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FAQ

Question:
I would like to visit Spain and look at property but I have heard that some companies use high pressure sales tactic’s and are with you all the time?

Answer:
Well you are right to be weary.  Some large Spanish estate agents use heavly discount inspection trips as a way of getting you to spend time with the salespeople (often who are from hard selling backgrounds such as timeshare,double glazing etc…)  They show you a limited selection of property with often over inflated asking prices, in the evening they escort and wine and dine you. This is all part of the plan to commit you to buying and allows you no time to spend time alone and discuss your options.

Our set up is very different. We offer two options for viewing our properties in Spain.

1. Introduction Visit

If you are unfamiliar with the area or are not in a position to buy immediately, you can still benefit from our local knowledge. We will provide you with the same local experts to show you the benefits of various locations and developments at no cost. These visits will initially be on a self-financing basis; however we can help you organise your flights and accommodation bookings. Should you see your ideal home whilst on this trip and decide to proceed with an investment through us we will refund to you a special "moneyback offer" toward the cost of your flight and accommodation.

2. Investment visit

This trip is designed for those people who have recently visited the area on an introduction trip, or who are familiar with either the area or the homes, and are intending to invest should a property be available which fits their requirements. In this circumstance, the cost of the visit will be subsidized and refunded after purchase. The duration of this visit is normally for 3 Days, Usually during this trip contracts will be drafted, bank accounts opened, and solicitors appointed.

We will collect you from the airport and take you to your hotel. We will escort you in the daytime to look at properties which meet your requirements. But your evenings and any other time you need is your own. We will be happy to recommend restaurants and entertainment that is in the area of your hotel.

Note: There will be no pressure to buy on either visit. We are here to advise and to point out the relative benefits associated with each area and property. Both visits are on a one-2-one basis and will be tailored to your preferences and requirements. All of our staff are Partners in the business and speak Spanish and English.

Question:
I am planning to visit you but I am unsure what to bring with me and what I need to do to prepare for the visit.?

Answer:

• Have a clear idea of the area you are interested in looking at purchasing in along with the prices you can expect to pay in that area.

• Have fully discussed with us the options for financing your purchase. This is really important as it saves wasting both your and our valuable time whilst?in Spain?

• Have a valid passport and travel insurance.

• Ideally, have a mobile phone. This will enable us to contact you whilst in Spain.

• Ensure that all the decision makers are able to travel together.

Question:
I will need a Spanish mortgage, are they available and what do I need to provide?

Answer:
Spanish mortgages are available and we can take care of this for you. We deal with a number of large banks and will recommend a bank that suits your needs best. Mortgages are generally cheaper in Spain compared to the UK and banks will normally lend up to 70% of the purchase price. Although in some cases this may be higher.

Lenders normal conditions apply:
Property valuation, Personal details, P60, Payslips or accounts will be required. To find out more information and for a reference to the bank, please contact us either by via Email address . We will also be able to put you in touch with a number of independent  currency exchange companies specialising in overseas purchasing

Question:
Is there a difference between buying in the UK and buying in Spain?

Answer:
Yes, Spain uses a completely different legal process to the UK and that is why we recommend that all of our clients use the services of a good independent local solicitor to brief you and assist with the purchase.

Below is a guide to the terms and phrases that are used during the buying process in Spain.

New Property
Property that is owned by a developer/builder. All properties are sold freehold and carry a minimum 10 years structural guarantee. We have many contracts with local developers and we will show you around a range of developments best suited to your needs.

Resale Property
A resale property is owned by a private individual, family etc. We have a wide selection of resale properties available to view for a variety of tastes and budgets. However, the golden rule is that before you make an offer you should be in a position to buy. Therefore, you need to be certain that you can raise the finances before making the offer.

Placing a Holding Deposit
Once you have found a suitable property a holding deposit is required to reserve a property and remove it from the market. While the amount can vary from purchase to purchase, it is normally in the region of Euros 3,000. If you are interested in a property, you have to open a Spanish bank account and lodge this sum. This Euros 3,000 is paid to the vendor of the property on signing a reservation/holding contract. The remainder of the purchase price together with all fees has to paid on completion (see below).

Signing a Reservation/Holding Agreement
When putting a deposit on a property you must sign a reservation/holding agreement thereby reserving the property. This agreement will also act as a receipt for monies paid. 
Appointing Your Abogado
An Abogado is a Spanish solicitor who carries out all the necessary searches & handles all payments on behalf of the purchasers. It is generally advisable to engage the services of a Spanish solicitor to look after your purchase. We have a relationship with an experienced bilingual solicitor. He will ensure that the property has no debts attaching to it and that it is properly registered.

Completion Date
This is the date on which the balance of the purchase price must be paid together with all fees and the title deeds are signed over to the new owner(s). This date should be set when signing the reservation/holding agreement. (note that with a new property 40% of the purchase price must be paid four weeks after signing the reservation contract and the balance on completion)

Signing of the Escritura (Title Deed)
This is done on completion in front of the Notary in Spain by you or by someone (usually your solicitor) with power of attorney from you to sign on your behalf. Full payment less the deposit given earlier together with all fees (see below) is required before the title deed can be transferred into the name(s) of the new owner(s).

Notary
The Notary is a lawyer appointed by the Spanish government to ensure that the change of title is properly executed. It is the Notary’s job to make sure that the seller is legally entitled to sell and the taxes are paid. The notary will register the change of ownership in the Land Registry Office (see below).

Land Registry Office
This is where all Escrituras (title deeds) relating to property transfers are registered after taxes have been paid and where the title and any charges against the property can be checked

Fees
All fees are due on completion and are as follows:
7% of the value of the property for IVA (Spanish equivalent of VAT) for new properties or for transfer tax for resale properties
1% of the value of the property for legal fees
1-2% of the value of the property for Notary fee, Land Registry, changing of water & electricity, wills and NIE numbers

Taking Possession
The handing over of the property and the keys will normally take place only when the full purchase price and all fees have been paid on the completion date.

Transfer of Services
Having completed the purchase, it is necessary to connect or transfer services. For example, electricity and water need to be in your name.
Building and Contents Insurance
This is your responsibility upon taking possession of your property, however, we can advise you on this matter.

Community Fees
If you purchase a property within an apartment block or complex, you are obliged to join its resident association which administers the general maintenance of the areas of common ownership, such as gardens, hallways, lifts swimming pools, exterior lighting etc. An annual budget is calculated to cover these costs, which is divided between all the owners according to the size of their properties. All owners have a vote to agree the budget at the annual general meeting.

Property Guarantees
Spanish law states that all new properties must be guaranteed for 10 years, the architect and the builder being legally responsible for same. Most new developments also include a bank bond within the terms of their contract, guaranteeing each stage-payment and frequently a no-later than completion date.

Making a Will
As Spanish inheritance-laws are different from the UK or Ireland, it is generally recommended that you instruct the solicitor to draw up a Spanish will covering the succession rights to your propert
NIE Number
This is the “foreigners identity card” given to all non-residents purchasing a property in Spain. This should be obtained by all non-residents preferably prior to purchasing a property.
Note: As the terms and conditions governing property purchase in Spain are subject to periodic changes, all points of information included in this buyers guide are intended as a guideline only.

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