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Friday, 10 October 2008
Buying In Spain PDF Print E-mail

The country with just about everything, you could possibly want from a country situated within a couple of hours flying time from Western Europe.  Not only does Spain have beautiful beaches stretched along it’s vast coastline and stunning scenery to die for, but Spain is also proven to be good for your health.  As a matter of fact the Costa Blanca gets star billing from the World Health Organisation as one of the healthiest places in the world in which to live.

For a long time, Spain has been British property buyer’s favorite destination with more than 600,000 Britons living in Spain and this number is expected to increase substantially within the next few years and it is not hard to see why. It’s perfectly possible to be skiing on the slopes of the Sierra Nevada in the morning and then enjoy a late lunch in the sun on Spain’s famous Costa del Sol, so varied is Spain’s climate.  Mediterranean Spain’s summer runs from late April or early May until mid-September. Northern Spain tends to be cooler than, for example, the Costa del Sol which is the southern most part of Spain.

Spain is the second largest country in the EU, it genuinely offers something for everyone, from apartments and villas on the coast, set in busy tourist developments to tranquil farmhouses (fincas) located inland. The country occupies approximately 80 per cent of the Iberian Peninsula and borders France and Andorra to the north and Portugal to the west. In the middle of the country is an enormous plateau known as the Meseta Central, which consists of Madrid, Extremadura and La Mancha. In the south, the Strait of Gibraltar separates Spain from North Africa by just 14km.

The Spanish Costas are: Costa Brava (from the French border to just north of Barcelona); Costa Dorada (from just south of Barcelona); Costa del Azahar (known as the Orange Blossom Coast); Costa Blanca (from Denia to La Manga); Costa Calida (from Aguilas, a few kilometres from the province of Almeria, to El Mojon on the boundary with Alicante); Costa del Sol (from Motril to Cadiz); and Costa de la Luz, which is divided into two sections: Costa de la Luz (Huelva Province) and Costa de la Luz (Cadiz Province).

So if you are not one to speculate and prefer to play safe, then Spain is for you! 

 

Buying Property in Spain has many potential pitfalls for the buyer and is subject to different legal procedures than in the UK. This is a list of some do's and don'ts, which will assist you if you decide to buy a house or flat in Spain.

DO

  • Remember that you will have to use the services of a Notary Public. The Notary is not acting for you, and will not give advice. He is an official of the State whose job is to ensure that all transactions requiring the participation of a Notary are in the proper form.
  • Remember that the parties to a sale and purchase have to appear in person before the Notary at the same time. If they do not want to appear in person, they can give a power of attorney (in the Spanish form) to their lawyer (or anyone else) to represent them.
  • Obtain an estimate of legal fees and disbursement including the fees of the Notary and the Property Registry and for the power of attorney, and confirm who is responsible for payment of the Notary's fees and any capital gains tax, which may arise from the sale.
  • Use the services of a reputable local lawyer. Only a lawyer will know of all the checks that should be made before you part with your money.
  • Use an estate agent. They will have an idea of the correct value of the property you are interested in, and will be able to show you a selection of properties in the area of your choice.
  • Unless you speak fluent Spanish, always have documents translated for you into English by someone you can trust. The expense of having lengthy documents, e.g. title deeds translated is worth the cost, so you understand fully what the original Spanish documents say and mean.
  • Ensure that once you have bought your property, it is properly registered at the local Property Registry. Ask your lawyer to obtain a certificate from the Registry to prove this (it costs very little).
  • Ask your lawyer to confirm to you in writing that there is no mortgage or other charge or encumbrance registered on the property you are intending to buy, that it is registered in the name of the seller, and that there are no outstanding local taxes or capital gains tax (plusvalía).

DON'T

  • Think you can buy a property without taking professional advice. If you do, you could possible end up with neither property nor money.
  • Part with any money unless you are absolutely sure what you are getting for it and have received professional advice to the effect that all is in order.
  • Rush into what appears to be a bargain where you are offered considerable savings if you act quickly. Some such offers may well be genuine; others will not be so innocent.

 

The country with just about everything, you could possibly want from a country situated within a couple of hours flying time from Western Europe. Not only does Spain have beautiful beaches stretched along it’s vast coastline and stunning scenery to die for, but Spain is also proven to be good for your health. As a matter of fact the Costa Blanca gets star billing from the World Health Organisation as one of the healthiest places in the world in which to live.

For a long time, Spain has been British property buyer’s favorite destination with more than 600,000 Britons living in Spain and this number is expected to increase substantially within the next few years and it is not hard to see why. It’s perfectly possible to be skiing on the slopes of the Sierra Nevada in the morning and then enjoy a late lunch in the sun on Spain’s famous Costa del Sol, so varied is Spain’s climate. Mediterranean Spain’s summer runs from late April or early May until mid-September. Northern Spain tends to be cooler than, for example, the Costa del Sol which is the southern most part of Spain.

Spain is the second largest country in the EU, it genuinely offers something for everyone, from apartments and villas on the coast, set in busy tourist developments to tranquil farmhouses (fincas) located inland. The country occupies approximately 80 per cent of the Iberian Peninsula and borders France and Andorra to the north and Portugal to the west. In the middle of the country is an enormous plateau known as the Meseta Central, which consists of Madrid, Extremadura and La Mancha. In the south, the Strait of Gibraltar separates Spain from North Africa by just 14km.

The Spanish Costas are: Costa Brava (from the French border to just north of Barcelona); Costa Dorada (from just south of Barcelona); Costa del Azahar (known as the Orange Blossom Coast); Costa Blanca (from Denia to La Manga); Costa Calida (from Aguilas, a few kilometres from the province of Almeria, to El Mojon on the boundary with Alicante); Costa del Sol (from Motril to Cadiz); and Costa de la Luz, which is divided into two sections: Costa de la Luz (Huelva Province) and Costa de la Luz (Cadiz Province).

So if you are not one to speculate and prefer to play safe, then Spain is for you!

Buying Property in Spain has many potential pitfalls for the buyer and is subject to different legal procedures than in the UK. This is a list of some do's and don'ts, which will assist you if you decide to buy a house or flat in Spain.

DO

  • Remember that you will have to use the services of a Notary Public. The Notary is not acting for you, and will not give advice. He is an official of the State whose job is to ensure that all transactions requiring the participation of a Notary are in the proper form.
  • Remember that the parties to a sale and purchase have to appear in person before the Notary at the same time. If they do not want to appear in person, they can give a power of attorney (in the Spanish form) to their lawyer (or anyone else) to represent them.
  • Obtain an estimate of legal fees and disbursement including the fees of the Notary and the Property Registry and for the power of attorney, and confirm who is responsible for payment of the Notary's fees and any capital gains tax, which may arise from the sale.
  • Use the services of a reputable local lawyer. Only a lawyer will know of all the checks that should be made before you part with your money.
  • Use an estate agent. They will have an idea of the correct value of the property you are interested in, and will be able to show you a selection of properties in the area of your choice.
  • Unless you speak fluent Spanish, always have documents translated for you into English by someone you can trust. The expense of having lengthy documents, e.g. title deeds translated is worth the cost, so you understand fully what the original Spanish documents say and mean.
  • Ensure that once you have bought your property, it is properly registered at the local Property Registry. Ask your lawyer to obtain a certificate from the Registry to prove this (it costs very little).
  • Ask your lawyer to confirm to you in writing that there is no mortgage or other charge or encumbrance registered on the property you are intending to buy, that it is registered in the name of the seller, and that there are no outstanding local taxes or capital gains tax (plusvalía).

DON'T

  • Think you can buy a property without taking professional advice. If you do, you could possible end up with neither property nor money.
  • Part with any money unless you are absolutely sure what you are getting for it and have received professional advice to the effect that all is in order.
Rush into what appears to be a bargain where you are offered considerable savings if you act quickly. Some such offers may well be genuine; others will not be so innocent.
 
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