We made our bed

Due to fly home to UK for 2 weeks soon. In that time I have to find a house that we like, put in offer (subject to inspection of course), hopefully have offer accepted. Engage services of a conveyancor.

Once all that's all done or underway time will have ran out and I'll have flown back to BC Canada. So my question is do you think it is possible for the conveyancor to deal with all the paperwork that is required then just fax / email / post me the documents to sign in Canada. Or would I have to be physically present in the UK?

Also we will be paying cash (proceeds from the sale of house here in BC) but I understand the money laundering rules apply. So please does anyone have any knowledge on how to prove that the money is not dodgy, is it as simple as getting copy of the sale contract?

Editha

I've just done this. We exchange contracts tomorrow and complete on 2nd August.

On the paperwork - there are only two documents you need to sign: the contract and the transfer. It was complicated in our case by the fact that both I and my husband were travelling at different times, first I was in France, then he was in Austria. Our UK solicitor emailed the forms to us, but we had to sign them and get them back to her. Estimate double the time Canada Post say it takes to deliver abroad, or use couriers, and make sure your solicitor is aware of how long it will take documents to get to her.

On the money-laundering regs, all our solicitor needed was copies of our passports and a recent utility bill, certified as true copies by a notary public. I've had to go through this procedure several times now, to deal with investments in the UK, and our Canadian lawyer usually charges us around $30. They have to be sent by post too, but the solicitor should be able to get on with the work without waiting for them to arrive.

The other problem you might have is that the estate agent for the vendor of the property you are buying is likely to want proof that you have the funds to buy. We were selling a property in Canada, so we got our Canadian lawyer to send them an email. If you've got money in the bank, then a letter from your bank manager should suffice. If you are a cash buyer, then point that out when you are negotiating the price, because you should get a better deal.

jocksternhcle

Just curious
Why not rent first and then take your time to secure a good deal? Is it difficult to get suitable rentals where you are going to live?

mrs Bucket

[QUOTE=Editha;10813935]I've just done this. We exchange contracts tomorrow and complete on 2nd August.

Good luck for tomorrow Editha

Editha

[QUOTE=mrs Bucket;10813999] Thanks. It seems to be a done deal. I hope so anyway, because I've already paid the premium on the insurance policy! And I've sent Anna an email telling her I'm going to be her neighbour.

mrs Bucket

[QUOTE=Editha;10814003] I am sure she will look out for your property while it is empty. As the tourist season winds down, there shouldn't be that many people wandering in that area. Will you try to let for 6 months or so?

Editha

[QUOTE=mrs Bucket;10814013] Yes, I've emailed Colwills to ask them about their fees etc.

Editha

Beware of currency fluctuations. The £ and CAD have been going up and down lately. Make sure you will have enough funds to transfer from Canada to complete your purchase. I found I had to do more juggling with my cash than I'd anticipated. In the end I took out a Forward Exchange Contract, which guarantees you a rate, but as it turned out I would have been better off if I'd not done so.