Purchasing Procedures
The following Purchasing Procedures relate to buying property in Spain. Please also view our sections on CYPRUS , TURKEY and BULGARIA.
• Introduction
• Buying Checklist
• What are you looking for
• Let us help you
• Legal issues
• Administration
• Making an offer
• When an offer is accepted
• After completion
• New Properties
• Country Villas
Introduction
Buying property in Spain is now more popular than ever, with increasing numbers of people following their dream in purchasing a holiday home, buying property to rent out or moving lock, stock to the sun. The British love the pleasant, healthy climate and in recent years the Spanish local authorities have made great efforts to increase the number of foreign tourists and residents.
Now is a good time to buy property in Spain as European interest rates are low and there is a wide selection of property options available, from developed plots, farmhouses and village locations, through to villas, townhouses and new apartment developments.
Buying a property abroad is an exciting experience. However, you must go looking for your home with an open mind. Using qualified professionals like us will protect your interests, making the purchase of your home in Spain a risk free and stress free experience
Buying Checklist
1. Settle on a region - Spain is a big place. Consider the location first and foremost. Decide on a particular town, village, development or hillside where you'll want to spend a lot of your time, or even live permanently. This involves a whole series of individual choices. Research the area to find out what it is like in different seasons, what facilitates are available and the travel times to different places. And ask yourself, would you be happy living there?
What are you looking for?
2. Think about the kind of property you are looking for - The area, size, number of rooms. But keep an open mind. It could be worth looking at different types of properties in different residential areas. By looking at a variety of homes you'll build up your knowledge of the present market values in the area you are looking.
Let us help you
3. Speak to us on 0151 733 3377 - to discuss your exact requirements and explain what you'll need the property for. If you're moving to Spain you may want somewhere quieter, but if you plan to rent out the property you may want somewhere more commercial etc. A good agent like ourselves will help you through the whole purchasing procedure.
Legal Issues
4. Discuss all legal issues and costs involved with one of our property advisors. We can recommend a solictors for you to use who will advise and assist you - Before you have decided on a property in Spain it is important to be fully aware of the legal process and costs involved in your property purchase. Whatever property option you choose, your experienced solicitor should anticipate all contingencies.
Administration
5. Organise your administration - There are administrational factors that need to be considered prior to your house purchase
Making an offer
6. Making an offer - Make your offer in writing if possible (of course, subject to contract), and include not only the price, but also the amount of deposit, when you are prepared to pay it, when you are prepared to complete, what you consider to be included in the price (for example furniture and fittings if applicable) and, an often neglected point, that all machinery equipment and installations should be in normal working order.
When an offer is accepted
7. When an offer is accepted - The solicitor takes the legal responsibility for checking the land registry and if all is well will then prepare a private contract which will bind both parties to the deal (you will be asked to lodge a deposit on the property, to take the property off the market). The solicitor will next prepare the public deeds (Escritura de Compraventa) for signature in front of a Spanish Notary.
After completion
8. Immediately after completion - The notary will fax details of the title deed to the local land register to inform them of the identity of the new owner. This will prevent the property from being sold twice. The notary and the land register act together to protect and guarantee your interests. Your solicitor can also arrange for the transfer to your name of utilities and services such as water and electricity and organise their payment through a local bank.
New Properties
9. For most buyers this will entail purchasing a plot of land on which to construct a new villa. The advice given regarding re-sale property purchase holds good for land purchase and the construction of a new villa.
Purchasing a new build property in Spain is one of you best options, currently the property market value is increasing around 20% per annum. So whether you are looking to purchase a holiday home or a an investment property the Spanish market is one of the best.
You can rest assured that all new build properties come with a 10 year structural guarantee
Country Villas
10. In this case you will almost certainly be buying a 'greenfield' site, or possibly a tract of land with an existing building. There are urbanisations (housing developments) in the countryside but they are infrequent.
Most of the advice given in the previous section regarding coastal villas holds good, but there are a number of additional points to take into consideration.
a) Minimum plot sizes.
These can vary from as little as 1,000 m2 (approx 1/4 acre) if the plot is close to a village - up to 25,000 m2 (approx 6 acres) if the plot is deep in the countryside. If the plot is below the minimum size required you cannot legally build on it.
b) The size of the property that can be built on the plot.
In many areas a substantial piece of land is required before anything other than a run of the mill property can be built.
c) Right of way.
Most countryside plots will be accessed by country tracks (dirt roads) which may also give access to other rural homes or farms. It is obviously essential to have legally recognised access from the nearest tarmaced public road to your selected plot.
d) Water and Electricity
If the plot is isolated the cost of putting in services may be prohibitive.
e) Existing Building
If there is already an old farmhouse, or cottage, on the land and it is your intention to refurbish it rather than build a brand new home, there will almost certainly be restrictions on what can be done.
f) Topographical
Most country plots will be sub-divided farmland and the borders may not be clearly marked. A topographical survey should clearly delineate borders and state exactly the total square metres of the plot. If the land is not already fenced, then a new purchaser may consider fencing off the plot (according to his survey) to avoid possible future disputes. The cost of a survey is likely to be between £200 and £500 for most normal homesites.
Your Lawyer will be able to ascertain all of the above before purchase. He should also be able to arrange a Topographic Survey on your behalf
Should you have any other questions please contact us on 0151 733 3377 |
