Buying property abroad

Buying property in France or Spain is different from buying property in Scandinavia, but Nykredit's advisers will guide you through the process

In an optimum loan case scenario, the entire process will last about two months.

Step by step

1. Loan certificate
Based on your current financial situation, Nykredit performs a credit assessment with a view to approving you for a loan. Once you are approved, Nykredit issues a loan certificate specifying the loan amount and confirming that Nykredit is prepared to grant you a loan.

2. House hunting
If you have not already found the perfect property, you may benefit from contacting one of the many local estate agents. Estate agents have different procedures for property transactions, and the price of finding a house may therefore vary. Nykredit can help you find estate agents in France, Spain and Germany.

3. Purchase agreement
Once you have found the property you want to buy, you will be asked to sign a purchase agreement, at either a notary's office or the estate agent's. When the agreement has been signed, you will usually pay a deposit equal to 10% of the purchase price. The notary or the estate agent will then finalise the transaction.

4. Loan offer
When you have signed the purchase agreement, it is important that you contact Nykredit as soon as possible to initiate the loan process. Before we can issue a loan offer, the foreign property must be valued by a local valuer appointed by Nykredit.

5. Acceptance of loan offer
Your acceptance of the loan offer must be submitted to Nykredit as soon as possible for everything to be in place by the time you take possession of the property.
NOTE: French residents are subject to special regulations concerning acceptance of a loan offer.

6. Disbursement
The loan is disbursed approximately 8 trading days prior to the date of completion, and the amount is transferred to the account of the notary or your attorney for them to complete the transaction.

7. Completion
The notary prepares the loan documents and ensures that you sign all documents required for completion.