Investing in Spain
Whenever you commence an informative article about Spain, there is a tendency in the last couple of years to start with a negative.
Identifying the right property
The sources of information available to the prospective Spanish property owner are virtually endless.
What can you afford?
Thousands are leaving their home countries every year. With UK property prices at an all-time high many are considering selling up, buying a home abroad and investing the remaining capital to provide for their retirement years. Equally, many are buying a second home. In both cases there are certain costs that must be taken into consideration in addition to the price of the property.
Getting the best out of your Euros
When buying any property in the Euro zone, you will ultimately have to convert your hard-earned sterling into Euros to actually pay for your new home.
Protecting your interests
The Spanish Legal system is far removed from the British one when it comes to buying a property, so when seeking legal advice and deciding who should represent you for your purchase, there are a few key rules that should be observed.
Checking your property
Once a legal representative is appointed the property you are considering buying should be thoroughly searched by your Spanish lawyer before any contract to purchase is signed.
Compraventa – the conveyancing process
The first stage in property ownership is the
Contrato de Compraventa - the private purchase contract – containing the conditions of the purchase/sale.
New and “resale” properties
Buying a new rather than a resale property demands a different conveyance process. While a resale property requires the above background checks, purchasing a new property offers different pitfalls.
Completion of purchase/sale
In Spain there exists a system of a public Notaries.
Purchase costs and taxes
The buyer is usually responsible for:
Main annual taxes
A detailed discussion of annual taxes and Inheritance tax planning is outside the scope of this article but for your information the following may be useful: