February 10, 2016 at 4:59 pm #189501
I hope someone can help me. I’m currently in the process of doing a private rent/let to buy in Murcia. The vendor is English as I am and together we have come up with a contract with everything covered including if anything happens to either one of us etc and obviously that he cannot sell the property providing repayments are made. I have now obtained a Spanish lawyer, but he seems a bit vague in his answers regarding whether I should proceed. There are no debts on the property or mortgage but my lawyer says things like embargos could come into force in future and a lot can happen in 10 years (time scale for the agreement). The vendor says he’ll do anything to make this go through (and seems a really genuine person ) apart from putting the property in my name until the final payment has been made, though he will state in his Spanish Will that the property is mine providing I keep up the repayments. I am very naïve when it comes to property so help would be more than appreciated. Will the vendor ever be able to sell the property from under me? Can the property ever be reposessed? Does the contract have to be presented at the land registry? What are the other pitfalls if any? Many thanks in advance.
February 13, 2016 at 7:24 pm #189556
I have to say buying/selling in Spain is a lot different from the UK, I have done both, walking out of the Notaries office on a Friday night with a lot of cash in your pocket is not something, I will do again. I did buy my first home in Spain in 1987, I lost money and never got it back, I now own a mortgage on a house that is not worth much more than the house. I paid almost 400,000 for it in 2005. 200,000 euro down on my purchase. on the good side I made almost 100,000 on my last Flat. Tax was 40% in Spain at the time. to your question RENT first, make sure 100% that it is what you want, many of my friends in Spain want to get back to the uk.Electricity is more expensive 60 euro every two months, just to supply it, then your units. water 10 euro a month for its supply, my last bill was 32 plus euro, I used 2 units.
Think about what you want, you do need a notary, to sign all agreements in SPANISH, you need to take a translator, with you. Any person that rents in Spain, needs to pay the tax . You need to get an NIE number, easy with a form in Spanish and your passport, Keep a uk address and stay British, Spanish bank accounts will charge a fee 15 euro every 3 months, you can get a free account if you transfer money into it each month, I send £ 1000 a month in to mine. are you intending to live in Spain full time?
I still work in the uk, and my house cost me £1000 a month, yes in 2025 I will at last own it, my grand children will own it when I am gone , yes you also need to have a Spanish will .At present I use it about 6 weeks a year, every other member of my family thinks its a free holiday, and the swimming pool, maintenance is about 500 euro a year, one swim last year myself. 12 house uses the pool all, year round , last month I just looked at it, it was too cold to go in.
They say think twice, Think more than this? why not just rent it to you?, or offer it for you to buy with a mortgage? stephen,firstname.lastname@example.org, email if you wish, I would not own my house now . had I look at sites like this. before I signed in the SUN.
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