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Who are your typical clients who want to sell their property?
What are the most common reasons for selling property previously purchased in Dubai?
Can I really sell my property without traveling to Dubai?
What is a Power of Attorney?
What are the risks of a Power of Attorney?
How confident are you that you can sell my property?
What are Transfer Fees? And who collects them?
What is the Land Registry fee?
Why are there typically four agents involved in normal property sale?
Can we agree the value of the property in GBP sterling?
Can I do most of the work on the phone and by post or will I need to come in and see you in the Jersey office? |
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Who are your typical clients who want to sell their property? |
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Most of our clients are professionals who have wisely invested in Dubai and have typically made significant profits from the recent increase in property prices. For various reasons they want to recoup their investment and obtain the full market price of their property without any hassle.
They don’t want the aggravation of traveling to Dubai and dealing with the agents and bureaucracy there, in order to sell their property. Dealing with a UK firm gives them more confidence as Dubai property rules keep changing and any agreements with Dubai agents are not subject to UK law. |
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What are the most common reasons for selling property previously purchased in Dubai? |
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There are a multitude of reasons why people want to sell. The most common are:- |
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Recover the investment now with guaranteed profits |
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They require funds for another reason in the UK |
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They want to use the funds to purchase another Dubai property which may have better potential for future growth in value |
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Can I really sell my property without traveling to Dubai? |
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Yes, what we do is act on your behalf. For us to do this we need something called a Power of Attorney along with your original documents and any receipts. Once these are sent to our UK office, we will scan them, so that copies are easily accessible to relevant parties and a copy is filed with our solicitors in the UK. |
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What is a Power of Attorney? |
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It is a big legal term basically allowing us to have the power to sell the property. It is used commonly in businesses when an employee has the rights to act on behalf of the company and less commonly for private use. It gives us the right to sell your property under certain conditions (e.g. price and timing) that we have agreed with you in the sales agreement. |
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What are the risks of a Power of Attorney? |
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The Power of attorney is a powerful document on its own. However we will have an agreement that outlines the terms in which we have the right to use the power of attorney. Basically we have to operate within the terms of the sales agreement otherwise we are in breech and you will be able to sue us in the UK, so rest assured we will not breech the agreement. |
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If the sale does not happen as agreed will you release the power of attorney and original paperwork back to me promptly? |
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Yes, of course if the sale does not happen for whatever reason we will act in accordance with the sales agreement and give you back all the original paperwork and power of attorney. |
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How confident are you that you can sell my property? |
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We do not take your project onboard unless we are sure that we can sell. 100% of our projects results is a sale with our customers receiving exactly what they where expecting. We are very confident that if we take your property, we will sell it. |
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What are Transfer Fees? And who collects them? |
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In The UK we have Stamp Duty which is a TAX on any property that is bought over £150k and is paid by the buyer. In Dubai the developers has a cost of drawing up new agreements and transferring ownership from one person to another. So the developers charge 2.5% transfer fee. This money goes to the actual developers of the building not the Dubai Government. You will not need to pay this as our process gets this from the buyer. |
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What is the Land Registry fee? |
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This is a recent change to Dubai law where properties need to registered prior to 2007 there was no land registry. This is 1% and is paid to the Dubai government. You will not need to pay this as our process gets this from the buyer. |
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Why are there typically four agents involved in normal property sale? |
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In Dubai the office hours are 7am to 3pm, this leaves people open to having a second job and many of them list themselves as property agents. So in most cases you will have primary sales agent these are people who have a property license, The primary agent in an attempt to keep their costs low enlist the help of part-time agents to sell your property. The part-time agent will normally have a network of other part-time agents who he can sell the property onto but to make it all happen they need to enlist the help of a another primary agent, so you have 4 people involved in one sale. |
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Can we agree the value of the property in GBP sterling? |
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Yes you can, the actual transaction will be in AED but if you would like to have it at GBP then we can agree and exchange rate in advance and put that into the contracted sales agreement. We will then transfer the amount in GBP to your account. |
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How legally binding are the contracts? |
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The contracts are there to protect you and us they are fair and as legal as any estate agents agreement. All the agreements are under UK law so you have a clear understanding and legal rights. |
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Can I do most of the work on the phone and by post or will I need to come in and see you in the UK office? |
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Most of our customers do not need to visit us as our solicitors can send the agreements by post. We can discuss these with you by phone and keep you informed of the process. If needed or where you have multiple or complex properties to sell, we can make an appointment to see you in our UK offices (or in our Dubai offices, if you visit Dubai). |
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