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Spain remains the number 1 destination for British tourists, it is not surprising that the demand for second homes and property development in Spain continues to grow and develop. |
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Contributing factors to this growth include cheaper more accessible air travel, mobility of people led by technology advances, together with a strong pound and UK housing market. |
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When buying in Spain there is no legal requirement to employ a Lawyer, however we recommend that you do. For example, under Spanish law, the new owner of a property can be held responsible for debts (relating to that property), even if they were incurred by the previous owner. |
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Buying an overseas property remains a complex business and prospective buyers are advised to seek thorough guidance. |
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When buying in Spain, pitfalls can easily be avoided by retaining the services of an experienced Spanish solicitor (Abogado). H2O Countrywide strongly advises you to instruct an English speaking Lawyer in Spain who is well qualified, insured and you trust! |
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If you do not already have a Spanish Lawyer, H20 Countrywide will be happy to recommend one who specialises in property law |
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If you have any financial affairs in Spain you must have a foreigner’s identification number or N I E number. |
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If you place money, assets or deposits or receive credit or loans, you must give this number to the financial institution within 30 days of the transaction. |
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When raising finance to buy a property in Spain you
may find that Spanish lending criteria and services are
not as sophisticated and flexible as those in the UK. |
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Raising the money in the UK, using UK based collateral may be the easiest way and the initial costs may be lower. |
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Consider the impact this may have on your overseas tax liabilities. |
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Mortgages in Spain are based on the property and not the individual for purposes of liability; however, you will still be required to provide personal income details in order to secure a mortgage. |
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If you are non-resident or own one property, having a representative is not obligatory, but is advisable. |
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If you place your mortgage in Spain, it is difficult to re-mortgage from one lender to another lender. With recent legislation however it is now possible with early repayment charges limited to 2.5% of the loan. |
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If you are a Spanish resident and taxpayer you may be able to claim tax relief on your mortgage payments. |
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If you become a Spanish resident or own title to more than one property, you must appoint a fiscal representative. |
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