People who are thinking about using their pension savings to start a new life abroad after work have been warned to do research before buying a foreign property.
The International Law Partnership has said that those thinking about buying abroad should consider seasonal and climate issues, while also taking note of migration and why people may be leaving a country you are interested in moving to.
Peter Esders, a partner at the law firm, said: "Quite often we see clients who retire abroad, and they go and buy in a particular town or village because they've been there on holiday and liked it.
"Then six months after they've bought it, and got to know the area a bit more, they say: 'I wish I'd bought six miles up the coast, because it's nicer and cheaper'."
He added that most problems experienced when starting a new life abroad are caused by a lack of research on a location.
A recent study by Prudential found that almost a third of those retiring this year are planning to spend at least three months a year abroad.
The International Law Partnership LLP
Solicitors & International Lawyers
The Vaults
193-197 High Holborn
London
WC1V 7BD
© The International Law Partnership
|