:: Buyers Guide To Southern Spain
Links Property is an independent property company based in Southern Spain. We are dedicated to finding you your ideal property. It can be a lottery ensuring that your selected agent is best placed to provide the help you require. Some agents will specialise in Investment Properties direct from developers, whilst others may have a strong Re-Sale Portfolio in a specialised area of the coast. Other organisations are experts in finding you a plot of land and helping you Design and Build a property to your own specifications. Alternatively, you may prefer to deal directly with specific developers to find your ideal property. Whatever your choice or requirements, we are confident we can satisfy your requirments, let us know your needs, and we will be pleased to guide and help you with purchasing a property in Southern Spain.
Before making recommendations we will discuss in detail your own specific requirements, budget, areas of interest and expectations. This will save you valuable time, and make the process of purchasing your property a simple, more focused and therefore a more enjoyable experience.
We specialise in Southern Spain,Covering the Costa del Sol and the surrounding countryside, the Costa Calida and Murcia region, and the Costa del la luz.
We are able to locate all types of property for you such as: Villas and Townhouses, Country Homes and Fincas Penthouses or Apartments, Building plots and Commercial Premises, We can offer assistance in purchasing any of the following categories of property: New developments, Off Plan Investments or Re-sale Properties.
You may be looking for a holiday home, investment property, property for rental income, or a permanent residence, or often a combination of the above requirements. Whatever your objectives we can help you with your property search, legal advice, and first hand practical advice.
Once you have decided to purchase in Southern Spain, we strongly advise you to spend a few days to explore the area under consideration, to ensure it truly meets your expectations.
You may wish to travel independently, or we can arrange a fully escorted itinerary (or combination of both if you prefer). If you just want to familiarise yourselves with your favoured area, or look at the amenities in a specific area before looking for properties in greater depth, we will be pleased to assist you.
We feel it’s important for you to arrive on an inspection visit with realistic expectations of what is available for you to purchase, therefore you will always receive straight talking advice from us. We will ensure that you arrive in Southern Spain well informed and prepared for your stay.
Your contact in Spain will be pre-prepared with details of your budget restrictions, information of the type of properties of interest to you, and the areas that you prefer. This ensures that your time with us is used in the most efficient and productive way. You will at all times be treated in a professional and friendly manner.
We believe our free advice will supply you with all the information you will need to make an informed decision on the property you select to purchase.
We will endevour to make your experience of purchasing in Spain straightforward and enjoyable.
THE PURCHASING PROCESS
1) The Right Property.
Once you have found the right property, made your decision and the price has been verbally agreed with the vendor you MUST instruct a lawyer to act on your behalf.
The processes are different to the U.K and local knowledge is vital.
2) Instructing A Lawyer.
Choosing the right lawyer is a very important part of buying your property in Spain. As with many things the best way to find a good lawyer is to be recommended.
We will be pleased to introduce you to a number of lawyers directly , so you can select the one that suits you best or we suggest you use the services of the British Consal who will supply you with contact details of reputable lawyers in the region of Spain in which you plan to purchase.
Your lawyers will help you obtain your N.I.E fiscal number to enable the property to be registered in your name.
They will confirm also the legal status of the property with the land registry, and advise you on the best way to aquire the property to suit your own circumstances. ( such as purchasing in a company name , your own private name , or joint names with your spouse. )
3) Paying The Deposit.
When your lawyer is happy with the terms and conditions it is time to pay a holding deposit. The deposit is usually 3,000 / 6,000 Euros . This will take the property off the market until the private contract is signed. These deposits can be paid "subject to mortgage" until a set date. This gives the buyer time to arrange finance and not lose the deposit if finance is not granted.
4) Private Contract.
This is the most important part of the process. On signing the private contract the buyer deposits 10% of the purchase price with the sellers lawyer. If either party pull out after the signing of the private contract they must compensate the other party with the 10% deposit. At this stage a date will be set for both parties to complete.
5) Public Contract.
This is the final stage of buying a Spanish Property. Both of the parties must attend the notary on or before the date in the Private Contract. In the event that you are unable to attend the final transaction it is possible to obtain a Power of Attorney in your own country.
At this point the balance of the purchase price is paid. New title deeds are prepared and signed by the notary. Mortgages require a separate deed and outstanding mortgages must be cancelled at this point. When the deeds have been signed they are submitted to the Land Registry for registration.
BUYERS COSTS.
The cost of buying a property in Spain should be no more than 10% of the purchase price. ( 11% if a mortgage is required as the banks typically charge a 1% set up fee.)
These costs are comprised of - 7% Transfer Tax (the Spanish equivalent of Stamp Duty) or V.A.T depending on whether it is a resale or new property. and the balance of 3% for the Lawyers fees, Notary dependent on the value of the transaction and registration fee, land registry fees, and the Municiple Plusvalia which is a tax on the increase on the ratable value of the property since it was last bought. The fees will increase if you are taking out a large mortgage. All the other costs should be paid for by the seller including the estate agent fees, capital gains tax and land tax.
In the event of a commercial transaction the V.A.T is charged at 16%
6) Transfer of Money.
If you need to transfer funds from the U.K, we will be pleased to help you arrange the currency exchange to ensure you obtain the strongest terms available.
This can be a very significant sum, and you can make considerable savings on traditional bank transfers.
7) After you have bought.
Your lawyers will organise for you for your utilities to be provided once you purchase your property, and they will also will take care of opening the Spanish bank account that you will need for these transactions, however we will always be pleased to help you with other issues relating to your new property. We can help you furnish and decorate your home, arrange for satelite T.V instalations, or introduce you to rental agencies, and property maintenance companies if required. Our strong aftersales service has proven important to our clients and our business, and it is reflected in the high level of new clients refered to us from our existing customers.