Imagine yourself relaxed and lying on a hot sun drenched beach. Bronzed boyz and galz as far as the eye can see. It's not difficult is it? I would lay a bet that most of you would take up residence outside of Britain if given the opportunity. You've probably even thought about owning a second home and gone as far as to check the local property prices.

It's a dream that's come true for an estimated one million Britons and others within Europe. That is approximately how many people have bought flats or villas in Spain, France, Gibraltar, Italy, Portugal or Cyprus. The same could be true for you. For as little as £15,000-the price of some double glazing or a conservatory, a sun drenched corner of a foreign field could be your little hideaway.

The rich and famous are no longer the only people owning property overseas. As barriers within Europe and the rest of the world continue to come down, the Mediterranean and warmer climates are closer than ever!

However, there are a number of steps that you should consider before leaping in feet first. Raising finance is just one. What about choosing estate agents, legal representation and managing the property?

Money

There are several ways of raising the cash for your foreign home:

• With property prices rising in this country it is possible that you may have enough equity within your home to cover a deposit or even the whole amount you need.
• You could use the property you are buying as security. This would allow you to borrow money from a foreign bank. Remember you will still need to raise a deposit as you would in this country. Typically, a foreign bank would look for 20-25% down payment.
• If you're planning to sell up permanently and are currently British based, a short term loan may be the answer. By using bridging finance you may be able to speed up the purchase.
• You could think about combining cash with family and friends. This could be the difference between a villa with a pool rather than just an apartment.

Please remember that the bills don't end at the asking price. Lawyers charges, taxes, travel expenses and insurance must be met as in Britain. You should be aware that these costs can amount to more in some countries. Common reasons for additional expense could be service charges, money transfer fees and translation costs for important documents. Don't sign anything until you've read the small print! 

Choosing an Agent

Ask the agent how long they have been established and ask if you are able to contact any other British customers they have advised. This will allow you to check any claims they make about their services.

If you're buying on a development make sure you see the older properties, not just the gleaming show home. It is good to see how the properties are wearing and often you can spot a bargain amongst the older properties.

Get as many quotes as you can, as variations in prices are not uncommon. You mind find differences in price for property on the same development. Always check for any special offers or discounts. It's not uncommon for builders to offer incentives such as a years membership to a golf course or maybe the local tennis club. 

Legal

Choose a lawyer with representatives in both countries. It will prove cheaper if you can avoid endless international phone calls and air travel to sign documents.

Your lawyer will be able to check that your new home is on land that is legally acquired, free of owed taxes or service charges, and has connected power and water supplies. It is important not to incur further cost paying for connection to amenities that we take for granted.

They will be able to advise on any contracts that you will have to sign and any pitfalls they may contain.

Money Management

Open a bank account in the country that you have chosen and ensure you get a certificate of importation for the money that you bring in from Britain. This will make repatriation of any cash much easier if you decide to sell up at a later date. 

Set up standing orders to meet bills and taxes. If you fail to pay your taxes in some countries such as Portugal and Spain the courts could seize your property. Include the property in a will that has been translated and officially recognised according to the law of the country you have decided to buy in. Failure could lead to expensive legal wrangles on the settlement of your estate should you die.

Now you have most of the facts you need not be frightened of comparing prices in the local agents window. Why not enter your name on their mailing list and keep in touch? If you see a property you like why not discuss the possibilities with an independent mortgage adviser when you return. You may be able to make you dream come true. 

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