Countries we lend for
Greece
Helpful Tips
Although buying your new home in Greece can be daunting, by following some
very simple steps you can minimise the stress and uncertainty involved. Our
tips aim to prevent any unpleasant surprises along the way so that you feel
confident about the big decision you have just taken or are about to take.
Before you visit a single website or an exhibition, read a magazine or go on
viewing trips, ensure that you can afford to buy your Greek home. If you need
to raise a mortgage, make sure that you have all the information you need so
as to work out what it will cost you. Ask the bank to give you some examples
of what your monthly instalment will be if interest rates go up.
If your Greek property is intended to generate rental income, carry out research
as to which areas are the most visited and have the longest seasons as well
as rental levels produced by similar properties to the one you are thinking
of buying. Also, ask the agents to point out to you properties which meet the
standards of the Greek Tourist Board (EOT) so that you can apply for a license
and let your property on short term lettings officially. Ask about the cost
implications of this.
Greece is a small country but it has many distinctly different areas. Decide
the factors that are most important to you and then narrow your search down
to the islands or parts of the mainland that meet these. Buying a remote retreat
on Skyros will prove to be a mistake if you need to have regular medical treatment
or an English speaking school for your child.
The small, unspoilt Greek island may look totally charming and the ferry ride
to it a pleasant adventure in the summer but it is important for you to consider
and be happy with the access and availability of services and goods during the
off–season period.
Ask questions about maintenance, security and other services that you may require
in the future. You may want to trust someone with your keys for example in case
of emergency or may want someone to turn the heating on before you arrive at
your Greek home for Christmas.
Try to use an agent wherever possible. Pointing out opportunities is the least
important thing that an agent does. You will need someone who knows the market
better than you do to guide you in your purchase, serve as your liaison with
the seller or developer and all other professionals involved in the transaction
as well as lend a helping hand with important after sales matters.
Most estate agents promote their properties on a website. Make sure that you
visit a number of these before deciding whom to call. Satisfy yourselves that
the agent is a serious professional and that they are a member of a professional
body. Although this does not safeguard you totally, it shows that they are happy
to follow and comply with a code of practice.
Think about every practical aspect of your life in Greece as you imagine it
or want it to be in the future and ensure that the property you are thinking
of buying is suitable. If for example you need to keep a car in Greece, you
may want to put it in a garage away from the intense Greek sunlight. If you
intend to let your property when you aren't using it, think of the all important
storage space you will need to keep your personal belongings in while the property
is let.
Ensure that you satisfy yourselves about the language skills, qualifications
and professionalism of your Greek solicitor. You may need him after the purchase
transaction so it is important to be able to trust that he can meet all your
needs for your life in Greece.
Think about and discuss with your solicitor all the services that you will need him
to provide you with so that you give appropriate Powers of Attorney. This will
save you time and costs later.
If you don't know where to begin with your choice of professionals, ask for
recommendations. Greek communities are smaller than in the UK and in Greece
everyone tends to know everyone else. Your architect will probably know a very
good Civil Engineer and your solicitor will probably know a good accountant.
Visit at least once the place of your choice out of season. It is important
to see what facilities are available all year round and not just during the
tourist season.
Try to pick up some of the language. It will help establish these most important
relationships with the local greengrocer, neighbours or Kafeneio owner but it
will also give you the confidence you will need to break the initial ice with
the locals.
Even if you are determined to fully integrate in the local community, find
out if there are any activities you can carry out or groups you can join where
language is not a problem.
If you plan to relocate and work in Greece, establish well in advance what
you need to do and how to go about it, bearing in mind the importance of the
language. For example, you will need to apply to the local police station for
permission to work.
If you want to take a car for permanent use in Greece, we suggest that you
contact DVLA to find out what you need to do.
Retiring in Greece
If you plan to retire shortly, find out how to transfer your pension to your
Greek account. You will need to get a state pension forecast and you can do
this by either filling in form BR19 at your local jobcentre or by downloading
form IR138 from www.hmrc.gov.uk/leaflets/c9.
In order to ensure that you continue to receive your pension, contact your
Social Security Office, National Insurance Contributions Office and the Department
for Work and Pensions. Useful information and guides are published on www.dwp.gov.uk/lifeevent/penret/pr_visit_or_living_abroad.
Find out what your tax liability may be on any income from your UK personal
allowance. You can download a guide published by HM Customs and Revenue from
their website www.hmrc.gov.uk/leaflets/c9.
Visit the Age Concern website www.ageconcern.org
for their fact sheets on retiring abroad.
Don't rely totally on the third parties you will engage for everything. Drive
the process yourself. It can save a lot of time and be a very rewarding experience.
Greeks in general and the Greek lifestyle are more relaxed than in the UK.
This is often the reason that you have chosen to buy a property there. This
may mean however that they are not as responsive, particularly in writing, as
you might expect which makes your own involvement all the more important.
If you have applied to us for a mortgage, please ensure that your solicitor,
agent, civil engineer or any other professional connected with you purchase
is ready to facilitate our process by providing access to our valuer or supplying
the information or documents needed by our legal department.
We recommend that you put in place buildings and contents insurance whether
you take a mortgage from us or not. Your solicitor can undertake this task if
you include it in your power of attorney.
While your purchase is going ahead, plan for your move, your tax affairs, any
purchases you may have to carry out for your new home, look into lettings if
this is your intention and generally do as much as possible so that you can
move into and enjoy your property at the time you plan to.
During a visit to Greece, visit your local branch and get acquainted with an
English speaking member of staff. Ensure that all is in place for you to be
able to carry out transactions from the UK. Piraeus Bank, WINBANK is an awarded
type of electronic banking. You can find out more about it by clicking on the
link above although you will need to apply at your local branch in person and
sign for the receipt of the authorisation code (like your own PIN number) when
this is issued.
If you are buying on a large Greek island or mainland Greece you will probably
find all you need for your home locally. However, if you are buying in one of Greece's beautiful smaller islands or remote
locations, you may need to undertake careful research and planning.
If you are having your own house built, it is impossible to capture every little
detail in the initial agreement or plans you put in place. Be prepared to put
in many hours and a few trips to Greece during the construction phase.
Your purchase is complete, you have registered the property in your name, your
furniture and furnishings are in place and you are surrounded by your familiar
or brand new objects and perhaps family and friends visiting.
Your life in Greece will be more complete and relaxed if you also:
- Take advantage of all Piraeus Bank facilities and products such as direct
debits for the payment of your utility bills, buildings insurance, maintenance
and anything else you have contracted to pay on a regular basis;
- If you intend to enjoy your Greek home for long periods at a time, ensure
that your UK bank account is in funds so that you do not incur charges for
failed collections of your mortgage and other bills.
- Put in place car insurance as well as home security and alarm service if
you need it.
- Put a will in place for your Greek home and any other assets you decide
to have in the country.
- Familiarise yourself with routine matters such as rubbish collection,
provisions for recycling, the nearest police and fire stations and create
a small list of useful English speaking contacts and trades people. It will
not be easy to get hold of the contact details of a locksmith out of hours
in a remote location;
- Get to grips with driving, transport links, shop opening hours, bank holidays
and read on the customs, traditions as well as brush on your Greek.