| Financial
Services > Mortgages
> Holiday
Homes > Poland
A guideline for
purchasing a property
in Poland
• Ensure
that you have full
ownership of the
property upon completion,
and that the relevant
documents are available
for the lender.
• With newly
constructed properties,
ensure that you
know the date that
the property will
be registered to
you. The lender
cannot lend on the
security of the
property until it
has registered.
• Due to
the Polish legal
and administrative
system, there may
be slight delays
on securing your
loan, despite the
fact that all reasonable
steps will be taken
to avoid this. So
be prepared.
• Make sure
you have researched
every possible cost
that you may incur,
whilst purchasing
a property in Poland
. Note, you may
be charged by the
government in addition
to the lenders legal
costs (the Lenders
costs however are
usually specified
when the Lender
offers you the mortgage).
• Unless
you are very experienced
in purchasing abroad,
it is very important
that you seek some
sort of legal advice
before signing the
contract for a property
or paying a deposit.
The Lender will
require a copy of
these signed documents
together with an
application form,
however you will
be able to sign
these documents
'subject to mortgage
finance', once the
contract is signed
it is legally binding,
so if you do not
state this and the
Lender does not
wish to do business
with you, this could
be a huge problem
• Legal advice
may be costly, so
ensure that you
receive a complete
quote, incorporating
all costs, before
applying for a loan.
• A New Polish
bank account will
be required (however
some lenders may
offer this as part
of the package).
• The completion
of a Polish mortgage
takes place in front
of an appointed
Polish notary and
all parties to the
mortgage, including
the vendor, lawyers
and a representative
of the lender need
to be present. However
a power of attorney
may be used to sign
on your behalf for
the mortgage and
land deeds. A copy
of this power of
attorney will need
to be presented
to the lender in
good time before
completion.
• It is advisable
that a life assurance
policy is set up
on all mortgages.
• Properties
in Poland can be
purchased by an
individual or in
joint names.
|
