Individual Guide On Spanish Mortgages

The way to buy property in Spain has been a popular question for buyers for a few decades. Now investors are catching on. Spain has a magnetism that’s hard to explain and that few other nations possess. It’s not just the spectacular scenery, fantastic beaches and year-round sunshine. It seems to be something about the easy, relaxed pace of life and the exuberance and happiness of its people, which brings people back year after year and makes them reluctant to leave. Plus, of course, it has the lowest cost of living in Europe! But clearly, it is just this magical quality that you need to beware of when it comes to purchasing property! It is fatally easy to fall in love with a house that is bathed in sunshine, with a sensational view, and let all common sense fly out of the window as thousands of British buyers have discovered to their cost. Stranded with no property and no money, many are wishing they had never heard of Spain. So if you’re serious, you want to understand how to buy property in Spain in a manner that will enhance your lifestyle, and won’t leave you out of pocket. Below are some suggestions to point you in the right direction. Once you have decided on an area, book into a hotel for a number of days and explore. Ideally, do this at the least attractive time of year weatherwise. Pretend you’re a journalist and attempt to find as many downsides as possible. When it’s in a hotel area, do you fancy it if many vacationers have gone home? When it’s in a rural location, would you feel cut off in the winter months? If one of its attractions is that it is close to an airport, how would you feel if your airline stopped flying to that airport? This one’s a biggie. If you are searching for more information on spanish mortgages, visit here.

Hire an attorney whom you can really trust and who really understands all aspects of Spanish real estate law, such as planning and zoning laws. Your consulate may be able to provide you with a list of recommended attorneys. Do you know how many people have been left bankrupt, with their dreams in shreds, because they didn’t check planning regulations? Either they didn’t check that they had full title to the land, or they failed to ensure that the property they were purchasing was legally built on that land. If this occurs, the authorities will just demolish the property, leaving you with nothing. And this has happened to plenty of people. Remember also that in parts of Spain, even if the property is legally built on the land, the government can return the land if they decide they want it for municipal development. And there’s nothing you can do about it. This is known by English speakers as the “land-grab” and has occurred, for example, in areas of Valencia such as the Costa Blanca. Although this was declared illegal under European law, many overseas property owners are still threatened with loss of the property. So do take very clear and thorough legal counsel before proceeding. Before you start your search for a property, write down your budget and keep looking at it. From the Spanish sunshine, after a couple of glasses of Rioja, it’s easy to be seduced by a gorgeous property that you really can not afford. Be clear about your budget and stick to it. When you have started in earnest in your property search, view the properties as frequently as you wish. If any owner would like to restrict you to one viewing, walk away. Be careful to check such details as telephone connections, and broadband if this is important to you. After your initial viewing, a lot of questions will occur to you so write them down before next time.

Try to visit in different weather conditions and at different times of the day. For financing, the easiest way to raise a mortgage is often by going to a Spanish bank. You can usually get up to eighty percent of the purchase price like that. Alternatively, you may prefer to refinance your existing property. Do not forget that in Spain there are initial charges which have to be paid up front. These include transfer tax, stamp duty, fees to the notary public, and title changes to the deed. You need to allow about 10 percent of the purchase price to cover them. When you have finally got to the point of purchasing your property, the first thing you do is sign a “reservation” agreement. In other words, the vendor has to withdraw the property from the market. Once the attorney’s search is complete, you and the vendor sign the “sale and purchase” contract. This is legally binding and all of the details of the property must be correctly entered. On completion day, you and the seller, both with your lawyers, attend the office of the notary public to sign the final contracts. The process is now complete. Relax with a glass of wine and enjoy your new property. These hints about how to buy a property in Spain should make certain that the process goes smoothly and that you don’t fall into some of the drawbacks which many expatriates have encountered. Just ensure you’ve covered all the legalities, that you could trust your lawyer or attorney, and that all of the paperwork is correctly filed. It seems a hassle at the moment. But it will let you enjoy and profit from your new property for the rest of your life.