Montenegro Property:
Albania Property:
SERVICES
Pre-visit assistance
We will begin to work for you as soon as we receive your initial inquiry. If you are not a British citizen we will check your country has a reciprocal agreement with Montenegro to be able to purchase property. (Britain does). If you decide to visit us we can help with flights and accommodation if required. There are no restrictions on the purchase of property of land by foreigners in Albania.
During your visit
We can help with booking car hire or airport transfer to your hotel/apartment if required. When you have had a chance to relax we will accompany you on no-obligation and informal viewing trips to show you a selection of properties that match your criteria. There will be no high-pressure sales tactics and nor will we try to persuade you buy something more expensive than you planned.
The Buying Process
If you decide to purchase a property we will guide you through the legal procedures and introduce you to English speaking lawyers and certified document translators. Your lawyer will first check all the property ownership deeds are in order, which takes a couple of days. It is not currently possible for foreigners to own land in Montenegro. Land may only be purchased by setting up a Ltd Company in Montenegro. We can assist with this if required. This restriction does not apply in Albania. . Then the initial pre-contract agreement is signed by both buyer and seller. At this point is it necessary to pay a deposit of 10% which is forfeit if you back out or do not complete by the agreed date. The seller will have to pay double the deposit amount if they do not complete the deal. The final contract is signed by both buyer and seller before a public notary and the purchase price is paid to the seller. If you prefer this can all be done on your behalf by giving Power of Attorney instructions to the lawyer. After completion the local tax authority will visit the property to assess the property transfer tax (Stamp Duty) due – currently 3% of their valuation.. There is no stamp duty applicable in Albania. Upon payment the buyer can be legally registered as the new owner.
Mortgages
The easiest way to arrange finance for a property purchase in Montenegro is by re-mortgaging your existing UK property. Whilst mortgages are not generally available for non-residents, one Montenegrin bank has recently introduced this facility for loans between 50 and 75 % of the property value (subject to conditions). Mortgages are also available in Albania for non-residents wishing to purchase property there.
Currency Transfer Services
Before transferring your funds consider using the services of a currency exchange company who bulk-buy euros and offer a much better rate than an ordinary bank. Their service is free to clients. We recommend AFEX Ltd, London. Please contact Jennifer Saunders for more information. Email jsaunders@afex.com Tel 0207 766 3303
After sales care
Our commitment to you does not end when your purchase is complete. We can help with furnishing, and also have our own builders who can promptly handle any renovations or property improvements that you may require at local prices.
Property management and rental services.
We can assist with property and rental management if required.
The Monteprop Team.
Tel: +382 (0)82 322635, Fax +382 (0)85 303309
Email: info@monteprop.com