HOW TO BUY FREEHOLD PROPERTY IN SPAIN THE SAFE AND EASY WAY

Posted Saturday, December 9, 2006

 E-mail this page    Printer-friendly page

Through Phoenix Overseas Properties

We believe that buying a home for family holidays, retirement or investment in Spain should be a pleasure in itself. From choosing your location, deciding upon the type of property, choosing your furnishings, to planning your days in the sun. We are here to help you do exactly that and we can assure you it can be one of the best experiences you will ever have.

It is essential that you take a visit to the areas to get a feel for the various locations. You may decide to take a trip on your own where you are free to roam wherever you wish, but this can be very frustrating and time consuming, as many of the places are not easy to find if you are new to Spain.

Phoenix will arrange no obligation inspection visits for people serious about buying a property in Spain. However, if you have made arrangements to go already or want to go on your own, we will also help you if you wish. For example you need help to find accommodation or you need car hire etc. Most important of all is if you would like to be shown the area and maybe see some properties during your stay, then we at Phoenix can and will help you. This will enable you to experience a particular area and view specific properties or developments. You will also have the opportunity to discuss in detail your requirements and be shown around the areas of interest by an experienced professional with extensive local knowledge.

WHAT TO DO NEXT!

Call us on 0870 241 4108 with your selected dates for an inspection trip or tell us when you intend taking a trip in order to arrange a mutual appointment in Spain if you are travelling independently.

On arrival in Spain, you will be met by one of our representatives who will take you to your hotel where you will be spending the duration of your visit. All meals are included whilst on one of our Inspection Trips with a member of our team in Spain. After settling into your hotel, a member of our staff will discuss with you the type of property you are looking for and your general requirements. This gives you a good opportunity to ask any questions you may have, and for our advisor to provide an itinerary for you during your time in Spain. The next step is viewing the general area where you propose buying, and viewing suitable properties. Should you find a suitable property, our advisor will help you with the next stage of the process. Buying a property in Spain is a fairly straightforward matter, but it is different to the British system. The basic difference is that once you have agreed to buy, the matter is not subject to contract as buyers are required to sign the agreement to buy as soon as the purchase is agreed. At this point a deposit is payable, normally a minimum of 3,000 euros (£2,000) but by signing this contract, both parties are bound, and no change in price is allowed. Our services include an English speaking solicitor to deal with all legal matters relating to the purchase, and also advice on other items which need to be dealt with. These include opening a Spanish bank account, making a Will and, if appropriate, leaving a Power of Attorney with the Spanish Solicitor (Abogado) who can then carry out the process in the absence of the buyer. When buying a new property in Spain, very often off-plan, a 10% deposit is required on signing the contract with a further 40% payable within a few weeks. Depending on the handover date of the property, further stage payments will be required until the property is complete, at which time the final payment will be made when the deeds (escritura) are signed in front of the Notary (Notario). At the time of the completion, a new title deed is then issued in favour of the purchaser and this is sent to the local Land Registry by the Notary for registration. At this time, any costs associated with the purchase are also due and payable. Unlike the U.K., the Spanish government charges V.A.T.(I.V.A.) on all property transactions, and this at the moment is set at the rate of 7% of the declared value of the property. In addition to this, the Notary requires his fees to be paid together with those of the Land Registry. As a rough guide, we advise buyers to allow an extra 10% over and above the purchase price to allow for payment of taxes and other charges.

It sometimes happens that during your visit to Spain, you see a property which you wish to buy but which is beyond the budget which you had previously set before travelling. You may decide that a small mortgage would be able to assist and if you do need any finance we can advise you. It is prudent to speak to our U.K. office before departing and if you think that it might be necessary for a mortgage to be arranged, our U.K. office will be very pleased to give you further information.

Finally, not all buyers who visit on inspection flights wish to buy a property for their own occupation. More and more people are now buying property for investment purposes, whether this is for renting out or for buying and then selling on subsequently. Our advisors in Spain will be pleased to discuss aspects of purchase for letting, and will be happy to help with property management and advise you of the costs involved.

As a reminder, having decided to purchase a property in Spain you will find that our inspection flight programme is an agreeable and efficient way of identifying a suitable property. It is hard work, but 3 or 4 days in Spain with our experienced advisors will prove to be very rewarding. There is absolutely no pressure on you to buy as our company policy is that we provide you with the information, and we do not sell to you, since you buy from us!

Why not call on 0870 241 4108 or email info@phoenix-overseas.com

Good hunting!