the buying process

The purchase of Spanish property is somewhat easier than in the UK with all properties sold with the benefit of a freehold title.

We consider that it is essential that purchasers utilise the services of an Abogado, a member of the Spanish Bar Association, the Colegio de Abogados, to act on their behalf on all matters relative to the transaction.

The buying procedures are fully explained in our guide

For the availabilty of beneficial exchange rates, economical money transfers and the opportunity to arrange a long term fixed eexchange rate etc. etc., you could benefit by contacting the foremost specialist in this field – Currencies Direct.

We would recommend that the purchasers grant a Power of Attorney to the favour of their Abogado to ensure that all documents relating to the transaction including the subsequent service contracts etc can, in the absence of the purchasers, be signed on their behalf and this avoids the need for frequent visits to Spain during the course of the transaction.

Extensive sensationalised publicity in the British media over the last 18 months has been the cause of understandable apprehension by potential buyers of Spanish properties. Loopholes in the law have allowed developers and businessmen (described by many as unscrupulous individuals) to abuse the intentions of the law and in so doing cause problems and considerable distress to a tiny minority of property owners, mainly Spanish nationals.

Steps are now being taken through the European Courts of Human Rights to rectify this situation and the law will incur major amendments, it is not revoked in its entirety.

It is stressed that a new purchaser will not and cannot be affected by this law providing they have legal advice by the utilisation of Spanish Abogado and this will be so certified.

The company has prepared a report which is considerably more explicit than the foregoing

Non-Spanish purchasers are required to obtain a fiscal identification number known as an N.I.E. number and this will be arranged by ourselves and your Abogado.

Purchasers intending to be resident in Spain should perhaps consider obtaining a “Residencia” which has definite advantages, please click here to view our guide

BANK ACCOUNTS

A purchaser of a Spanish property will be required to open a non-resident account and we would be pleased to assist with an accompanied introduction to a Spanish bank with English speaking staff. We are also able to open an account in the purchaser’s absence by the signing of a simple mandate supported by copy passports (by fax) and the payment of 100 Euros to be credited to your new account.

The account to be amended to a resident account if and when a purchaser takes out a Spanish Residencia.

It should be noted that the most economical method of placing funds to the account is by arranging a credit payment by sterling cheque or draft which will attract a nominal bank charge of 10 Euros irrespective of the amount.

MORTGAGES

Spanish bank mortgages are available at very favourable terms providing an advance up to 70% to a term of up to 20 years (dependent upon age) with interest charges at Euribor plus 1.25% (Euribor is the Euro base rate and on the present base rate of 2% provides a mortgage lending rate of 3.25%).

WILLS

We recommend that purchasers arrange a Spanish Will relating to their newly acquired Spanish assets and this can be prepared by their Abogado.

RENTING AND MAINTAINING

We are able to recommend reputable and reliable English speaking gardeners and pool cleaners, plus small management teams usually husband and wife, to clean the property when vacated and to prepare for a new occupation, including a full laundry service and general maintenance management. Also including a regular fortnightly inspection whilst empty to ensure that all is in order.

EQUIPPING YOUR PROPERTY

We are able to assist in all aspects of equipping and furnishing your property with accompanied visits to various retail outlets which are well known to us and are highly recommended - furniture, electrical equipment and the full range of household goods etc.

If you need assistance in completing the final touches to your new home we can introduce you to our associates “Interior Solutions” who will offer advice on design ideas, colour schemes and if required a complete interior design consultancy.

MEDICAL

Excellent medical facilities available in both the public and private sectors. A Resident applying for and eventually holding a “Residencia” will need to arrange private medical insurance, but if of pensionable age or in receipt of UK benefits they are entitled to partake in the Spanish National Health system on the same basis as a Spanish national. If visiting on a non-resident basis it is advisable to obtain an E111 in the UK which allows emergency treatment in the Spanish system on a reciprocal basis with the UK National Health Service.