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| Buying
a house in Spain - tips | |
| Extra expenses: You need to take into account
unavoidable extra expenses
when buying a house in Spain. These include the services of legal advisors,
translators, taxes, possible mortgage expenses
and, most importantly, the services of a notary.
The notario is the person
responsible for drawing up the deeds (escritura), the tax due (registro
catastral) and the registration of the names of the new owners in the Spanish
property register (registro de la propiedad). and tax register (registro
catastral); he charges fees to the vendor and purchaser, according to a fee schedule
set by the government | | Translators:
However much you fall in love with a property in Spain, you should avoid relying
on the services of a translator provided by your Spanish Estate Agent who is keen
to sell the property as quickly and at the highest price possible, and then move
on to the next sale. Contact a local translation company and pay for your own
translator - services are not expensive and are well worth paying for to protect
your own interests. | | The importance
of the exchange rate. As long as Britain does not participate in the EURO
currency, the rate of exchange between pound sterling and the euro will continue
to give headaches to people considering buying or selling property in Spain. If
you want to avoid having to check exchange rates daily, consider paying for the
services of a professional exchange company that can get the best deal for you
however you want to pay. In the July edition of its magazine, Easy-Jet recommend
CurrenciesDirect.com, a company offering the following services:
- Spot transfers - ideal if the exchange rate is
in your favour and you can get the money together quickly
- Forward
transactions - favourable rates are guarenteed with a small desposit
- Limit
order - you tell them what exchange rate you are looking for and they will
tell you when it comes up so that you can make a quick purchase
- Regular
currency transfers - transfers on a regular basis at commercial rates to cover
loans or mortgages.
Let us know if you
have used the services of a professional exchange company to purchase a property
in Spain and your opinion of the service you received. And use this online tool
to convert pounds to euros
(or vice versa) according to today's rate of exchange. |
| Legal advice: Take care and get legal advice before
signing any documents. Alot of property in Spain is sold before building has
even started, in which case you will need to get proof of planning permission
and plans of the property itself, and often foreign people sign contracts thinking
they are expressing a formal interest in building plans whereas in fact they are
legally binding themselves to a house sale. If you want us to reccommend a bilingual
legal consultant, let
us know. | | How to save money:
If you buy
a piece of land in Spain and have a house built and intend, at a later
date, to install a swimming pool in the garden, don't wait. If you include the
pool in the initial plans and have it built at the same time as the house, you
will only have to pay 7% VAT. If you wait and have it built later, it will be
considered as a luxury item liable to a 16% VAT charge. Quite a hefty difference. |
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Property in Spain