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Do I need a lawyer to buy a house in Spain?
One of the main reasons why so many foreigners come unstuck when they buy
a house in Spain is a failure to take adequate legal advice. Extraordinary
as it may seem up to 20% of foreign buyers are still thought to be
purchasing Spanish property without the services of a lawyer – something
they would probably never dream of doing in their own country. When you’re
dealing with a foreign language, different culture and alien bureaucracy
it’s absolutely vital to employ the services of a reputable lawyer who
understands the system and will protect your interests throughout the
property transaction. The team at Homes Iber will be happy to recommend a
suitable lawyer to you. Top
Are Spanish properties a good investment?
Yes. It’s quite usual for owners to rent out their property of a few years
before they use it themselves as a retirement home, for example. In fact,
this is a very good way to recoup some of your costs if you don’t intend
to use the property all year round yourself. As the price of property
continues to increase, this will further enhance the value of your
property. There is of course a difference between a ‘solely’ investment
and a ‘purely’ residential property we are glad to offer advice to help
you get the best value for money deal. As an example, the climate is
warmer here so you may benefit more by purchasing a slightly smaller
property with a large terrace or solarium because you and your tenants
will be spending more time outdoors. Top
Can non-residents buy property in Spain?
Non residents have been buying property in Spain for at least the last 20
years, Spain is part of the EEC and they actively encourage people to
purchase property for holiday homes or to live there, as with the tourist
industry, it brings a large amount of money and work into the country.
Literally hundreds of non Spanish people buy property in Spain every week.
The low cost of living and the pleasant climate being the main reason, the
relatively low cost of property pricing being another. Buying property in
Spain is just as easy as in the UK once you adapt to the no rush Spanish
way of doing things. Top
What are Fincas?
Fincas are purpose built Spanish houses, usually in rural areas (although
not always as some of the fincas have had property developments built
around them). They often have large plots of land. Some are currently
inhabited and have services connected (Electricity and water), whilst
other may be derelict, which provides an ideal opportunity to rebuild to
your own design.
Because they are always re-sale properties, it is difficult to produce
details of actual properties for sale- they often sell in a few days of
coming onto the market, or are in remote areas.
To purchase such properties, you need to come over and look, and be
prepared to place a deposit to secure a property when you find the one you
like. Top
Do I need a Spanish bank account?
Whilst there is no legal requirement to open a Spanish bank account, it
makes the process easier if you do. Your payments and tax affairs can then
be easily managed in Spain without the need to wire funds from your
country of residence. Top
How much extra should I allow for taxes and legal
fees?
VAT (known as IVA in Spain) is currently 7%. For legal fees and other
purchase taxes add another 1%-3%. Top
What are the benefits of buying older property?
If you’re buying a property in Spain to live in or as a ‘buy to let’
investment, a pre-owned home has the advantage that you can move in within
a very short space of time and you can see first hand exactly what it is
you’re buying. Be aware that older properties will not have the benefit of
the Spanish equivalent of the NHBC 10 year guarantee and that you must
satisfy yourself as to the quality of the property before you buy it.
Top
How does the cost of living in Spain compare to
the UK?
It’s much cheaper! Some estimates suggest that the cost of living in Spain
is only about two thirds of living in the UK. Water, electricity, cars,
petrol, food and drink are all less expensive, sometimes dramatically so.
Top
Can I take my car to Spain?
Yes, assuming you have owned it for six months or more. If you’re planning
on keeping it there you’ll need to get an export certificate from the DVLA
and if you take up residency you’ll have to register the car in Spain and
get Spanish number plates. Top
How do I apply for a mortgage in Spain?
As in other countries, Spanish banks will want to be satisfied as to your
income. This usually means supplying recent salary slips, banks statements
and P60’s for every signatory to the loan. If you’re self-employed you’ll
need to submit your most recent tax statement and audited accounts for at
least the last two years. Top
Does Spain have a national healthcare system?
Yes. It’s free to any EU citizens above the retirement age. Younger
investors should take out medical insurance.
Top
What happens if I cannot be in Spain on the
completion date for my purchase?
If you are not able to appear before the Notary in person for the signing
of the Escritura ( title deed ), you will need to authorise someone, such
as your lawyer, to appear for you by means of a Power of Attorney. This is
a standard procedure for many foreign buyers. Top
Where are the room sizes?
Generally speaking you won't find room sizes with Spanish property
details, - in fact you won't often find information anywhere near as
detailed as you might be used to in the U.K. - Spanish estate agents just
don't use them. You may however, find the total constructed area of the
building and / or plot is stated. Top
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