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Property purchase in Spain

Posted by Diego on May 16, 2018
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It is no secret that the property purchase in Spain is taking off and that Spain is a country with an incredible quality of life, referring to aspects that have little to do with the economy, and much more with the climate and culture. Spain is a country whose population is very well distributed throughout its territory. It does not have a jamming of people in a city as it happens in other countries of Europe and the world. The cities are usually small or medium and with a multitude of towns of all sizes and with diverse geographies. That means less traffic, less waste of time traveling to and from work and, therefore, you have more time to spend with your family. The weather is incredible. The beach, the countryside and the mountains are usually minutes away.

But what do I need to know before buying a property in Spain?

The first thing you should do is to find a good property search engine so you can have a better knowledge about the market, how it is and also access its prices, because this way you can easily find a property of your interest before having to visit the country. You must be very careful because although the Internet has become the new means of mass information it can often brings some kind of false information, so you have to be very careful at this point.

If you are British, it is strongly recommended that you choose an independent lawyer specialized in Spanish real state law. Independent means that they only work on your behalf and that they are not working for you just for the interests of any agent or company. The Spanish property transfer system is different from the UK system, so you must ensure that those involved in the transaction are qualified and have experience in Spain.

When your decision is made and you have chosen to work with a real estate agent, a promoter or a British lawyer, verify that they are qualified, reliable and have experience operating in this country. Verify that they are specialized in international transactions. If you do not have a good command of the language, be sure to obtain all contracts and relevant documentation translated by an independent and qualified translator.

If you want to apply for a mortgage, you should look for the mortgage that is most appropriate according to what you are looking for. There is a variety of mortgages on offer and you should pay special attention to the interest rate and amortization period, the rates to establish the mortgage and the amortization and early cancellation fees. If you cannot keep the mortgage payments, the Spanish bank could recover your property. If the value of the property is less than the total outstanding debt, the bank can continue with its UK assets to recover the mortgage deficit using a European Enforcement Order.

In addition, you must take into consideration and understand each of the taxes that Spain has for those who own a property and even in more detail whether they are residents or non-residents.

In ForSaleInSpain we are professionals ready to help you choose and purchase the home of your dreams. Contact us!

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