Spanish Property: Frequently Asked Questions
Legal advice in Spain: who can I trust?
Good legal advice in Spain is not hard to find, there are many good layers in Spain and some not as good. It is important to choose a firm that you can trust and that you have been recommended by others that have had a positive experience dealing with them. We can advise you in this matter as we recommend a number of English speaking Spanish law firms that we have had very good working relationship with and who give honest, well researched legal advice.
Spanish property law: what are the pitfalls?
Spanish property law can be complex if you?re buying a Spanish property for the first time; we have had many years of experience in this aria and have brought several Spanish properties on the coast and inland ourselves. We can give first hand advice and can recommend trusted layers that we use ourselves. We will guide you every step of the way and you will have access to our UK and Spanish offices at any time for free impartial advice.
I have heard of a Land Grab Law in the press, what is land grab and will it affect me?
There has been much scaremongering in the British press and on TV (Holiday Homes from Hell) of late about this subject, which relates to a law that came into force in the Valencia region in 1994. The law was introduced in Spain to prevent individual owners of rural property in areas that have been re-classified standing in the way of developments that would benefit the community as a whole, by improving services or creating affordable local housing. In recognition of the fact that the value of their property would increase significantly, the laws oblige these rural owners to contribute with cash and/or part of their land towards bringing in benefits such as mains water, sewerage, new roads etc., even though they may not want such facilities, preferring the old rural ways. The law does not affect anyone with an interest in property in an area already urbanised or designated as such. This represents virtually all apartments, townhouses and other linked properties, plus a large majority of villas. While this will affect a very small proportion of properties, buyers should still take independent legal advice, and ?A Home In Spain? can recommend trusted English speaking lawyers that can advise on this.
How much do I pay ? A Home In Spain??
Nothing, we provide accommodation for up to 3 nights. All you need to do is pay for your own flights; we will refund your flights if you decide to buy a property.
There are so many agents, who can give me the best advice on property purchase in Spain?
For the best advice on property purchase in Spain, it is important to choose a company that is independent (not tied to one developer or one agent). Use a company with in-depth local knowledge of the Spanish property market including capital growth, rental potential and all legalities. It is important to use someone who has had first hand experience in all aspects of buying a property in Spain. ?A Home in Spain? fits all of the above criteria and we are able to give impartial expert advice to all of our clients.
Do I pay more for a property if I use ?A Home In Spain??
No, in most cases we can save you money, by recommending trusted mortgage providers, currency transfer services and good value Spanish lawyers. We also get preferential prices on some developments as we sell many of there products.
What if I don't see anything I want to purchase?
That?s fine, we do not employ any hard sales tactics, but we will carefully research properties that fit your criteria. If you decide not to buy anything, that?s OK. We recognise that buying a property in Spain is a personal choice.
Is it easier to arrange my own trip and visit the different developments and agents myself?
It depends how much time you have, if you do this you will also need to consider transport, and accommodation costs. You will need to spend a few days collating information and booking appointments, then a few days driving around finding the properties. We can pick you up from the airport fee of charge and give you a selection of properties that fit your criteria. All of our expert advisors have good local knowledge and will be happy to drive you to your viewings, this will leave the rest of your time free to reflect on what you have seen, and make the right decision without pressure or stress.
I'm already in Spain, can you still help me?
Yes, just contact us at our Spanish or UK office and we can research your requirements at very short notice. If you keep your flight receipts and we are able to find you a suitable property, we can give you a refund for your original flights.
Is it necessary for me to attend on the actual day of completion of my property?
No it is not necessary as you can grant Power of Attorney. Your lawyer or a good agent can advise you on this course of action.
Is it better to take out an English Mortgage rather than a Spanish one?
Not really because the borrowing rates on Spanish Mortgages are more favourable than UK Mortgages although the setting up charges are higher in Spain. Generally a Spanish Mortgage is the preferred option.
How do I get a Spanish Mortgage and what documents do I need to supply?
Your Agent or Abogado can recommend lenders or, given time, you can just go along without an appointment to Spanish Banks who will be pleased to give you all the information on their products for consideration. Most City Spanish Banks have English speaking staff who will be delighted to provide you with details of their products. You will need to open an account with the Bank of your choice and they will accept faxed supporting documents prior to completion of your mortgage. Usually the documents you will be required to supply are:
- Last payslips over 3 months with last P60
- Pension or benefits counted as income with 3 bank statements
- If Self-employed last two years Accounts. If only self-employed for one year, previous year P60 (wage slips an advantage).
Spanish lenders grant mortgages up to the age of 75. Mortgages can be granted to over 75's if there is a willing Guarantor (relative).
What am I waiting for?
I don't know; contact us now to book an inspection trip.
| UK Office Jonathan Stanton Tel: 01932 878474 Mobile: 07770 658361 Email: jonathan@ahomeinspain.biz |
Spanish Office Jennifer Lock Tel: 0034 965978167 Mobile: 0034 699575169 Email: jonathan@ahomeinspain.biz |