Preparing for your sale

Selling your place in the sun

At A Place in the Sun Currency, we’ve helped thousands of people buy, own and sell property overseas. While the buying process is easily researched and relatively well-trodden, when it comes to selling, you can easily find yourself with money stuck in the wrong place or the wrong currency, and some work to do to get it safely and efficiently back to the UK.

So, before you sign a contract to sell your property, register with A Place in the Sun Currency and we can help you manage the whole process.

What can I do to make sure of a smooth completion?

The details vary by country, but in many cases asking the right questions early on, can save stress and cost later on. For example, you might have decided to bank the proceeds in your own account overseas – but if you are returning to the UK before completion, have you checked that the bank can act on your instruction without you physically present? If not, you’ll be back on a plane to fill in a form.

Similarly, your solicitor might prepare a banker’s draft when the sale completes, instead of transferring you the money. While our Draft service is a good option in that case, have you asked if they can make a transfer instead? Could they send funds directly to A Place in the Sun Currency‘s client bank accounts instead, to save an extra step in the process?

It’s also worth checking if any fees will apply locally, which will vary by country and by bank, to handle the proceeds of your sale. These can sometimes be significant, and can be avoided if you plan ahead.

Finally, if you opt to receive funds into your overseas bank account directly from your buyer (instead of their solicitor), remember that additional anti-money laundering checks may well apply, because your bank may want to know who the buyers are, where they accumulated their funds, and see all the documents to support the sale.

Our top tips are summarised below, but speak to the friendly team at A Place in the Sun Currency when your property is on the market, and we’ll help you ensure you minimise your fees and stress, while of course ensuring you benefit from our commercial exchange rates to make your money go even further.

• Before you sign a contract of sale, check with your solicitor what options you have for receiving the proceeds at completion.
• If you receive a draft, banking it overseas or in the UK can be very expensive and slow – our Draft service is a good alternative.
• Try to avoid banking funds locally, unless you have checked the ease of transferring on, and the charges made to do so.
• If you are due to receive funds directly from the buyer, check you won’t be faced with additional anti-money laundering checks when a large payment comes in from an unknown third party, particularly if an unusual country is involved.