad thing and it could save you money, because new homes tend to be less expensive than resale homes. So any monies saved on the purchase price can be used to offset any funds needed for rental purposes.
2. Purchase a resale or new key ready property and move in within 30 days.

Q: Does PolarisWorldInvest have any re-sale properties?

 
A:  Yes we do. 
Generally though, new build properties are cheaper and therefore more popular. In addition to the price issue, new build properties are generally built to much higher standards than older properties, Spanish properties for example carry a 10 years builders guarantee backed by the royal college of architects  so they do not need any maintenance or immediate expenditure, having new kitchens, bathrooms, etc., all ready installed.
We generally find that clients who buy a re-sale property are those who need to move in within a very short period of time, and who are unable to wait for a new property to be constructed.
When making an offer for a re-sale property in Spain for example you will generally have to pay a £2,000 deposit and you then have to complete the sale within 30 days of making your offer. If you cannot do this a resale property is probably not for you.
In any event, we shall be delighted to show you our re-sale property portfolio on your trip if that is what you would prefer.

Q: How long do new properties take to build?

A: Because we deal directly with the builders, our build times are on average shorter than many other companies. The normal time is between six to eight months, though some developments may be as long as 18 months. But we do have many brand new, key ready properties just waiting for you to unlock the door and move in.

Q: I have already made arrangements to travel to overseas with a view to purchasing a property and would like a consultant from PolarisWorldInvest to meet me and show me properties and areas. Can this be done?

A: Yes this can be done and we will be only too pleased to arrange it for you. All we ask is for you to give us as much notice as possible as to when you will be in the country of your choice so that we can make arrangements with one of our overseas offices for one of our highly trained consultants to collect you and show you a selection of properties that suit your requirements.

We generally find it is better to arrange these viewings at the start of your trip as nothing could be more upsetting than to find you dream house, only to find you are due to return home with not enough time to tie up all the loose ends.

                                                                                                                                 
Given the importance of this decision, it's far better to allow yourself all the time you need to decide on the right property and not to be under pressure due to the lack of time you have left

Q: What other costs on top of the purchase price can I expect in Spain?

A: Normally you should allow an additional 10% on top of the purchase price for legal fees, Notary fees, Land Registry, VAT (IVA) or Transfer Tax and Stamp Duty. 
Your Lawyer will give you a detailed breakdown as part of his quotation. If you are considering a mortgage, the bank may charge an arrangement and survey fee, just as they do in the UK.

Q: What's the weather like in southern Spain?

A: Warm in the winter, with a lot less rainfall than Northern Europe, and the U.K. People living in the South enjoy 320 days of sunshine on average per year. 
Overcoats are a rare sight even in December and January. It should be noted that other parts of Spain do not benefit from the wonderful climate enjoyed by the residents in this region.
In the winter, other areas of Spain can be wet and cold. In the summer, other parts of Spain are considered to be too hot (e.g. 40°+ Centigrade in Madrid) and many residents, including the Spanish people who can afford second homes often spend the summer on the coast.