Do I buy alone or with partner

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This topic contains 2 replies, has 3 voices, and was last updated by Profile photo of Fuengi (Andrew) Fuengi (Andrew) 8 years, 4 months ago.

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  • #54213
    Profile photo of Anonymous
    Anonymous
    Participant

    Having looked for over 2 years we are finally buying our home in Spain, despite all the words of caution that we have gratefully listened to we are happy with the property and the price we have negotiated

    My question to the wise ones on this forum is, and it may have been covered before, do I buy it in my own name or joint names with my long term partner. I have no plans to ditch or marry her just yet and we are very happy.

    Facts relating to my question

    House paid for in cash circa 380e
    I have three 20 something children from my first wife.

    Should I even take out a mortgage even if I dont need one?

    These are questions I have asked my Lawyers but would appreciate a ‘been there and don it’ response also.

    Guess they are all tax type questions

    Thanks

    Steve V

  • #85528
    Profile photo of Anonymous
    Anonymous
    Participant

    “I have no plans to ditch or marry her just yet and we are very happy”

    What does this mean ???. Does this death until…….. ? What plans she has about you is also to be considered.

    “I have three 20 something children from my first wife”.

    As they are adults & from your forst wife. I believe they have certain rights under Spanish law.

    Should I even take out a mortgage even if I dont need one?

    Borrowing will help you reduce your wealth Tax, borrow with what you feel comfortable. EU interest rates should be down in the near future so it would be a missed opportunity to not to raise cheap money. Besides as the exchange rate £/€ is now very good & you are presumably buying with £ converted its better to borrow and ensure that the mortgage terms allows you early part/full payment when the exchange rates get better.

    “These are questions I have asked my Lawyers but would appreciate a ‘been there and don it’ response also”.

    I have not bought with a partner but depending on the level of commitment to each other it would be advisable if something happens to one of you.

    Finally, all seams to be OK with your relationship now. Living in Spain brings other types of stresses on a relationship with people do not anticipate, as the sun is shinning.

    Guess they are all tax type questions

  • #85538
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @Stevev6 wrote:

    House paid for in cash circa 380e

    Should I even take out a mortgage even if I dont need one?

    if you have not bought the house yet, and are bringing the money over from the UK it might be worth looking into a mortgage

    380.000€ = 304.000€ GBP at the moment

    IF the pound goes back to the May 2007 figure 380.000€ = 253.000 GBP

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