Consider a local mortgage when buying property abroad Unlike most banks, these firms will enable you to book future transactions at fixed rates as far as a year in advance, eliminating the risk of currency moves ahead of any large transaction. This risk was highlighted by the slump in sterling against the dollar, triggered by Mark Carney, the new Governor of the Bank of England, who confirmed the bank's commitment to low interest rates a fortnight ago. It is also possible to set up regular sterling-euro payments, or vice versa, for ongoing maintenance costs, wages or rental income. Use a local English-speaking solicitor who is independent of the vendor, agent or developer One advantage of buying with a local mortgage is that banks - especially in Spain - are now more thorough and will undertake their own valuation of the property including the validity of the title, among other checks. Research personal tax implications from the outset The origin of your mortgage, if you have one, could impact on how the property is valued and taxed. Mortgages in France and Spain usually reduce the property's value for local tax purposes. There are future capital gains tax issues to consider as well as inheritance taxes, and wills may need amending, even for married couples. The other major personal tax implications will concern rental income earned on the property - and how that will effect your tax returns here and locally. Trawl the internet for online news and discussions about local issues where you plan to buy Spain and other countries are increasing local taxes and introducing new charges for services previously free to residents, including holiday home owners. Some of these new costs are small and highly local, involving refuse collection, for instance. But at a higher level changes are also being made to property purchase taxes, for instance, which some countries are altering in order to raise revenues or encourage certain types of investment. One way to keep abreast of proposed or recent changes is to follow online forums covering your area. Local publications, in English, cover popular Spanish regions and are available online.