The British love affair with property continues unabated and it has spread far wider than domestic borders - fuelled by rocketing UK property prices, cheaper flights and a fitter, more adventurous retired population.

But without careful planning and research, plans for a new life abroad can go horribly wrong.

Simon Conn, managing director of Conti Financial Services, an overseas mortgage specialist, says UK buyers often get carried away and jump into a deal without proper thought.

He is now campaigning for a 14-day cooling-off period on all overseas home purchases.

'Large sums of money are involved and buyers would never be so cavalier in the UK, yet when they head out to exotic climes, many people lose their heads,' he says.

'It is vital that buyers take their time. Never put down a deposit or sign any papers on the first visit.

'Research the market and think about the implications of your purchase - not just now, but in five or ten years because buying property should be a long-term investment.'

Issue One – Finances

The majority of overseas property buyers will fund their purchase by remortgaging in the UK. If your salary or pension is paid in sterling, this makes sense because the debt will also be in sterling and it removes currency risk. But Conn says there is a danger that UK buyers using cash or their own funds to buy property overseas will not be given the correct advice. 'It is essential to get independent legal advice and an independent valuation before any overseas purchase, regardless of where you raise the funds,' he says.

Andy Peat, 27, from Tooting, south London, is one of a growing number of young buyers forced to look for property abroad because the UK is too expensive. According to research by MRI Overseas Property, an off-plan and resale specialist based in Marbella, Spain, one in three first-time buyers would consider an overseas purchase as a way of getting on to the property ladder.

Priced out of the London housing market, Andy went to Italy at Christmas to look for a property in the Dolomite mountains in the north of the country. As a keen snowboarder, Andy, who works in media relations for a law firm, hopes to use the property for holidays for a couple of weeks of the year and then let it to tourists at other times.

He sees the purchase as a long-term investment and hopes to keep it for at least ten years. However, because Andy does not have a UK mortgage, he will take out a loan for about 177,000 euros (£120,000). He has researched the local market and is confident that the rent he can achieve will cover the mortgage costs, because he also has to pay rent in London. 'I have a degree in Italian and German, so I'm not worried about the buying process,' he says. 'But it would be more daunting for anyone who didn't speak the local language.'

Another danger area in foreign property purchases is currency fluctuations. There are now several specialist currency exchange companies, such as Foreign Currency Direct, currencies4less.co.uk and HiFX, that offer competitive rates. Many will fix an exchange rate in advance to remove volatility.

'Always shop around for currency when buying a property abroad,' says Robin Haynes, director of Foreign Currency Direct. 'A couple of phone calls could save you thousands of pounds. Good brokers will also offer the option of fixing exchange rates for up to two years in advance, so there are no nasty surprises when the final bill arrives.'