Spanish Mortgage – Discover The Reality About Them

The way to purchase property in Spain has been a favorite question for buyers for a few decades. Now investors are catching on. Spain has a magnetism that’s hard to describe and that few other nations possess. It’s not just the spectacular scenery, fantastic beaches and year-round sunshine. It appears to be something about the easy, relaxed pace of life and the exuberance and joy of its people, which draws people back year after year and makes them reluctant to leave. Plus, of course, it’s the lowest cost of living in Europe! But clearly, it is just this magical quality that you will need to beware of when it comes to purchasing property! It’s fatally easy to fall in love with a house that is bathed in sunshine, with a sensational view, and allow 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 are serious, you want to learn how to buy property in Spain in a way that will enhance your lifestyle, and won’t leave you out of pocket. Here are a few suggestions to point you in the ideal direction. As soon as you have chosen an area, book into a hotel for some days and explore. Ideally, do this at the least attractive time of year weatherwise. Pretend you’re a journalist and try to find as many downsides as possible. When it’s in a resort area, would you fancy it when most 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’s near an airport, how would you feel if your airline stopped flying into that airport? Browse our source if you are looking for more information regarding spanish mortgage.

This is a biggie. Employ an attorney whom you can really trust and who really understands all aspects of Spanish real estate law, including planning and zoning laws. Your consulate may be able to provide you with a list of recommended attorneys. Do you know how many individuals have been left bankrupt, with their dreams in shreds, because they did not check planning regulations? Either they did not check that they had full title to the land, or they failed to make sure that the property they were purchasing was legally built on that land. If this happens, 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 take back 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 quite clear and thorough legal advice 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 few 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 begun in earnest in your property search, view the properties as often as you desire.

If any owner wants to restrict you to a single viewing, walk away. Be careful to check such details as telephone connections, and broadband if this is valuable to you. After your initial screening, plenty of questions will happen 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 visiting a Spanish bank. You can usually get around 80 percent of the purchase price like that. Alternatively, you might prefer to refinance your existing property. Do not forget that in Spain there are first charges which need to be paid up front. These include transfer tax, stamp duty, fees to the notary public, and name changes to the deed. You should allow about 10 percent of the purchase price to pay for them. When you have finally got to the point of purchasing your property, the first thing you do is sign a “reservation” agreement. This means the vendor must withdraw the property from the market. When the lawyer’s search is complete, you and the seller sign the “sale and purchase” contract. This is legally binding and all the particulars of the property have to be correctly entered. On completion day, you and the vendor, both with your attorneys, 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 tips about how to buy a property in Spain should make certain that the process goes smoothly and that you don’t fall into any of the pitfalls which many expatriates have struck. Just ensure you’ve covered all the legalities, which you can trust your lawyer or attorney, and that all of the paperwork is properly filed. It appears a hassle at the time. But it will enable you to enjoy and profit from your new property for the rest of your life.