Spain. A marina in Spain

Country Guides Country Guide: Spain

Email this page

Contents:

Date Published:
02/06/2008

There are no restrictions on foreign property ownership in Spain. The property buying process in Spain is different to the UK, so it is vital to get professional legal help from a reputable English-speaking lawyer before you buy.

'On choosing a property your solicitor will check that the existing property is registered in the Registro de Propiedad,' says Bristow of www.newskys.co.uk' which denotes who owns the property, its exact size and if there are any mortgages outstanding on it.' 'Next, on the solicitor's recommendation that the reservation contract is in order, the buyer will lodge a 10 per cent deposit on a resale property, or on a new build he will sign a preliminary or reservation contract and provide a deposit of between 25- 40 per cent depending on the developer's purchase terms.

La Resina Golf & Country Club

La Resina Golf & Country Club

'With a new-build you should receive a deed of declaration of new construction, rateable value proof and occupancy permit. As building progresses, you will be asked for staged payments, generally in three stages - the final one falling due when building is complete. Then, on a new build property, when the construction is complete, you will sign a deed of sale, witnessed by a notary. Once agreed by both parties, and other proofs of purchase are presented, the contract is signed, and the ownership documents will be filed at the land registry office'.

'Similarly, on a resale property, assuming that both parties wish to proceed, the signing of the sales contract will be undertaken before an impartial public notary in the form of a public deed. You may give power of attorney to your solicitor to perform this role on your behalf should you wish'.

Benalmadena, Costa del Sol

spain-benalmadena-md

'Total costs including legal fees, stamp duty and property tax, will usually come to around 10 per cent of the purchase price. Mortgages are available from British and Spanish lenders. Set-up costs can reach £2,000, but interest rates may be lower than those offered by British banks. Generally, loans of up to 80% will be permitted, leaving you to find the 20% deposit required.'

Encouraging for foreign buyers was the Spanish government’s move at the start of 2008 to reduce the Capital Gains Tax it charges foreign sellers; CGT levied on EU citizens in Spain is now 18%, a 17 per cent drop from the 35 per cent that non-resident Brits used to pay. On a final note, Spain has new markets such as Bulgaria and Egypt nipping at its heals but when all is said and done, it carries less risk than emerging markets and has a hardy economy - the fifth largest in Europe. The things that first attracted holiday-home hunters to the beaches of the Costa del Sol, Costa Brava and Costa Blanca all those years ago - plentiful sunshine, a laid-back lifestyle, great food and easy access from Northern Europe - are still very much there.

The views represented in this article are those of the author and not of Channel 4. The purpose of the article is to provide general information only and does not constitute financial, investment, legal or other advice.You should not rely on any information provided in this article and you should always seek out independent professional advice relevant to your own particular circumstances.

You can now search for your very own dream overseas property on aplaceinthesun.com

Your Comments

Post your comment

Please note: In order to post a comment you need to be registered and logged in to Channel 4:

Sign In Here or Register Here

Comments closed

Comments are closed at the present time

Your comments

Post your comment
By posting on this website you are agreeing to abide by our Comments Policy.
Mandatory Fields are marked with *
Your Comment (Maximum characters: 4000) *
You have

Comments

Thank you for your comment!

Your message will be reviewed and the best ones will be published below.

If you intended to make an official comment to Channel 4 please contact us.

Comments

  1. hello G. Tullet. I'm 23 and just moved back to england from spain. i can highly recommend 2 areas for you. La manga (la manga club is amazing for work as torists are nearly all english and not your typical benidorm behavour as its a 5 star golf resort with plenty of work) the houses in the club are way too expensive for most people but la manga itself is very reasonable. The other area i reccomend for a family life where english is spoken but its not a stag/hen resort (its amazing) is moraira area again with pricy houses but literally 10 miles out these places are bargains to be had and all within easy reach of the english/german areas. Good luck, you will love it!!!!!
    Posted by Vicki on 10/07/2009 15:37:27
    Offensive? Unsuitable? Report this comment
  2. Me and my partner are looking to buy in spain.In our early 20's and have a young daughter,we do not speak spainish we like somewhere that is lively for me partner and family holidays but safe for baby.And where English is well spoken need advice on best property companies,pepole,places and prices can you help.
    Posted by G.Tullett on 08/07/2009 12:47:20
    Offensive? Unsuitable? Report this comment
  3. i am looking to rent a small holding or a bunglaow with some land to work. i have a seen a (WHOLE VILLAGE) FOR SALE,,WOULD IT BE POSSIBLE TO RENT.i wols like somewhere where it is possible to breed my dogs. glenn
    Posted by glenn on 25/06/2009 12:27:41
    Offensive? Unsuitable? Report this comment
  4. In February 2007 I took the decision to move to Spain. and sold my interest in my Estate Agency Tailor Made located on Sandbanks Beach Poole Dorset. Fortunately the sale had completed by September 2007 before the credit crunch really kicked in. Well life in Sotogrande for 2 years has been wonderful and our family have no regrets. I love golf boating deep sea fishing and tennis my girls love horse riding and swimming. Wife enjoys lunches coffee mornings spanish lessons and the beach. However there is only so much of the goodlife a man can take and toward the end of 2008 i had pangs of opening an office. The recession did not deter me as I had opened previously in a bad slump so by January 2009 Tailor Made Estate Agents opened in Sotogrande Port. Sotogrande has to be one of Spains best kept secrets 30 minutes from Gibraltar Airport 1 hour from Malaga airport and 30 minutes from Marbella it is a sporting estate and a part of the Costa that has not been spoilt by highrise or mass tourism. The downside is that its expensive definately a playground for the wealthy. However those who in the last 4 or 5 years may have dismissed it due to the cost of property may need to look again. Here in Sotogrande Marina they have created a venice style canal system with apartments built on islands and where as once you could buy a 2 bedroom apartment for 500,000%u20AC we now have 2 bedroom apartments in the same developments selling for under 330,000%u20AC. Villas once priced at 2.25 million euros now selling for 1.4 million euros. Sotogrande is home to Santa Maria Polo, Valderrama Golf club, San Roque Golf club and a port that has to be one of the best and unpoilt in Spain
    Posted by Francis Payne on 17/06/2009 10:32:16
    Offensive? Unsuitable? Report this comment
  5. i wnat help to looking property in spean please could you find for me best propery
    Posted by priya on 23/03/2009 09:19:26
    Offensive? Unsuitable? Report this comment
  6. i wnat help to looking property in spean please could you find for me best propery
    Posted by priya on 23/03/2009 09:12:06
    Offensive? Unsuitable? Report this comment
  7. Spanish home owners looking to sell their property need to understand the reality of their situation and stop desperately hanging on to unrealistic valuations. The market dictates the real value of a property and not what the owner thinks it "should" be worth.
    Posted by Robert on 26/02/2009 17:01:53
    Offensive? Unsuitable? Report this comment
  8. Do you have any advise regarding bank guarantees in Spain. We purchased a property in Costa Calida in March 2008 which was due to be completed in March 2009.The developer has delayed the completion date until October 2009 which means he has not fulfilled his obligation as per our contract. What is the best way to get the money we have placed on bank guarantee back from the developer.
    Posted by Catherine Steele on 11/02/2009 19:25:34
    Offensive? Unsuitable? Report this comment
  9. hi. my partner and i brought a new 2bed 1bath apartment in costa blanca last year. we are very happy with our purchase through a top company.we have now decided to upgrade to a bunglow or villa 2bed 2bath garden pref with pool. we will be moving out next year as i need warm weather for my disability.we wood like to know how we can use our present property whitch we own as calatral againts a new proprty. many thanks. george.
    Posted by george on 30/01/2009 14:49:38
    Offensive? Unsuitable? Report this comment
  10. Hello, I'm thinking of buying property in Spain for my young family. Dont know where but, could u give some information on.... 1 & 2 bedrm appartnents, with pool. Also do thay come furnished. What is local employment like. Close proximety of the coast too.
    Posted by Mr Barker on 24/01/2009 07:30:00
    Offensive? Unsuitable? Report this comment
  11. Not much is said about Gran Canaria re buying a holiday home there. I appreciate it's not the cheapest place to buy but are there any other reasons why this island might not be recommended? Thanks.
    Posted by katy b on 05/01/2009 17:04:44
    Offensive? Unsuitable? Report this comment
  12. Buying a property in Spain will always be popular with the Brits because of its close proximity to the UK and its relative ease of access. Indeed it is a buyers market at the moment and there are certainly a lot of property bargains to be had throughout Spain and her islands - you just need to look closely and negotiate direct with the seller.
    Posted by Les Calvert on 21/11/2008 13:25:23
    Offensive? Unsuitable? Report this comment
  13. Good afternoon, We have a beautiful 7 bedroomed detached house just outside Murcia, with a separate 2 bedroomed annexe. We would very much welcome your advice on how best to market this property for sale both here in Spain and in the UK. Many thanks.
    Posted by Jennifer on 27/10/2008 15:47:14
    Offensive? Unsuitable? Report this comment
  14. I think it is safe to say that there are many bargains out in the market right now. And that the market is realistically correcting itself and properties are selling at around 30% below bank valuations of 12 months ago..... With regards to the amount of unsold property on the market, I think quite simply the sellers, and I include builders in this need to start getting realistic with the prices. What we are noticing as soon as a property comes to the market at around that 30% less it sells very quickly, particularly if it?s below 120,000%u20AC. This price level seems to attract cash buyers or either people taking some equity from their main residence, or topping up their saving with small mortgages of 50 to 60%. As we are finding that this end of the market probably has more buyers, than sellers at the moment it seems that the prices are now leveling at this 30% less...
    Posted by Anthony Duggan on 20/10/2008 22:48:36
    Offensive? Unsuitable? Report this comment
  15. Hi, We have a wonderful apartment 25 years old but wonderfully re-furbished. Fabulous med views 3 miles from Nerja. Walking distance to beach bars. 2 large double bedrooms, 2 bathrooms. Lovely communal grounds with tennis court and pool. Very keen to sell to free up capital for retirement. Hope you can include it on your show! Thank you.
    Posted by Sally Moralee on 17/10/2008 16:17:38
    Offensive? Unsuitable? Report this comment
  16. I like to buy a property in Turkey before I am die? How can I look at proprty in Turkey on your web site? How much doaes it cost to buy a 2 bedroom apartment in Turkey/Altinkum, or any where in Turkey! I am very unhappy and bored with my life! I am freezing and very unhappy! Regards
    Posted by nuran powell on 27/09/2008 15:18:42
    Offensive? Unsuitable? Report this comment
  17. I like to buy in Turkey?
    Posted by NURAN POWELL on 27/09/2008 15:15:07
    Offensive? Unsuitable? Report this comment

Advertisement

More on 4Homes

4Homes Property Search

Over 300,000 properties to search, interactive maps, neighbourhood reports and more...

 

e.g. Notting Hill, SW3, Glasgow

Powered by: Nestoria

A Place In The Sun

Essential Guides & Advice

Country Guides

Getting Away From It All...

Amanda, Jonnie and Jasmine A Place in the Sun Live Birmingham NEC, Oct 2nd-4th, Buy Tickets Now

Advertisement


4Homes

Skip Channel4 main Navigation
Explore Channel4
Food
Homes
Film
4Car
News
See All

Channel 4 © 2009. Channel 4 is not responsible for the content of external websites.