Spanish Property FAQs
Q. What is an inspection visit?
A. Although if you are jus buying a property as an investment and have a guaranteed rental you probably won't want to take the time to go and visit the property. However, if you are buying for yourself to use then bear in mind you probably wouldn't ever consider buying a property back home by simply flicking through a catalogue or by checking out artists' impressions on Internet. So why even consider buying this way in another country? The right location can be just as important as the property itself.
You will be met at the airport by one our colleagues who will look after you while you are overseas and will act as your guide during your visit. We will take you to a hotel or apartment which has been booked for the duration of your stay. After having plenty of time to settle into your hotel / apartment, the representative will tell you all about the locale and will tell you all about the properties which may interest you. Normally, an independent legal representative is available to explain the process of purchasing a property in detail, the legal requirements, tax implications etc.
My colleagues will have already received specific details from us regarding the type of property you are looking for, your leisure interests etc. and over the following two or three days you will be shown a selection of suitable properties.
Q. Do people buy properties as holiday homes?
A. Our clients buy properties for a variety of reasons - as holiday homes, as retirement homes, as permanent residences, as buy-to-let-investments, or as a combination of all of these.
Developments for residency are often quite different from those for holiday investments, but we will make sure we know exactly what you are looking for in order to make your inspection visit as useful as possible.
We build our reputation on satisfied customers, so our priority is to ensure that you find the property which is right for your needs, based on your budget
Q. Can I go on an inspection visit even though I'm not ready to buy?
A. We prefer that those people going on an inspection visit have a clear desire to purchase on the trip. They should also have the financial ability to go to contract during the visit and pay a minimum deposit of £2,000, should they find a suitable property. In cases of joint purchase, all the prospective buyers should be present on the inspection visit.
Of course, you don't have to buy on an inspection visit. If you don't see a suitable property, there is no pressure to buy at all. However, it is in our interest, and yours, that only serious customers go on inspection visits.
Q. Do you have resale properties available?
A. Yes. If you wish, we will take you around a number of suitable resale properties while you are in Spain. We usually only recommend a resale if you want to take possession of your home abroad in the very short term as buying 'off-plan' can often offer better investment opportunities.
For resales you normally pay a holding deposit and complete the sale within 30 days. The sale (and the requirement for all the money!) is much slower when buying off-plan - perhaps another reason for considering this option.
However, at the moment in Spain there are some bargains to be had buying resale property - I have several good contacts that only deal in 'distress property' - where the owners are keen to sell and these prices can often be lower than the market value (BMV) and also lower than the developer is selling for.
Q. What about after-sales service?
A. We have staff in the UK and in Spain who can provide information on a variety of issues. Just ask and we'll be glad to handle your enquiry.
Q. What other costs are there?
A. You should allow approximately an additional 10% on top of the purchase price for legal fees, notary fees, land registry, VAT (IVA) or transfer tax and stamp duty. Your lawyer will give you a detailed breakdown as part of his/her quotation. If you are considering taking out a mortgage, the bank may charge an arrangement and survey fee, as in the UK and other European countries.
Q. Can I get a mortgage in Spain?
A. Obtaining a mortgage in Spain is very simple. Spanish banks will happily lend to non-residents and mortgage rates are more attractive than in the UK. Mortgages can be arranged very quickly indeed, if you can provide:
• A copy of your latest income tax return or wage slips for the last three months
- Your last three bank statements
- If you work for yourself, you will need to provide your statement of accounts for the last three years.
Q. What is a reservation fee?
A. Once you have found the property you want, you can reserve it by paying a non-refundable reservation fee. The amount you pay varies according to the value of the property and the developer in question. The reservation fee ensures that the property is taken off the market and it forms part of a legal contract which fixes the price at that stage - this ensures that future price increases on the development will not apply to you.
Q. Can I make payments in stages?
A. Yes. If you are buying a property 'off-plan' or one which is not yet complete, you will normally agree to make payments in stages. You will find out how much is due at each stage before signing your purchase contract
Q. Should I use a Spanish lawyer?
A. Yes. We will recommend an independent Spanish lawyer who will communicate in English. Of course, you may use any other lawyer of your choice in Spain or in the UK
Q. Do I need to be in Spain for each stage of the process?
A. No - should you wish, you can grant your lawyer power of attorney, and he/she can then take care of most of the process on your behalf
Q. Should I learn Spanish?
A. One of the great advantages of owning a property in Spain is that most people in holiday areas communicate effectively in English. However, if you want to work in Spain, it is a good idea to try to learn some Spanish - and it's surprisingly easy once you get started! By far the most effective way of learning the language is by booking low cost classes in a language school. This is also a great way of meeting people in a similar situation to your own.
Q. Can I receive my UK pension if I live in Spain?
A. Many residents already receive their UK pension in their Spanish bank accounts. Up to date information can be found at: www.dss.gov.uk/
Q. How does the cost of living in Spain compare to the UK?
A. The cost of living in Spain is relatively low. As a rule of thumb, it's a good idea to budget for about 2/3 of the cost of living in the UK.
Q. What is the Spanish education system like?
A. Primary schools, secondary schools and tertiary education is widely available and of a high standard in Spain. State education is free, and children upto about the age of 10 generally overcome any language difficulties quickly. A number of English language, international schools are also available in most areas.
Q. Can I take my pets to Spain?
A. If you are considering taking pets to Spain you will need to get an International Vaccination Health Certificate or Pet Passport demonstrating that they can be imported into Spain without a period of quarantine. This shows that your pets are inoculated and free from the diseases listed by Spanish Authorities. The health certificate must be issued no more than 15 days prior to bringing your pet into the country.
The International Health certificate states:
- That your pet shows no signs of disease and has been examined before leaving the country.
- The identification and origin of your pet
- That your pet has been vaccinated against rabies.
Animals must be accompanied by either owners or a representative and must have written certification that a cat or dog has been under the owners' supervision for at least 3 months before entering Spain.
If you are entering from Spain under the Pet Travel Scheme you will need an Export Certificate issued by the MAFF and a Good Health Certificate issued by within 5 days of departure by a vet.
Q. Can I drive my UK registered car over there?
A. If you spend more than 183 days a year in Spain, you should to transfer your British car to a Spanish tourist registration plate. In order to get the Spanish registration, the car must first pass the Spanish ITV (MOT). If you spend less than 183 days a year in Spain, you don't have to change your registration.
Q. Is healthcare of a good standard?
A. The state health system in Spain is available to all EU citizens. As a UK citizen, you are covered by the European Health Insurance Card - ask in your Post Office for details or find out more information at: If you work in Spain you are covered by paying Social Security. If you are not an EU resident - for instance - Channel Islands you will need private insurance. CLICK HERE www.sips-ltd.co.uk for details of our recommended health insurance scheme.
UK - www.dh.gov.uk/
Q. Is it possible to rent my property out?
A. Yes. There are hundreds, if not thousands, of property rental agents throughout Spain. Rental agents normally offer a variety of services such as key holding, maintenance, cleaning and preparation etc. Ask the Investment Homes Abroad representative in the area of your choice for information on reputable property rental agents.
Q. Do you have access to more properties than those shown on your website?
A. Yes! The properties available are constantly changing. Arrange an appointment and one of our expert advisers will find your ideal home abroad and guide you through the process.
