France
Selling property abroad
When it comes to transferring the proceeds of your property sale, getting the right exchange rate is key to maximising your return. Even small exchange rate shifts can significantly impact the final amount you receive after you’ve converted the currency.
Lumon can help you lock in a favourable exchange rate to protect your earnings, especially in volatile markets. By securing a bank-beating rate, you can safeguard the value of your funds and ensure a smooth, stress-free international property transaction.
How to sell property abroad
Selling a property abroad can be an exciting time in your life, which requires careful planning and a good understanding of the process. From legal requirements to navigating local customs, it’s important to prepare yourself for the unique aspects of an international sale. Partnering with local experts, such as estate agents and lawyers, and finding a trusted currency specialist, can help you tackle any challenges with confidence.
At Lumon, we’re here to offer tailored support and resources every step of the way, ensuring you get the most out of your property sale abroad.
Top tips for selling property abroad
Begin by researching the local property market to understand current trends and set a competitive asking price. This knowledge will help you attract potential buyers and ensure your property stands out.
Take the time to address any cosmetic issues to enhance your property’s appeal. A well-presented home can significantly increase buyer interest and improve your chances of a successful sale.
Timing is crucial when selling property abroad. Consider market trends and seasonal factors to choose the best time to list your property, as this can greatly influence buyer interest and the final sale price.
Partner with local experts and a trusted currency specialist
Look for someone with a solid reputation who’s registered with a recognised regulatory body in the local area. They’ll help you set the right price and guide you through the sale. You can choose an exclusive agreement for more personalised service or list with multiple agents to boost your property’s visibility.
A good lawyer is essential for a smooth property sale. Make sure to choose one who specialises in international property law and knows the local regulations inside out. They’ll handle the legal details for you, including contracts and formalities, and can even act on your behalf if you’re not able to be there in person.
Selling property abroad comes with financial responsibilities, and an independent financial adviser can help you make sense of them. From tax obligations to minimising costs, they’ll guide you through the financial side of things and ensure you’re in the best possible position when it comes to capital gains and other taxes.
When selling property abroad, exchange rates can play a big role in your final profits. A currency specialist can help protect your earnings from fluctuating rates. At Lumon, we’ll pair you with a dedicated account manager who can offer tools like forward contracts to lock in favourable rates, ensuring your money transfers smoothly and safely.
Selling your property in Spain
Selling property in Spain requires careful planning and understanding of the local market. At Lumon, we offer a range of benefits to make your selling experience seamless:
- Spanish draft collection: Save on costs by allowing us to handle the draft collection for you. You won’t need to be in the country when the completion goes through, and we’ll take care of everything. This eliminates the need for funds to go to your Spanish bank account, making the process more straightforward.
- In-country bank accounts: Just like our draft collection service, our in-country bank accounts make transactions easier and more efficient.
- People on the ground: With four offices across Spain, you can discuss your needs in person if preferred.
- Multi-lingual staff: Our team is here to assist you in your language of choice, ensuring clear communication throughout the process.
Selling your property in France
When it comes to selling property in France, understanding the legal and financial landscape is key. Lumon provides several advantages to make your selling journey easier:
- Trusted notaires: We have established relationships with hundreds of reputable notaires, ensuring you have the right support throughout the process.
- French accounts for ease of transactions: Many notaires require funds to be sent to a French bank account. Our local accounts make this seamless and hassle-free.
- Experience you can trust: Supporting clients since 2000, we have the experience needed to guide you through the sale.
- Multi-lingual staff: Communication is essential, and our team is fluent in multiple languages to assist you effectively.
Selling your property in Portugal
Selling property in Portugal can be a rewarding experience, and Lumon is here to help you every step of the way. Our services include:
- In-country accounts: Our in-country bank accounts simplify the financial aspects of your sale, making transactions more straightforward.
- Offices in Portugal: With local offices, you can meet our team in person to discuss your needs and get personalised support.
- Multi-lingual staff: Our diverse team is ready to assist you in your preferred language, ensuring a smooth and clear communication process.
Bringing money to UK
Yes, as a UK resident, you may be liable to pay tax on any gains made from selling property abroad. This is known as Capital Gains Tax (CGT). However, you may be able to claim relief or deductions based on your individual circumstances and any taxes paid in the country where the property is located. It’s essential to consult with a tax advisor to understand your specific obligations and ensure compliance with UK tax laws.
In general, there is no specific limit on the amount of money you can transfer from a foreign country to the UK without paying taxes. However, if you are transferring large sums, it is essential to document the source of the funds and ensure that any applicable taxes have been paid. Additionally, it’s advisable to keep records of any transfers in case HMRC requires clarification on the origins of the funds.
Yes, if you own property abroad and are a UK tax resident, you are required to inform HMRC about your foreign property holdings. This includes declaring any income generated from the property, as well as any gains made when selling it. Failing to report this information could lead to penalties, so it’s important to stay compliant with your tax obligations.
HMRC can discover capital gains from property sales through various channels, including information sharing agreements with other countries and data collected from financial institutions. Additionally, if you are selling property abroad, it is your responsibility to report any gains when filing your tax return. Transparency is key, as failing to report capital gains can lead to investigations and penalties.
Why trust Lumon
Our team of currency specialists have the local market knowledge to help you navigate the process of buying a property abroad. With our international real estate expertise, we’re here to help make the process hassle-free.
Bank beating exchange rates and no fees
Cared for over 69,000 customers since 2000
Rated "excellent" on Trustpilot
International property specialists
We pride ourselves on being able to offer exchange rates that can save you money compared to the banks, helping your property buying budget to go further.
Protecting your money is our highest priority. When working with Lumon you can rest assured that our customer-centric service is augmented by robust security measures.
Supporting our customers
I was very nervous about selling our property in Spain, however Lumon kept in constant contact with us and as soon as the funds from the Lawyer arrived, they were in our UK bank account within hours. All very straight forward and I would have no hesitation in recommending them.
What our customers are saying
Whether you’re buying a property abroad, sending a one off payment or require regular payments, we’re here to help.
We’re here to help
At Lumon we understand that it’s impossible to predict how exchange rates will perform with certainty, making it prudent to plan for all eventualities. That’s why we assign you a dedicated account manager who will partner with you to manage your currency risk exposure proactively throughout the sale process – from paying the selling costs to transferring the lump sum from your property sale overseas.