Home » Currency 101 » How to speed up the process of buying your overseas home

The legal wheels can seem to move so, so slowly when buying a property overseas. Yet sometimes, for various reasons, buyers need to get a move on. So how can you speed up the process, safely, of buying your property abroad?

The news from Spain, where the prime minister has been warning of tax rises and even outright bans for property buyers from overseas (read more at Your Overseas Home), has made some buyers want to speed up their plans. Spain is also soon ending its golden visa, and it was not so long ago that UK buyers were rushing to be resident in Europe before Brexit.

Yet often when researching buying abroad, the timescales can seem glacial. In France, Spain and Portugal, three to six months is not uncommon. In Cyprus it can be even longer.

That may be down to a more relaxed culture, the addition of the notary system, or the complication of buying as an international client. But either way, if you absolutely have to buy by a certain date, what can you do?

There are ways to expedite the process more quickly. Here’s how you can streamline the process and secure your dream home more quickly.

Start with financial readiness

One common bottleneck when purchasing overseas is securing financing. In countries like Portugal or Greece, proof of funds is often required before making an offer, so having your finances in order can give you an edge. If you’re relying on a mortgage, get pre-approved early, as international mortgage applications can take weeks or months to process.

Handling currency exchanges can also waste time if you choose the wrong provider. Working with a property specialist like Smart Currency Exchange should save time, with your account open and being ready to trade. You will know the exact budget you have to work with and can pre-fund your account to pay a deposit and secure the right property instantly.

When it comes to completion, tell your account manager of your tight timescales and we will ensure that we are not a blocker.

If your purchase is delayed, just ensure that your exchange rate is protected with a forward contract. The delay could be the least of your problems if your own currency seriously weakens during the buying period.

By locking in favourable rates or setting up recurring payments in advance, you can avoid unnecessary complications.

Engage professionals early

In many countries, the legal and administrative requirements can drag out the buying process. In most of Europe it’s mandatory to involve a notary to handle the sale. This can add weeks to the timeline. In Spain or Italy, local lawyers must verify that the property has a clear title, and any unresolved disputes or debts attached to the property can cause significant delays.

To move things along, engage a lawyer and a notary as early as possible. Ensure they understand your timescale. These professionals can guide you through the requirements specific to your chosen destination and flag potential blockers before they become major issues. Choose professionals who specialise in working with international buyers. They will be familiar with common challenges like obtaining tax identification numbers or ensuring compliance with local regulations.

Be prepared to act quickly

Once you find the right property, you’ll need to act decisively to avoid losing it to other buyers or encountering unnecessary delays. In countries like France or Portugal, the seller may request a deposit of 5–10% to secure the property, so having these funds ready is crucial.

Make sure you have all required documentation—such as proof of identity, proof of funds, and any local tax identification numbers—before you start making offers. In Spain you will need an NIE, so get this on your first viewing trip.

Grant your lawyer power of attorney if you’re not able to remain in the country. This can save valuable time.

Another strategy is to grant your lawyer power of attorney, especially if you’re not able to remain in the country throughout the process. This allows them to sign contracts and handle administrative tasks on your behalf, saving valuable time.

Choose the right properties

One of the biggest causes of delays is selecting a property with unresolved legal or regulatory issues. In Italy, for instance, properties that are part of an inheritance can have multiple owners, making it challenging to finalize a sale. Similarly, older properties in Spain may lack proper planning permissions or certificates of occupancy.

The sale of rural properties may include the right of refusal by neighbouring farmers, while in some countries properties on coasts or in border areas can require approval by the government.

If your purchase depends on gaining planning permission, this is likely to slow down matters too.

To avoid these pitfalls, prioritize properties with a clear legal status. Newly built developments are often faster to purchase because they typically come with fewer legal complications and established processes for foreign buyers.

Understand country-specific challenges

Different countries have unique obstacles that can extend the timeline of a purchase. In France, for example, there’s a mandatory cooling-off period of 10 days after signing the initial contract, which cannot be waived. Additionally, surveys and due diligence processes can take longer in rural areas where resources are limited.

In Portugal, local bureaucracy can slow down the registration of a property, while in Greece, delays often stem from complications in obtaining a tax identification number or setting up a local bank account. Understanding these country-specific challenges ahead of time will help you anticipate and plan around potential delays.

Set realistic expectations

While it’s possible to speed up certain aspects of the process, buying property abroad will almost always take longer than in your home country due to the additional legal and administrative steps involved. By preparing thoroughly, engaging experienced professionals, and acting quickly when needed, you can minimize delays and avoid frustration.

Though timelines vary, a well-prepared buyer can complete a purchase in Spain as little one month, while transactions in France or Italy are more likely to take 4–6 months. With the right approach, you can ensure that these months are productive and stress-free, bringing you closer to owning your dream home abroad.

 

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