There are many reasons people may want to sell a foreign property, including if they’re returning to the UK after living abroad, selling a holiday home or have inherited a foreign property they wish to sell.
Whatever your reason for selling an overseas property, we can help you make the most of your money with competitive exchange rates and low fees when you repatriate the money home to the UK.
How to sell property overseas
When you’re looking to sell your property abroad, the process is very similar to the approach you would have taken when you initially made a purchase.
Working with a local estate agent that understands the requirements of selling both to the local market and to foreign buyers, will help you to set your expectations about prices and the market.
If you’re setting the price in local currency, which will most likely be the case unless you’re selling to a fellow British expat, be aware of the additional cost of currency conversion and set your expectations accordingly for any exchange rate fluctuations.
How to transfer your money home from your foreign property sale
From the property sale to local costs for legal and professional fees and taxes, there may be a number of currency payments required to repatriate your funds back to the UK, all of which can be made from your international payments account.
You can enjoy competitive exchange rates and low fees when you send money abroad, while you are also able to lock in a prevailing exchange rate for up to two years. This may require a deposit but ensures you receive the same rate, irrespective of any market movements, meaning you won’t have to worry about the value of your currency exchange changing should the selling process take longer than expected.
In addition, a specialist can provide expert guidance on the currency market and a range of tools to help you manage your funds. This can help you make the most of your money and ensure that you get value when you sell your property abroad so that you have the funds in sterling to begin the next phase of your life, back in the UK.
What additional fees will I need to pay when selling my property abroad?
When you’re thinking about the amount of money you’ll have to invest back in the UK, don’t forget that you’ll be liable for Capital Gains Tax when you ‘dispose of’ an overseas property as a UK resident.
In addition, you may be liable for tax in the country where the property is sold. It’s worth checking your tax liabilities and obligations with a legal professional when you start the process.
Overall, the key is to look beyond the headline price of the property you’re selling – there are currency costs, legal fees, tax implications and a number of other factors which will impact the final amount you’ll have to work with in the UK. This is all the more reason to make sure you are making the most of your currency exchange with a Moneycorp account.