Whenever you commence an informative article about Spain, there is a tendency in the last couple of years to start with a negative.
Well I am going to buck this trend. Here goes…. according to the promoters of “A Place in the Sun Live”, who conducted research at their recent (early summer 2006) event in the UK, which attracted over 21,000 potential investors, they found that Spain was the second most popular place to invest!
The definition as established in English Statutes that govern the provision of financial services, pensions and share dealings may differs greatly from Joe Punter’s idea. The attractiveness of an investment may well be in the eye of the beholder!
An “investment” in an overseas property should deliver some kind of attractive return – we often hear the excellent expression “to wash its face”. We take this to mean the possibly some rental income to assist with the mortgage and community payments and over a period of years there should be an appreciable capital growth. Above all a dream property should deliver:
a. a great location where scores of friends and family can frustrate the hell out of each other on a local golf course,
b. a sports club where usually passive people can virtually come to blows on the tennis court whilst re-enacting the mid 1980’s Wimbledon exploits of John McEnroe,
c. the chance to drink a little too much of the local sub-€2 red wine, and get a taxi home with change from €20.
d. above all it should be a place where the risk of a mild sunburn is a palpable reality!
If all investment decisions were this easy…….
On the famous other hand…there are pitfalls to buying a property in Spain. It can be all too easy to feel rushed into purchasing a property, especially when faced with plans for that dream villa in Marbella or that wow factor apartment in Altea. However, purchasing a property in Spain can be as safe as purchasing a property in the UK, provided you have the essential services of an independent lawyer.
The Spanish legal system operates very differently from that of the UK, and the only way to avoid frustration, misunderstanding or even fraud is to secure the crucial services of an expert.
The following guide summarises the main stages involved in the purchase of a property in Spain and should be of assistance in illuminating the purchasing procedure. It almost goes without saying but these details must be regarded as a general guide and no substitute for specific legal advice that may vary according to the circumstances of your transaction.
© The Rights Group SL 2006 (Marbella)
Mark FR Wilkins
www.therightsgroup.com (under review)
+34 600 343 917
Please note that the information provided in this article is of a general interest nature and intended as a basic outline only. You are well advised to contact a professional for advice specific to your circumstances. Nothing contained in this article should be seen or taken as the writer or publisher providing legal or financial advice.