Six money mistakes buyers make between offer and completion

On 30 September, the Solicitors Regulation Authority warned about fake correspondence in a property transaction. Someone was impersonating a genuine law firm and directing a potential payment to an account that didn’t belong to it. It was a UK case, but it illustrates a risk faced by anyone sending a large sum abroad to buy property.

And fraud is only one way a purchase can go wrong after your offer is accepted. The price may be agreed, but the money still has to be available, verified, exchanged and delivered. Mistakes at that stage can cost far more than a delayed moving date.

1. Signing before you know the money will be there

There’s a difference between having the means to buy and having the money ready to complete. You may be relying on the sale of your UK home, an investment being cashed in or a mortgage that has not yet received final approval.

If any of those arrangements falls through after you’ve made a binding commitment, your deposit could be at risk. Depending on the contract and local law, there may be other financial consequences too.

Before signing, ask your independent local lawyer exactly what happens if your funding is delayed or refused. In particular, don’t assume a financing condition, cooling-off period or right to recover your deposit exists unless it is confirmed in the contract.

2. Treating every deposit as if it were protected

A reservation payment, a contractual deposit and an advance payment to a developer aren’t necessarily the same thing. Nor are the rules governing them identical in France, Spain, Italy or elsewhere.

Who receives the money? Where is it held? Under what circumstances will it be returned? Those questions matter more than what the estate agent calls the payment. For an off-plan purchase, a developer’s failure could put advance payments at risk if the required protections aren’t in place.

The UK government’s guidance on buying property abroad recommends independent legal advice and particular care with guarantees on off-plan payments. It’s better to establish the legal position before transferring a deposit than to argue about it afterwards.

3. Assuming a bank balance is enough for the checks

A bank statement can prove you have £250,000. It doesn’t necessarily explain how you acquired it. That distinction becomes particularly important if the purchase money includes an inheritance, a gift from family or proceeds that have passed through several accounts.

Banks, payment providers and legal professionals may need evidence tracing the funds back to their origin. HMRC’s July 2026 source-of-funds guidance is explicit that knowing which account the money came from is not always sufficient. The overseas professionals involved may have their own requirements.

There may be nothing wrong with your money, yet a missing probate document or unexplained transfer can still hold up a payment. We explain the paperwork in more depth in our source-of-funds guide. The consequence here is simple: the money can be yours and still not be ready to move.

4. Trusting payment instructions because they look official

The September warning from the Solicitors Regulation Authority involved fake emails and letterhead using the details of a real law firm. The bank account supplied was unrelated to the genuine practice.

For an overseas buyer, a message claiming that the notaire, lawyer or developer has changed bank accounts deserves the same scrutiny. If money reaches a fraudster, recovering it may be difficult. Meanwhile, you may still owe the genuine recipient the payment.

Check payment instructions with your legal representative using a telephone number independently obtained and already verified, not one supplied in the email requesting the transfer. Confirm the intended recipient and account details before sending a significant sum.

5. Forgetting that the unpaid balance is still exposed to exchange rates

Say you’ve agreed €400,000 for a property and already paid a €40,000 deposit. You still owe €360,000. At an illustrative GBP/EUR rate of 1.20, that’s £300,000. At 1.15, it’s approximately £313,043 – over £13,000 more, although the seller hasn’t changed the price by a cent.

Those are hypothetical rates, before provider margins and fees, not a current quote or a prediction. Sterling could also strengthen, reducing the pounds required.

You might choose to exchange some currency ahead of time or consider a forward contract for an eligible future payment. A fixed rate can offer more certainty about the sterling cost, but it means missing out if rates later improve on the amount covered, and contractual terms apply. The costly mistake is assuming the pounds you calculated when making the offer will still be enough on completion day.

6. Assuming ‘sent’ means ‘received’

A transfer confirmation is not the same as cleared funds in the account of your lawyer, notaire or other authorised recipient. Cross-border payments can involve checks, intermediary banks and different settlement hours. Public holidays or incorrect recipient details can create further delays.

That matters if the money needs to be available before documents are signed. A payment started on completion morning may arrive too late, potentially postponing the sale or exposing you to consequences under the purchase contract.

Agree with your lawyer who should receive the funds and when they must be cleared. Then confirm the payment arrangements and realistic timescales with your bank or currency provider, allowing room for checks rather than relying on an assumed same-day arrival.

When the offer is accepted, the financial risk isn’t over

None of these problems requires a dramatic move in the property market. An overlooked contract clause, incomplete paper trail or misdirected payment can be enough to put a purchase in difficulty.

If you need a timetable for organising the payments, see our 90-day overseas buying checklist. To discuss the international transfer itself, Smart Currency Exchange can explain the payment and exchange-rate options available for your circumstances.

This article provides general information, not legal or financial advice. Deposit rights, contract terms and payment requirements vary by country and transaction.