- November 5, 2006 at 4:05 pm #52421
Can someone help me explain why the large roof terrace on the property I’m trying to buy has not been included in banks valuation survey. After many hours of amatuer translation of the document, I found the following sentence included after the Superficies de la Unidad Registral:
“La documentacion registral aportada no describe los linderos. Las superficies comprobadas no incluyen la superficie de la terraza cubierta.”
Which appears to say that as the roof terrace has not be registered it has not be included in the valuation…am I right? I might just be clutching at straws but it seems a bit strange that the part of the property I found the most attractive and one of the main reasons for buying the place isn’t included! If the property was in the UK the roof terrace would be integral to the property and included in the overall price/value. What can I do?!
I’m just trying to get my head round why the property has been valued at a great deal less than the asking price…however all I seem to be doing is getting more and more confused! Any advice would be very welcome…
- November 5, 2006 at 4:34 pm #67244
- November 5, 2006 at 4:50 pm #67245
What a great resource! I now find that the property is a few years older than we’ve been told and that they have only registered one floor – not the second floor roof terrace area.
So what does anyone suggest is my next move? Do I go back to the bank and ask them to revalue the property to include the terrace? Or approach the vendors agent with a lower price as the terrace isn’t registered?
I wait anxiously for your replies…
- November 5, 2006 at 5:49 pm #67246
I would suggest the latter course of action!
The vendors can’t have it both ways – they have not registered the increase in sq m to avoid the costs, taxes etc involved. But now they want to realise the increase in value associated with the extra sq m.
Were the works even carried out “legally”?
Or, suggest that they make a declaracion de obra nueva and have the catastral register amended accordingly…at their cost, inc any back taxes due.
- November 5, 2006 at 6:16 pm #67247
Good advice – thank you. Only one question – if we finally buy the property and register the terrace ourselves, will we be liable for any back taxes?
Thanks yet again.
- November 6, 2006 at 7:36 am #67255
Probably some 50 per cent of the villas that come on to the market around the Valencia area are under-declared in terms of size. Usually, an extension or swimming pool has been added without a subsequent obra nueva.
The simple solution is to add a clause to the exchange or arras document specifying that all existing structures will be truthfully declared before completion.
The obra nueva will then be declared and paid for by the vendor at the notary moments before you complete your sale. Notaries are very accostumed to this pre-sale step. By the way, I have never heard of a vendor refusing to declare and pay.
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