Could You Use Your UK Home To Buy Overseas?

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Could You Use Your UK Home To Buy Overseas?

Good News!  Raising money to buy your dream house abroad could be easier than you first thought.

If you have equity in your UK home, you could access a good portion of it to put towards the purchase of a Turkish overseas property.

UK Lenders call it ‘Equity Release’ and this is a way of releasing the wealth tied up in your property without having to sell it and move to another home. You can borrow against the value of your home and sell all or part of it in exchange for a lump sum.

Generally, this is how it works

• You can use the money on anything you want, for example, to buy a home abroad, top up your pension income, or to buy a few of life’s little luxuries.
• You’ll retain legal ownership of your home.
• You can stay in your home for as long as you want.
• Unlike a traditional mortgage, there are no monthly repayments. Each year interest is added to the loan and on any interest previously added. The loan and interest are repaid in full, usually from the sale of your home, when you die or go into long-term care.
• Some lenders offer a ‘no negative equity’ guarantee, so you, or your estate, will never pay back more than the eventual sale price of your home, provided this is sold for the best price reasonably obtainable.

Sounds good doesn’t it?

Obviously, Equity Release is subject to status and a few other qualifying criteria. Most of the major lenders have products relating to equity release so why not have a browse on the internet to see what is available?

Your dream place in the Turkish sun might be a lot nearer than you first thought!  

Turkish Wills and Inheritance when Buying Property in Turkey

Turkish Wills & Inheritance 

www.oludenizhomes.com / info@oludenizhomes.com

Planning on purchasing property in Turkey?  First, take a look at our simple guide to buying property in Turkey?

Many people, once they visit Turkey on several occasions start to think about buying property in Turkey.  Some say they fell in love with Turkey so much, they purchased property whilst on Holiday.

Why? The answer is simple:- 

Cheaper properties, cheaper living, cheaper bills, cheaper food, Sun, sand, beaches, beauty, scenery to take your breath away, yachting tours around some of the most beautiful islands in the med, gourmet and traditional food.  As-well as all of the above benefits, Turkey still manages to keep the very old beautiful and quaint Turkish traditional feel among'st many of its towns and cities whilst incorporating the most modern state of the art restaurants, bars, shops and hotels.

Even more interested in buying property in Turkey?

Turkish law involving property you own upon death, can be quite different to other countries. It is important to be aware of Turkish Inheritance Law if you are planning on living in Turkey or owning property in Turkey.

The Turkish legal system is now integrated with the Continental European System, bringing in elements of the German, French, Swiss and Italian codes,  it is therefore important you understand the differences in inheritance law for immovable objects.  Owning a property in Turkey is classed as an immovable object (i.e you cannot move it or take it with you)

Property in Turkey is regulated and governed by Turkish law regardless of which nationality you are. If you own property and unfortunately die without having made a will and you are married, your Turkish property will be divided along the following lines:-



If you die without having made a Turkish Will - the following Law will apply

• If the property was in joint names, your spouse will automatically retain 50% of the property, 
• The first heirs are the children of the deceased and they will receive the other 50%
• However, if property is jointly owned the spouse will also receive 25% of the deceased share, reducing the childrens share to 25%.
• Children are the first heirs, if property is not in joint names children automatically receive 75% of the statutory share.
• If NO CHILDREN,  the parents of the deceased will inherit the 50% along with the parents offsprings i.e brothers and sisters of the deceased will automatically receive 25% of the statutory share.
• IF NO PARENTS are alive, the grandparents and offspring are the rightful heirs
• If there are no surviving next of kin, The spouse will receive everything.
• If there are no surviving heirs, the Turkish government keeps the property

Creating a Turkish Will

• To draw up a Turkish Will, it has to be in the form specified by the Turkish Civil Code.  A foreign will does not comply with Turkish Law and may be invalid.
• You must be 'of sound mind' and over the age of 15
• The will can be hand written, official form or verbally before a Turkish Notary or Justice of the Peace (A Judge) with two witnesses.  If verbally, a holograph will then be written in the testators handwriting and given to the court for safe keeping.
• Official wills give you more security as they are executed before officers and less likely declared void after death.
• An official will is held and preserved at the notary public offices or the civil court judge
• A copy may be provided on demand.

Please Note:  Wills can be revoked for many reasons upon death.  Seek the advice of a lawyer if a Turkish Will was executed and held at the notary public or civil court.

As parents you may wish your children to inherit the property while you are still alive.  This can be done, however both parents must be married and the parents can still manage the property whilst still alive, or the parents can appoint a 3rd party to manage the property.

Turkish Laws are complex and sometimes difficult to understand. As you can see the Law is in favor of protecting the extended family when it comes to death whilst owning property.  

Overall the choice is yours.

1. No will - Leave the split of property to Turkish Law dividing property between extended family.
2. Create a will - gain power of what happens to your property.

Now that you understand a little about Inheritance and Wills in Turkey, if you require further information regarding buying property in Turkey,  please do not hesitate to contact us at 

info@oludenizhomes.com

or Visit our website www.oludenizhomes.com

We would be more than happy to assist you with any questions you have.

Oludenizhomes

Property in Hisaronu, Turkey

Interested in buying property abroad?

Hisaronu is one of the most popular resorts here in Fethiye for both holiday makers and expats. With the abundance of shops, restaurants and bars, Hisaronu plays host to many different nationalities.

Property in Hisaronu is proving popular among'st people wishing to own their own property to then frequently holiday within the area, or choose to gain rental income in the holiday season from seasonal holiday makers.

Here is a small selection of properties we have for sale in Hisaronu.  Take a look at our property portfolio on our website http://bit.ly/1IXo3ZO

£96,000 Apartment For Sale in Hisaronu

£59,950 Apartment for sale in Hisaronu

£159,000 Villa for sale in Hisaronu

Property for sale in Hisaronu

HOW TO STAY COOL DURING HOT TEMPERATURES

1. 

Summers on the Mediterranean coast of Turkey are hot and the chances to experience heat waves are very high. As much as we love the summer and we wait for the hot days, a heat wave can cause problems if we don’t take some precautions.


Here at Oludenizhomes we have come up with our own Top Ten Tips on how to stay cool during the high temperatures.


HOW TO STAY COOL DURING HOT TEMPERATURES

1. Water! Although this may seem obvious, many people forget to drink enough water to stay hydrated and with high temperatures come fluid loss from your body. Sip plenty of water throughout the day.
2. Avoid drinks with caffeine along with alcohol, both dehydrate your body whilst increasing the metabolic heat in your body. Try to stick to mineral water or low sugar fizzy drinks. 
3. Rather than eat large meals try to eat small and often. Larger meals also increases the metabolic rate in your body to break down the food. Also foods high in protein increases metabolic heat.
4.  Keep curtains closed in your house, to avoid the hot sun shining through.
5.  Avoid wearing make up, Make up can delay the sweating process making you feel hotter. 
6. Wear breathable footwear and lighter coloured clothes, lighter colourd clothes reflects the sun. Avoid darker clothes as this attracts the sun.
7.  Run your wrists under a cold tap every couple of hours for 5-10 seconds. A main vein passes through the wrist which helps cool the bloood. 
8. Before going to bed, take a cool shower just below body temperature. Avoid a cold shower, as once you exit the shower your body will automatically generate heat to compensate for the body's heat loss. It may also help to wrap a bed sheet in a plastic bag and put in the fridge for a couple of hours before bedtime. 
9. Women can lower their body temperatures by using Aloe Vera body moisturizer morning and evening.
10.  The night before you head to the beach, put some cloths or flannels in the freezer. Take them with you to the beach wrapped inside a plastic bag or better still a cooler bag. When feeling hot, take them out and place over your face. 

OUR TOP 2 SURPRISE FACTS TO KEEP COOL

1. Eat Spicy, Yes, this may sound like the last thing you feel like eating in hot weather. However, researchers say chillies and curries can stimulate the heat receptors in your mouth and enhance circulation which in turn causes sweating ultimately cooling the body down.
2. Drink Herbs, Chrysanthemum tea is a cooling herb which helps clear the mind also.