- This topic has 19 replies, 10 voices, and was last updated 14 years, 2 months ago by
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What is spain actually doing to get themselves out of this mess? Or are they just waiting to reposses everyone so the banks end up owning all the second hand properties. (ie, are they going to lower the deposits you need to pay in order to get a morgatge to entice buyers? etc) These questions have probably been answered on here, but any update would be great. Thanks
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Thankyou for you kind comments. It is still a huge worry though. In 5 years time, it could be worth a quarter what it is worth now. And with a big mortage to cover. Spain is so unpredictable I just don’t trust it anymore. I am just worried that what everyone is saying on here is correct, that prices will continue to drop for years to come. I know of too many people who are going under as we speak. Just wondered if there is a light at the end of the tunnel…Just can’t understand how there aren’t riots all over Spain to be honest. Spain seems to have laws they just make up as they go along.
I know this is unrelated, but for example. I had to pay to give a vehicle “la baja” the other day, but because I hadn’t yet paid the IBI bill from last year, they said that until I clear the IBI bill they will not let me pay the 100 and odd euros to do “la baja”. They don’t even seem to want to help. So I had to clear any debts before I could pay the money to sign off my car. I can’t believe that they can just do stuff like that. It’s like when you sell a property in Spain, they make you clear any debts before you can sell it or they won’t let you release it. They sometimes seem to get away with murder and no one seems to be bothered by it.
I mean, I am half spanish and my dad is spanish and he can’t understand it himself! Sorry to go on, but sometimes the way they deal with things I think is “chapada a la antigua” as they say in Spain. -
Maybe it takes a bit of spanish blood to realise how bad things are getting 😆 I am a quarter spanish and as you say it got to me in the end, I don’t trust Spain anymore either. The goalposts move all the time, especially if you are a foreigner. I felt more of a foreigner when I left than when I arrived about 15 years ago!
I can’t see your house dropping much though because of location etc. That area seems very popular with the French too. Very unlike the costas down south.
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To the half & quater Spaniard’s. You should well know that Spaniards like to bury their heads in the sand & hope the problem goes away and if you contacts they do go away.
When selling a property in UK the debts needs to be cleared the difference is that in UK the debt is not transferable unlike Spain where it is attached to the property as a result many Brits had been caught out. I feel that the Notary should look into this before notarising. Apart from informing the party as to who they are by their passport etc & who is the buyer, price. He should inform the buyer that there is a debt attached to the property. This debt may reflect in the price that had been agreed between the buyer & seller.
There are so many loop holes only added by petty cost to feed the parasite civil servents that the system is open to abuse.
If Rajoy can think these civil servents can work in outside world of civil servents he must be on a another planet does noy understand his own people.
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when I said “prior to selling a house the debts need to be cleared” I was referring to debts not even attached to the house. When I sold my previous property in spain (I lived there for quite a few years and moved) I had an “autonomos” bill outstanding, which had nothing to do with my house. But the bank would not let the mortgage go through until I had paid off the debt! I can understand debts attached to the house as in outstanding electric bills etc, but not ones which are your personal outstanding bills.
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Actually a similar situation applies in the UK. Lenders can assign a debt to you property even if its was unsecured, such as a credit card bill – its very easy for them to do this.
I got an unsecured loan in the UK and bough a farm in Poland partly to avoid this situation, I don’t think they have a single market in debt transfer just yet.
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@shakeel wrote:
When selling a property in UK the debts needs to be cleared the difference is that in UK the debt is not transferable unlike Spain where it is attached to the property as a result many Brits had been caught out. I feel that the Notary should look into this before notarising. Apart from informing the party as to who they are by their passport etc & who is the buyer, price. He should inform the buyer that there is a debt attached to the property. This debt may reflect in the price that had been agreed between the buyer & seller.
they do. Also prior to the signing the buyer should be supplied with (minimum) a current nota simple showing any debts of the property and a certificate from the townhall to show if there any oustanding IBI/Basura, etc.. on the prop.
The notary also does independent checks prior to the signing. The only way you can buy a property with debts on it is if that is agreed or if you are tricked (you don’t speak the language and you are lied too)
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@ethnatkev wrote:
I can’t believe that they can just do stuff like that. It’s like when you sell a property in Spain, they make you clear any debts before you can sell it or they won’t let you release it. They sometimes seem to get away with murder and no one seems to be bothered by it.
except for mortgage debt, the buyer can take over a property with debts on it (oustanding IBI, community fees, basura,etc…).
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Taking over the mortgage is “subrogation” legally recognised and a majority of us who had bought off plan would have done this.
The cost of this etc is much cheaper than a new mortgage. Again no one will tell you this. A small fact sheet of do & dont at the show/sales office would help many people. However with the Spanish attitude of not doing anything or doing the least possible i.e. turning up to work and not caring just wanting our money this situation is not highlighted.
In my experience there is an inbuilt attitude of not assisting anybody in making an informed, timely & accurate decesion. On the contrary they will prefer to spend their time telling you porkies.
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The question asked: What is actually being done to get Spain out of this mess??
After reading Lenox’s post on another thread:
“According to a report in today’s El Almería, over a thousand properties on the Almanzora Country Club in the municipality of Cuevas could be declared illegal…”And “if the prosecutor has his way, to be demolished”.
…I’m coming to the conclusion Spain is on a suicide mission. Forget handing them a shovel to dig themselves deeper, they need earth-moving equipment.
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Ok UBEDA, fair enough, so I’ll re-phrase that.
“Having all the paperwork” meant zilch to all the those who ended up with illegal or revoked building licences (myself and many others on SPI included) and to those affected by the Land Grab laws.
Is that better? 😉
Or another way, you can have all the paperwork in Spain but there are no guarantees your house will be legal.
Either way, it’s given Spain the reputation that it’s a risky place to buy property which is not going to help it get out of its mess and which was my point. And the news that Lenox posted is all part-and-parcel of that increasingly-rotten reputation.
NO-one but no-one deserves to lose their life savings in a so-called civilised country because of the corrupt actions of others, especially Government officials.
Amen.
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