International Property

Gatehouse International have launched a new look this week.

We now have a site that’s easier to search for your favourite categories. Our research has indicated that our web site visitors would prefer to click on a link that will take them to a selection of properties for sale, rather than fill in a search form. We haven’t done away with our’ property search’ facility. We have made it easier to find what most people are search for though.

We have organised our site to allow you to click a link to take you to the Country of your choice such as properties for sale in Mallorca, Almeria, the Algarve or even Southern Cyprus. Once there, you’ll see a small selection of properties that are typical of the 1000’s we have for sale in each Country or region.

There’s links that are worded to match some of the favourite searches that have been made on our web site recently, such as ‘apartments for sale in Mallorca’ New developments for sale in Portugal’, ‘Polaris World property’, ‘Villas for sale in Spain’, ‘Granada Property’, ‘Golf Villas in Cyprus’ and ‘Vale do Lobo Property’.

Each link will take you to an appropriate selection of carefully chosen overseas property for sale.

Currency Exchange and Currency transfers for your Property Purchase Abroad.

The Foreign Exchange market is the world’s largest financial market, in excess of 1.5 trillion US dollars are being exchanged daily.

The process of Foreign exchange transfers couldn’t be easier. and as most services - money transfer is a free service with our Foreign Exchange partner. However, be aware that some companies make charges for transfering money abroad.

Here is a simple 3 step guide:

Step 1. Open an account

Complete an application form and ensure you have usually two forms of ID: (1) photographic (2) proof of residence.

Step 2. Buy your currency

Speak to a currency dealer and they will give you the current market rate. If you are happy with the quotation they will buy the currency on your behalf. This trade is usually confirmed in writing by way of a deal receipt and usually provides instructions on how, when, and where to make payment for your currency.

Step 3. Get your currency

Once cleared funds are received by your dealer, they will promptly transfer your exchanged currency to any bank account of your choice, worldwide, the same day. 

Other than just choosing any particular day to exchange your money, you could choose other dates to make the currency exchange. It may be that you have decided to buy a new property that won’t need the final balance to be paid until 18 month’s time. In this case, it may suit you to do a ’spot deal’ today for the deposit and arrange for a ‘forward deal’ for the final balance. By doing this, you will have just ‘fixed’ the purchase price to your home currency and will have ensured that you don’t get caught out by a weakening home currency, or a strengthening one in the country of your purchase. This can save people thousands.

Here are 4 basic types of transaction:

• Spot Contract
A spot contract is undertaken when you buy currency at the prevailing exchange rate at the time of the transaction and make payment within two working days. This transaction is typically used for deposit payments on property or for full payment if the funds to pay for the transaction are available.

• Forward Currency Contracts
A forward contract is undertaken when you fix the exchange rate now for a specific date from one to 24 months in the future. As an example, your final payment for a home abroad may be the equivalent of £100,000. You could fix that exchange rate today with a small deposit, and pay for the bulk of that transaction at the completion of the forward contract. To guarantee the exchange rate, private clients will have to pay for at least 10% of the value straight away (a margin deposit) and the balance on or before the maturity of the contract.

• Time-Option Forward Contracts
You may also reserve a time-option forward contract. This contract allows greater flexibility in paying. For example, a property developer may give you a date of December 2008 as an approximate completion date but may tell you it could take a bit longer. Your dealer may recommend that you set a date for your forward contract of February 2009 and you are free to settle that contract anytime before the maturity date with no penalty.

• Limit Order
Limit Orders allow a client to set the rate at that which they would like to exchange their currency. Our foreign Exchange partner will monitor the market for you and if the rate can be achieved, we will purchase the currency on your behalf. We would then notify you of the due date for your payment. This is particularly important for contracts of substantial value where a small currency fluctuation may have huge implications.
Getting Started

If you would like further information please call our Private Client Desk on 01480 458400. You may also register online with us. We will contact you to activate your account. In order to complete the registration process, we require two forms of identification. Please also provide us with a copy of your passport or driving licence and a utility bill, council tax bill or landline telephone bill with your address.

Renting villas and apartments has become an extremely popular way to holiday in the Algarve, given the advantages this has over hotel accommodation. There are properties that sleep from 2 right up to 12, sometimes more, covering east to west, featuring either private gardens with pools, or complexes with communal gardens and pools. Alternately many people choose to rent a villa in the Algarve to stay in whilst they are looking for their ideal property to buy. This can make their search a lot easier as it can reduce flights to and from the U.K every time they find a property to view, or need to see their lawyer or bank manager here in Portugal. Villa rentals can be long or short term and can generally be found in whatever area of the Algarve is required.

At Brisa Vilas you will find a wide range of apartments and villas to choose from, stretching from central Algarve to the East, in areas such as Albufeira, Vilamoura, Estoi, Olhão, Moncarapacho, Fuzeta, and Tavira; all within reach of Faro airport. The properties also are in a mix of locations, such as near to the beach or golf, out in the country away from it all, or within reach of local amenities. Wherever you go in the Algarve you can’t be too far away from all of the above. The Brisa Vilas properties start with one bedroom apartments and increase in size to villas that sleep ten people. For further information of their services and details of the properties, go to their website via our directory http://www.gatehouseinternational.co.uk/dir/portugal/

Another reputable firm renting out properties for long or short term lets is Algarve Budget Service. They have a range of properties available to rent, and provide the usual services such as maids, pool and garden maintenance, and a linen service. For more information, go to their website via our directory at : Budget Services

If you are considering buying property abroad and would like to rent a property as a trial run, to be sure you are looking in the right areas, visit the websites of the above companies and consider a stay in one of their available properties.

Faro is the capital city of the Algarve and has a population of over 55,000.
This historical city lost much of its architecture in the two disastrous
earthquakes of 1532 and 1755. Fortunately its Arab and Roman remains
survived, as did the old walled city with its 13th century cathedral and
roman walls that date back to the 9th century.

The city of Faro offers an eclectic mix of ways for the visitor to spend his
or her time. Culturally, aside from the old walled city, there are many
museums and churches to visit, including the church of Nossa Senhora do
Carmois which houses the macabre spectacle of the chapel lined with the
bones of over 1,200 monks.

Faro is the home of the Ria Formosa lagoon, a nature reserve of over 17,000
hectares that is home to myriad birds and the Portuguese Waterdog sanctuary.
A visit to this reserve provides the opportunity to witness pink flamingos
taking to the air, griffins that rest in the reserve during their migratory
journeys and the amazing Portuguese waterdog with its webbed feet and
incredible sea diving abilities.

Faro also has its share of beaches. ‘Faro Island’ – a long sandy spit reached by crossing a causeway - is approximately 7 kms from the city. Three other island beaches in the vicinity – Armona, Culatra, and Farol - can be accessed by water taxi or ferry.

This lively bustling city is home to a university, an international airport, a seaport, a marina, a railway station, and complete interregional bus services. Nightlife in Faro is varied. Being a university town, there are countless bars to enjoy a drink in, and the city boasts a large new stadium just outside town that hosts major football matches and music concerts of all genre.

Most tourists only experience Faro by taking in the spectacular sight of the Ria Formosa from the window of the aeroplane; however, it is well worth allocating some of your holiday time to explore this wonderful capital city and all it has to offer.

When buying a property in Portugal, it is worth contacting a Portuguese bank with regards to mortgages available as they can often offer superior rates or conditions than that offered by your current bank.

We would recommend that you contact an independent mortgage adviser in order that they can establish your particular requirements and find the best deal for you. We currently recommend such a company here who are based in Almancil although they are happy to meet you in any area of the Algarve. They do not charge a fee for their services and by contacting them you will not have to navigate your way around the banking system if you have limited Portuguese. They work independently and are able to offer a great range of mortgage and investment products through a number of well known financial institutions here in Portugal. As well as mortgage advice, they are able to offer a range of services such as investment advice, home, car and life insurance and foreign exchange transfers.

General documentation required to apply for a mortgage in Portugal is listed below.

• Portuguese tax number (the company can arrange this for a small fee)
• Copy of ID card or passport
• Last 6 months of bank statements (current and savings)
• Birth certificate
• Last years tax return (P60)

Further documentation will be required with regards to your current employment status. Mortgages for non residents are offered up to 80% loan to value. The borrowing level is based on the house valuation and not the purchase price.

Please contact www.algarveprop.com if you would like more information and we would be pleased to ask a representative to contact you to discuss your requirements further. You can email us on gatehouse@sapo.pt or call on our UK number 0208 123 1880. This will divert free of charge to our office in the Algarve.!