I am going to leave Statistics to the Statisticians and concentrate on what the statistics don´t tell you about the Spanish Property Market for 2011.
To be reading this you must have at least a passing interest in Spain and Spanish property. Why wouldn't you, it is a beautiful country steeped in history, art and culture. The food is great and the people are warm and hospitable. You can find it all. The country has everything from large cosmopolitan cities to sandy beaches and high mountain ski resorts. Yes, I am a Fan! I am going to look at whether to buy a property in Spain from the perspective of a British property buyer, basically because I am one myself.
Buying with a Mortgage
Well I think that this covers a large number of us when we look to buy a property.
In Spain right now you can obtain up to a 100% mortgage for the purchase of new build Spanish Property direct from major Spanish Banks and lending institutions. You won´t find that in the U.K., if you can let me know where! This might at first glance seem like Lunacy, on behalf of the Spanish Banks and on the part of you the potential buyer!! Surely careless lending and high loan to value mortgages were part of the cause and effect that led to the worldwide property and financial crisis!?
Yes all that is true but, and it is a big but, What needs to be observed is that:
* The Spanish Property Market has undergone a significant downward adjustment in prices and is in my opinion Property Prices are bottoming out, certainly for the better properties.
* Availability of Mortgage Finance up to 100% as the Spanish Banks look to sell their New Build Property Stocks. So what appears to be Lunacy and a lack of short term memory is in fact a pragmatic approach to the Spanish Banks problem of having to take possession from Spanish Property Developers of large numbers of developments and in turn sell them. So with UK mortgages requiring ever bigger deposits someone looking for a property investment you can enjoy for years to come Spain is a compelling proposition.
* The maxim of Location, Location, Location is to be paired with Timing, Timing, Timing! The best properties will sell first so waiting to the last minute will leave you with what is NOT WANTED
You need to consider that even if in the short term prices fell a few percentage points the opportunity that exists for you to secure that Spanish Home is at hand because as any British property buyer will tell you 100% mortgages do not exist and certainly not on new build properties. Combine this with record low interest rates and low prices a smart new Spanish home has become a realistic affordable option for you!
Buying with Cash
Cash as ever is King so no need to drum on about that, what is good to know is that if you are buying with cash you have a window of opportunity to extract a further price reduction, perhaps not the headline grabbing kind of 2010 but Banks are willing to enter sensible negotiations for serious cash buyers.
If "That" is the question What is the Answer
Spain is a definite buy for me with all it offers combined with up to 100% mortgage finance available and properties from city apartments, beach, mountain and country homes. I have been looking at coastal properties with pools and near beaches for as little as €65,000 I don´t think opportunities like these will be around forever and judging by the rate Spanish buyers are purchasing I sense the best buys will continue to sell well in 2011.
British buyers who like property as a medium to long term investment and are fed up with the British Banks and Mortgage Companies inflexibility regarding lending should take a serious look at Spain where there are many second home opportunities and rental investments. I also feel that savvy first time buyers who are saving for deposits could look to make an investment in Span taking advantage of the ability to borrow and use a Spanish property to form part of their plan to build a deposit over a 3 to 5 year period and have all the enjoyment of owning a home in Spain with easy access via low cost airlines. Renting the property out during the periods it is not in use should in my opinion contribute to the cost of the mortgage.
In conclusion 2011 is a year of opportunity for Spanish Property Buyers, I certainly will be looking to take advantage of these favourable conditions for buyers.
Written by Robert Evans, Manager Basico Homes UK a Division of Basico Homes Gestion SL Spain
http://www.basicohomes.co.uk/
robert.evans@basicohomes.com
http://blog.basicohomes.com/
Article Source: http://EzineArticles.com/?expert=Robert_S_Evans
Showing posts with label Spain. Show all posts
Showing posts with label Spain. Show all posts
Tuesday, 10 May 2011
Monday, 9 May 2011
Expats in Spain and the Cost of Banking
If you decide to go and live Spain you will need to open a Bank Account over there.
As in the UK there are different types of bank accounts. If you have got a Halifax account in the UK then retain it and open one with the Halifax in Spain. All transfers each way are free.
In Spain cash tends to be king. So, you can expect to pay for the privilege of holding credit or debit cards, maybe 1 euro per card per month. Pay in a Spanish cheque and you will pay perhaps 1 euro for that transaction. Transferring money usually costs you, and you might pay 1 - 3 euros per transaction, depending on whether you do it over the Internet or at the bank. And as if it wasn`t bad enough having to pay out for individual items a lot of banks will charge a flat rate fee just for handling your account. This could work out at around 20 euros a year. Negotiating might get some fees reduced.
Basically, for virtually every transaction you will have to pay. Some charges can often be minimize by keeping a certain amount in your account.
Like most things in life it`s worth shopping around and getting the account that is right for you. You could even end up with several bank accounts held at different banks.
Apart from the Spanish banks there are also a number of foreign ones to choose from, including Deutsche Bank, Barclays, Citibank and others those of us in the UK are familiar with. But don`t think that the banks out in Spain are just foreign extensions of their UK counterparts, they are most definitely not.
If you can make any sense of their likely charges that will help when deciding to set your account(s) up, but unlike in the UK clarity isn`t one of their strong points.
You can get a cheque book in Spain but the Spanish prefer to do transactions in cash or credit card. If you visit a bank in Spain then be prepared to have to queue for an hour to get served, as the staff tend to chat on the phone (both mobile and landline) drink tea/coffee, talk to their workmates and until recently, smoke whilst serving you. Internet banking is starting to become more popular, which takes the tedium out of having to go to the branch.
The interest on your savings is low, usually about 1.5% and remember they charge for having an account with them. You can withdraw cash from the cash machines outside of the bank, but take care as robbery and copying of PIN numbers is unfortunately quite common.
Our Current account and Savings account are the opposite over there, so if you open an account make sure it`s what you want. Your passport is essential for opening an account and the paperwork can take about 45 minutes to complete.
The banks open around 8.30 a.m and close at 2 p.m. although in the summer they may open an hour or two at night. When transferring money (usually over £5000) there are several money companies that will do this for you at a better rate than a holidaymaker gets and with no commission. To make comparisons, get a quote from your own bank first (who will always charge a commission from £25-£70 and give a lower exchange rate) but it is a guide.
Finally, avoid going into the red if at all possible. In Spain they are notorious for their high charges for normal day to day transactions. Go overdrawn and you will pay dearly for it. the penalties can be very heavy. Whilst it might not affect too many British out there I do feel sorry for the Spanish who may be unemployed at this time. The banks can and will penalize those unfortunate enough to miss payments, which just makes their already difficult lives even worse, and puts them further in to debt.
Apart from discussing Life in Spain Geoff also runs the Strathwood Patio Furniture website.
Article Source: http://EzineArticles.com/?expert=Geoff_Cummings
As in the UK there are different types of bank accounts. If you have got a Halifax account in the UK then retain it and open one with the Halifax in Spain. All transfers each way are free.
In Spain cash tends to be king. So, you can expect to pay for the privilege of holding credit or debit cards, maybe 1 euro per card per month. Pay in a Spanish cheque and you will pay perhaps 1 euro for that transaction. Transferring money usually costs you, and you might pay 1 - 3 euros per transaction, depending on whether you do it over the Internet or at the bank. And as if it wasn`t bad enough having to pay out for individual items a lot of banks will charge a flat rate fee just for handling your account. This could work out at around 20 euros a year. Negotiating might get some fees reduced.
Basically, for virtually every transaction you will have to pay. Some charges can often be minimize by keeping a certain amount in your account.
Like most things in life it`s worth shopping around and getting the account that is right for you. You could even end up with several bank accounts held at different banks.
Apart from the Spanish banks there are also a number of foreign ones to choose from, including Deutsche Bank, Barclays, Citibank and others those of us in the UK are familiar with. But don`t think that the banks out in Spain are just foreign extensions of their UK counterparts, they are most definitely not.
If you can make any sense of their likely charges that will help when deciding to set your account(s) up, but unlike in the UK clarity isn`t one of their strong points.
You can get a cheque book in Spain but the Spanish prefer to do transactions in cash or credit card. If you visit a bank in Spain then be prepared to have to queue for an hour to get served, as the staff tend to chat on the phone (both mobile and landline) drink tea/coffee, talk to their workmates and until recently, smoke whilst serving you. Internet banking is starting to become more popular, which takes the tedium out of having to go to the branch.
The interest on your savings is low, usually about 1.5% and remember they charge for having an account with them. You can withdraw cash from the cash machines outside of the bank, but take care as robbery and copying of PIN numbers is unfortunately quite common.
Our Current account and Savings account are the opposite over there, so if you open an account make sure it`s what you want. Your passport is essential for opening an account and the paperwork can take about 45 minutes to complete.
The banks open around 8.30 a.m and close at 2 p.m. although in the summer they may open an hour or two at night. When transferring money (usually over £5000) there are several money companies that will do this for you at a better rate than a holidaymaker gets and with no commission. To make comparisons, get a quote from your own bank first (who will always charge a commission from £25-£70 and give a lower exchange rate) but it is a guide.
Finally, avoid going into the red if at all possible. In Spain they are notorious for their high charges for normal day to day transactions. Go overdrawn and you will pay dearly for it. the penalties can be very heavy. Whilst it might not affect too many British out there I do feel sorry for the Spanish who may be unemployed at this time. The banks can and will penalize those unfortunate enough to miss payments, which just makes their already difficult lives even worse, and puts them further in to debt.
Apart from discussing Life in Spain Geoff also runs the Strathwood Patio Furniture website.
Article Source: http://EzineArticles.com/?expert=Geoff_Cummings
Saturday, 7 May 2011
Eating Habits in Spain - What You Need to Know
It's of general consensus that breakfast is the most important meal of the day, and a Peruvian saying goes "you should eat breakfast like a King, lunch as a Prince and dinner as a pauper". Well, generally speaking in Spain, that's nonsense. A typical Spanish breakfast is a very quick affair, and often usually consists of just a quick drink of orange juice, chocolate milk or a cup of coffee occasionally accompanied by a pastry such as a croissant. Many people actually have this out in a café or bar, and don't have anything in their own home at all.
As anyone who is accustomed to eating a bigger breakfast will know, this kind of Spanish start to the day won't last you very long, so at around about 11am, there's a "merienda" or elevenses which is almost always a "bocadillo" or sandwich made from a baguette and filled with anything from tuna fish, cured ham, cheese, or meat. This means that lunchtime is still a good couple of hours away, despite it nearing midday already.
Lunch is a big deal in Spain compared to northern European countries, and often lasts over an hour. Depending on the region of Spain and especially the time of year, this is also time for "siesta" and many shops and establishments will close for a couple of hours. Lunchtime is a great time to venture out to a restaurant, as all Spanish restaurants are required by law to provide a "menu del dia" which is a 3 course menu at a fixed price and is very economical compared to the actual menu itself and often contains seasonal ingredients. For those people not used to such a heavy meal at lunchtime this can certainly bring on the feeling of wanting a siesta, too! A "menu del dia" usually consists of two or three starters, two or three main courses to choose from and some options for dessert which may be something simple like a yoghurt or a piece of fruit, but can be a normal desert from the menu. Bread, and drinks are also included in the price and sometimes a coffee at the end as well.
Younger children then often have something when they finish school at around 5pm although most adults don't usually eat at this time - indeed some will have had a late lunch, and may just have finished their coffee at that time!
The working day usually finishes around 8pm, but can be later. Many people go for a quick drink after work to socialise, and although I have no proof of this, I believe that this is where the Spanish tradition of "Tapas" came from - bar owners would give a free "snack" to keep people in the bar, and not return home with a rumbling stomach. In Southern Spain, Tapas is still given with the purchase of a drink whereas cities such as Barcelona and Madrid have capitalised on the niche and have Tapas restaurants in prime locations which are always full of paying customers.
An evening meal, then, can start as late as 9 or 10pm at home and certainly on a weekend if you go to a restaurant before 9pm, the only people there will be the waiting staff and the odd couple of tourists. Kitchens in restaurants usually don't open until 8pm, and often close as late as 1am. It's no surprise to learn that nightlife in Spain also starts a lot later than many other countries - and goes on later, too. Although that's another article altogether!
David Brydon has been living in Barcelona for 9 years and writes about Apartment for rent Barcelona and regularly contributes to this great Barcelona Guide.
Article Source: http://EzineArticles.com/?expert=David_Brydon
As anyone who is accustomed to eating a bigger breakfast will know, this kind of Spanish start to the day won't last you very long, so at around about 11am, there's a "merienda" or elevenses which is almost always a "bocadillo" or sandwich made from a baguette and filled with anything from tuna fish, cured ham, cheese, or meat. This means that lunchtime is still a good couple of hours away, despite it nearing midday already.
Lunch is a big deal in Spain compared to northern European countries, and often lasts over an hour. Depending on the region of Spain and especially the time of year, this is also time for "siesta" and many shops and establishments will close for a couple of hours. Lunchtime is a great time to venture out to a restaurant, as all Spanish restaurants are required by law to provide a "menu del dia" which is a 3 course menu at a fixed price and is very economical compared to the actual menu itself and often contains seasonal ingredients. For those people not used to such a heavy meal at lunchtime this can certainly bring on the feeling of wanting a siesta, too! A "menu del dia" usually consists of two or three starters, two or three main courses to choose from and some options for dessert which may be something simple like a yoghurt or a piece of fruit, but can be a normal desert from the menu. Bread, and drinks are also included in the price and sometimes a coffee at the end as well.
Younger children then often have something when they finish school at around 5pm although most adults don't usually eat at this time - indeed some will have had a late lunch, and may just have finished their coffee at that time!
The working day usually finishes around 8pm, but can be later. Many people go for a quick drink after work to socialise, and although I have no proof of this, I believe that this is where the Spanish tradition of "Tapas" came from - bar owners would give a free "snack" to keep people in the bar, and not return home with a rumbling stomach. In Southern Spain, Tapas is still given with the purchase of a drink whereas cities such as Barcelona and Madrid have capitalised on the niche and have Tapas restaurants in prime locations which are always full of paying customers.
An evening meal, then, can start as late as 9 or 10pm at home and certainly on a weekend if you go to a restaurant before 9pm, the only people there will be the waiting staff and the odd couple of tourists. Kitchens in restaurants usually don't open until 8pm, and often close as late as 1am. It's no surprise to learn that nightlife in Spain also starts a lot later than many other countries - and goes on later, too. Although that's another article altogether!
David Brydon has been living in Barcelona for 9 years and writes about Apartment for rent Barcelona and regularly contributes to this great Barcelona Guide.
Article Source: http://EzineArticles.com/?expert=David_Brydon
Saturday, 30 April 2011
Living in Spain - Top 5 Tips
Spain is the number one tourism destination in Europe, therefore it is also one of the most popular places to move to, to live, study work and even retire for expatriates from all over the world. And if you're looking around for a sunny spot where the way of life is excellent, the standard of living is high and the climate, culture, history and lifestyle are so rich and varied that you're practically guaranteed to find a better quality of life, it's certainly a country to consider.
However, living in a foreign country is a very different experience to visiting it on holiday - and if you want to avoid the culture shock and homesickness sometimes associated with moving abroad, any top tips from expatriates who have already made the move overseas will likely stand you in good stead and be well worth reading and noting.
Therefore, if you're contemplating a relocation to this stunning and vibrant Mediterranean nation, here are the top 5 tips from expatriates for living in Spain and settling in so that you can get the very most from your new life abroad.
1) Learn the Local Language - if you want to truly settle in and get the most out of your move, even if you're living in an English speaking enclave and working in a position where you need know nothing of the local language, learn Spanish! You will be more accepted by your colleagues and the local community, you will get far more out of your new life, you will be able to communicate with everyone and understand everything - from signposts and menus, to popular culture and politics. This will allow you to get so much more out of your new life. If you have children you will be hugely embarrassed at your own lack of language after about a month when they come home and are fluent in Spanish - so make a real effort and learn, practice and adopt the local language if you want to settle in completely.
2) Adopt Spanish Timekeeping - the Spanish work to live, they do not believe in slogging their guts out in a pointless job for the love of the corporation that employs them! As a result they have a completely different - and very healthy - attitude to life. They enjoy 2 hour lunch breaks every day, they get up late, eat late, party and socialise late, they enjoy longer holidays than much of the rest of the world and generally don't give a hoot about keeping to anyone else's times or rules! Whilst you will be expected to turn up in good time for work, and the local transportation networks do follow a timetable, you need to become far less rigid and controlled when it comes to keeping time. And don't ever turn up to a restaurant for dinner before 8 or 9 in the evening, because it may not even be open to serve you!
3) Don't Fight the Bureaucracy - many people are employed by the government and in the public services sector, meaning that they all need to justify their employment! This results in reams of paperwork and bureaucracy whenever you want to register for anything or apply for any sort of permit or licence. Get used to it. Get used to queuing, visiting and revisiting public offices with random bits of paper, of having to submit your personal details time and again on various forms. You will never change the system so accept it and factor in a whole day to get anything changed, done, registered or applied for! That way you will reduce your expectations sufficiently and avoid stress.
4) Explore Your New Nation - Spain is a stunning and diverse, beautiful and blessed nation. And it's vast! Don't be content with landing up in Barcelona or Benidorm and thinking that's it. To get the most out of your new life you need to get to know the whole country and what it can offer you in terms of beautiful places to live, visit, eat or enjoy. The more you know Spain, the more you will love it. The more you love it, the more it will feel like home...and the more it feels like home the closer you will be to happiness!
5) Integrate Fully - The final top expatriate tip for living in Spain is to integrate as fully as you possibly can into the local way of life, and into your local community. Once you relocate overseas you leave behind your support network of friends and family - but the sooner and more comprehensively you can integrate into your new place in life, the more quickly you will rebuild the support network that's vital for you to lead a complete and satisfying life.
Rhiannon Davies writes about living and working abroad, to read more about living in Spain visit her site ShelterOffshore.com.
Article Source: http://EzineArticles.com/?expert=Rhiannon_Davies
However, living in a foreign country is a very different experience to visiting it on holiday - and if you want to avoid the culture shock and homesickness sometimes associated with moving abroad, any top tips from expatriates who have already made the move overseas will likely stand you in good stead and be well worth reading and noting.
Therefore, if you're contemplating a relocation to this stunning and vibrant Mediterranean nation, here are the top 5 tips from expatriates for living in Spain and settling in so that you can get the very most from your new life abroad.
1) Learn the Local Language - if you want to truly settle in and get the most out of your move, even if you're living in an English speaking enclave and working in a position where you need know nothing of the local language, learn Spanish! You will be more accepted by your colleagues and the local community, you will get far more out of your new life, you will be able to communicate with everyone and understand everything - from signposts and menus, to popular culture and politics. This will allow you to get so much more out of your new life. If you have children you will be hugely embarrassed at your own lack of language after about a month when they come home and are fluent in Spanish - so make a real effort and learn, practice and adopt the local language if you want to settle in completely.
2) Adopt Spanish Timekeeping - the Spanish work to live, they do not believe in slogging their guts out in a pointless job for the love of the corporation that employs them! As a result they have a completely different - and very healthy - attitude to life. They enjoy 2 hour lunch breaks every day, they get up late, eat late, party and socialise late, they enjoy longer holidays than much of the rest of the world and generally don't give a hoot about keeping to anyone else's times or rules! Whilst you will be expected to turn up in good time for work, and the local transportation networks do follow a timetable, you need to become far less rigid and controlled when it comes to keeping time. And don't ever turn up to a restaurant for dinner before 8 or 9 in the evening, because it may not even be open to serve you!
3) Don't Fight the Bureaucracy - many people are employed by the government and in the public services sector, meaning that they all need to justify their employment! This results in reams of paperwork and bureaucracy whenever you want to register for anything or apply for any sort of permit or licence. Get used to it. Get used to queuing, visiting and revisiting public offices with random bits of paper, of having to submit your personal details time and again on various forms. You will never change the system so accept it and factor in a whole day to get anything changed, done, registered or applied for! That way you will reduce your expectations sufficiently and avoid stress.
4) Explore Your New Nation - Spain is a stunning and diverse, beautiful and blessed nation. And it's vast! Don't be content with landing up in Barcelona or Benidorm and thinking that's it. To get the most out of your new life you need to get to know the whole country and what it can offer you in terms of beautiful places to live, visit, eat or enjoy. The more you know Spain, the more you will love it. The more you love it, the more it will feel like home...and the more it feels like home the closer you will be to happiness!
5) Integrate Fully - The final top expatriate tip for living in Spain is to integrate as fully as you possibly can into the local way of life, and into your local community. Once you relocate overseas you leave behind your support network of friends and family - but the sooner and more comprehensively you can integrate into your new place in life, the more quickly you will rebuild the support network that's vital for you to lead a complete and satisfying life.
Rhiannon Davies writes about living and working abroad, to read more about living in Spain visit her site ShelterOffshore.com.
Article Source: http://EzineArticles.com/?expert=Rhiannon_Davies
Friday, 29 April 2011
Residency in Spain
A lot if foreign nationals moving to Spain to live and work are often confused as to what their residence status is especially regarding tax. This is even more the case when they are EU citizens that do not require a work and residence permit. It should be borne in mind however that your residence status is not based on whether or not you have gone through the formal motions for registering as such. Taxation treaties signed by countries will provide more specific criteria for establishing what an individual's residence status is but most of them will tend to follow the criteria outlined below. In general, a person is considered to be a resident in Spanish territory when any of the following circumstances occur:
1) When he/she stays longer than 183 days a year in Spanish territory. In the calculation of this 183 day period, temporary absences in other countries are not deducted unless they in turn imply effective residency in that country (i.e. a stay or series of stays of more than 183 days).
2) When the main base of his or her business or professional activities or, in general, his or her economic interests is in Spain. A person who is on a long-term contract in Spain would therefore be considered a Spanish resident.
3) When his/her spouse (from whom he/she is not legally separated) and children under the age of 18 are habitually resident in Spain. This last case allows the individual in question to present proof against this assumption if they are not in agreement.
Establishing residency is of the utmost importance when it comes to dealing with the issues of taxation and social security. There are many cases of individuals who, technically speaking, would be considered Spanish residents who still continue to make their tax and social security contributions in their home countries. This is an anomalous situation which should be rectified in order to avoid possible problems with the Spanish authorities.
The author provides services to both foreign companies and individuals in Spain helping them get the appropriate legal, business and accounting assistance they require. To find out more click on the link - Lawyers Spain; Accountants Spain; Immigration Spain.
Article Source: http://EzineArticles.com/?expert=Thomas_Leacy
1) When he/she stays longer than 183 days a year in Spanish territory. In the calculation of this 183 day period, temporary absences in other countries are not deducted unless they in turn imply effective residency in that country (i.e. a stay or series of stays of more than 183 days).
2) When the main base of his or her business or professional activities or, in general, his or her economic interests is in Spain. A person who is on a long-term contract in Spain would therefore be considered a Spanish resident.
3) When his/her spouse (from whom he/she is not legally separated) and children under the age of 18 are habitually resident in Spain. This last case allows the individual in question to present proof against this assumption if they are not in agreement.
Establishing residency is of the utmost importance when it comes to dealing with the issues of taxation and social security. There are many cases of individuals who, technically speaking, would be considered Spanish residents who still continue to make their tax and social security contributions in their home countries. This is an anomalous situation which should be rectified in order to avoid possible problems with the Spanish authorities.
The author provides services to both foreign companies and individuals in Spain helping them get the appropriate legal, business and accounting assistance they require. To find out more click on the link - Lawyers Spain; Accountants Spain; Immigration Spain.
Article Source: http://EzineArticles.com/?expert=Thomas_Leacy
Buying Property in Spain - Understanding the Legal Documents
Congratulations on your decision to buy property in Spain and we hope you love and enjoy every moment of your purchase and stay in the Spanish coast, however, we are here to help you with some information, which is legal.
Just because you now have the services of a reputed lawyer doesn't mean the task is done, it is important that you understand the laws and the legal documents to the core, since we are talking huge financial transactions here and you wouldn't want to juggle around with such a large investment.
Please read on and keep the following terms and clauses in mind when understanding the legal documents in Spain.
The plan parcial is what the Spaniards call as the piece of land and the location where you plan to buy your property. This needs to be registered by the TOWN HALL and this means that you would know if any future urbanization projects would or wouldn't affect your property at large.
Next you would hear of the Registro del La Propiedad, especially if you are buying real estate near Costa del Sol or anywhere else in Spain. This has to be registered with the registry that registers properties and is the last paper which needs this act. It would include property details, the title owners information, the notary responsible for the escritoire and mortgage details.
Even though the property you intend on buying may have been built to perfection, one needs to check small alterations if any, permissions by the authorities need to be taken for any small or big alteration and this would reflect in the solicitud de licencia de obras which comes at a small fee.
Check for reservation contracts as well, which would have the purchaser private information, the agents private information, property type and the plot of the property, the price of the property in question(Euros only), payment method and the formula that derives it and finally, the signature and date of the buyer and seller.
The nota simple would be another legal term which means simple note. The land registry office gives it out for a small fee and would entail the registration details of the property for you to check and keep an eye on.
The all important contract would be the most needed document when you buy a house in Spain. It entails the house plan, the simple note, the contract, the signatures and the mortgage and financial dealings details.
There would also be a term called community charges on the legal papers, which entails, common facility maintenances and usage charges by all who reside where you have bought the property.
The Certificado Final de La Direccion de Obra or the Certificate of the Termination of the Building is when the document comes from the architect who completes building the house. This would be important for The Licencia de Primera Ocupacion which is responsible for occupation and the tax payments of the house in future.
Finally we hear of insurance for the house which needs no explanation and we all know why it is so important and the ESCRITURA which is the house deed, that has the name of the owner on it.
Angela Rafferty is an employee of Owners Direct Spain - an online resource for buying and selling property in Spain.
Click the following link for articles, guides, resources and recommended reading Blog
Article Source: http://EzineArticles.com/?expert=Angela_Rafferty
Just because you now have the services of a reputed lawyer doesn't mean the task is done, it is important that you understand the laws and the legal documents to the core, since we are talking huge financial transactions here and you wouldn't want to juggle around with such a large investment.
Please read on and keep the following terms and clauses in mind when understanding the legal documents in Spain.
The plan parcial is what the Spaniards call as the piece of land and the location where you plan to buy your property. This needs to be registered by the TOWN HALL and this means that you would know if any future urbanization projects would or wouldn't affect your property at large.
Next you would hear of the Registro del La Propiedad, especially if you are buying real estate near Costa del Sol or anywhere else in Spain. This has to be registered with the registry that registers properties and is the last paper which needs this act. It would include property details, the title owners information, the notary responsible for the escritoire and mortgage details.
Even though the property you intend on buying may have been built to perfection, one needs to check small alterations if any, permissions by the authorities need to be taken for any small or big alteration and this would reflect in the solicitud de licencia de obras which comes at a small fee.
Check for reservation contracts as well, which would have the purchaser private information, the agents private information, property type and the plot of the property, the price of the property in question(Euros only), payment method and the formula that derives it and finally, the signature and date of the buyer and seller.
The nota simple would be another legal term which means simple note. The land registry office gives it out for a small fee and would entail the registration details of the property for you to check and keep an eye on.
The all important contract would be the most needed document when you buy a house in Spain. It entails the house plan, the simple note, the contract, the signatures and the mortgage and financial dealings details.
There would also be a term called community charges on the legal papers, which entails, common facility maintenances and usage charges by all who reside where you have bought the property.
The Certificado Final de La Direccion de Obra or the Certificate of the Termination of the Building is when the document comes from the architect who completes building the house. This would be important for The Licencia de Primera Ocupacion which is responsible for occupation and the tax payments of the house in future.
Finally we hear of insurance for the house which needs no explanation and we all know why it is so important and the ESCRITURA which is the house deed, that has the name of the owner on it.
Angela Rafferty is an employee of Owners Direct Spain - an online resource for buying and selling property in Spain.
Click the following link for articles, guides, resources and recommended reading Blog
Article Source: http://EzineArticles.com/?expert=Angela_Rafferty
Spain 2011, To Buy or Not to Buy? That Is the Question!
I am going to leave Statistics to the Statisticians and concentrate on what the statistics don´t tell you about the Spanish Property Market for 2011.
To be reading this you must have at least a passing interest in Spain and Spanish property. Why wouldn't you, it is a beautiful country steeped in history, art and culture. The food is great and the people are warm and hospitable. You can find it all. The country has everything from large cosmopolitan cities to sandy beaches and high mountain ski resorts. Yes, I am a Fan! I am going to look at whether to buy a property in Spain from the perspective of a British property buyer, basically because I am one myself.
Buying with a Mortgage
Well I think that this covers a large number of us when we look to buy a property.
In Spain right now you can obtain up to a 100% mortgage for the purchase of new build Spanish Property direct from major Spanish Banks and lending institutions. You won´t find that in the U.K., if you can let me know where! This might at first glance seem like Lunacy, on behalf of the Spanish Banks and on the part of you the potential buyer!! Surely careless lending and high loan to value mortgages were part of the cause and effect that led to the worldwide property and financial crisis!?
Yes all that is true but, and it is a big but, What needs to be observed is that:
* The Spanish Property Market has undergone a significant downward adjustment in prices and is in my opinion Property Prices are bottoming out, certainly for the better properties.
* Availability of Mortgage Finance up to 100% as the Spanish Banks look to sell their New Build Property Stocks. So what appears to be Lunacy and a lack of short term memory is in fact a pragmatic approach to the Spanish Banks problem of having to take possession from Spanish Property Developers of large numbers of developments and in turn sell them. So with UK mortgages requiring ever bigger deposits someone looking for a property investment you can enjoy for years to come Spain is a compelling proposition.
* The maxim of Location, Location, Location is to be paired with Timing, Timing, Timing! The best properties will sell first so waiting to the last minute will leave you with what is NOT WANTED
You need to consider that even if in the short term prices fell a few percentage points the opportunity that exists for you to secure that Spanish Home is at hand because as any British property buyer will tell you 100% mortgages do not exist and certainly not on new build properties. Combine this with record low interest rates and low prices a smart new Spanish home has become a realistic affordable option for you!
Buying with Cash
Cash as ever is King so no need to drum on about that, what is good to know is that if you are buying with cash you have a window of opportunity to extract a further price reduction, perhaps not the headline grabbing kind of 2010 but Banks are willing to enter sensible negotiations for serious cash buyers.
If "That" is the question What is the Answer
Spain is a definite buy for me with all it offers combined with up to 100% mortgage finance available and properties from city apartments, beach, mountain and country homes. I have been looking at coastal properties with pools and near beaches for as little as €65,000 I don´t think opportunities like these will be around forever and judging by the rate Spanish buyers are purchasing I sense the best buys will continue to sell well in 2011.
British buyers who like property as a medium to long term investment and are fed up with the British Banks and Mortgage Companies inflexibility regarding lending should take a serious look at Spain where there are many second home opportunities and rental investments. I also feel that savvy first time buyers who are saving for deposits could look to make an investment in Span taking advantage of the ability to borrow and use a Spanish property to form part of their plan to build a deposit over a 3 to 5 year period and have all the enjoyment of owning a home in Spain with easy access via low cost airlines. Renting the property out during the periods it is not in use should in my opinion contribute to the cost of the mortgage.
In conclusion 2011 is a year of opportunity for Spanish Property Buyers, I certainly will be looking to take advantage of these favourable conditions for buyers.
Written by Robert Evans, Manager Basico Homes UK a Division of Basico Homes Gestion SL Spain
Robert Evans
http://www.basicohomes.co.uk
robert.evans@basicohomes.com
http://blog.basicohomes.com
Article Source: http://EzineArticles.com/?expert=Robert_S_Evans
To be reading this you must have at least a passing interest in Spain and Spanish property. Why wouldn't you, it is a beautiful country steeped in history, art and culture. The food is great and the people are warm and hospitable. You can find it all. The country has everything from large cosmopolitan cities to sandy beaches and high mountain ski resorts. Yes, I am a Fan! I am going to look at whether to buy a property in Spain from the perspective of a British property buyer, basically because I am one myself.
Buying with a Mortgage
Well I think that this covers a large number of us when we look to buy a property.
In Spain right now you can obtain up to a 100% mortgage for the purchase of new build Spanish Property direct from major Spanish Banks and lending institutions. You won´t find that in the U.K., if you can let me know where! This might at first glance seem like Lunacy, on behalf of the Spanish Banks and on the part of you the potential buyer!! Surely careless lending and high loan to value mortgages were part of the cause and effect that led to the worldwide property and financial crisis!?
Yes all that is true but, and it is a big but, What needs to be observed is that:
* The Spanish Property Market has undergone a significant downward adjustment in prices and is in my opinion Property Prices are bottoming out, certainly for the better properties.
* Availability of Mortgage Finance up to 100% as the Spanish Banks look to sell their New Build Property Stocks. So what appears to be Lunacy and a lack of short term memory is in fact a pragmatic approach to the Spanish Banks problem of having to take possession from Spanish Property Developers of large numbers of developments and in turn sell them. So with UK mortgages requiring ever bigger deposits someone looking for a property investment you can enjoy for years to come Spain is a compelling proposition.
* The maxim of Location, Location, Location is to be paired with Timing, Timing, Timing! The best properties will sell first so waiting to the last minute will leave you with what is NOT WANTED
You need to consider that even if in the short term prices fell a few percentage points the opportunity that exists for you to secure that Spanish Home is at hand because as any British property buyer will tell you 100% mortgages do not exist and certainly not on new build properties. Combine this with record low interest rates and low prices a smart new Spanish home has become a realistic affordable option for you!
Buying with Cash
Cash as ever is King so no need to drum on about that, what is good to know is that if you are buying with cash you have a window of opportunity to extract a further price reduction, perhaps not the headline grabbing kind of 2010 but Banks are willing to enter sensible negotiations for serious cash buyers.
If "That" is the question What is the Answer
Spain is a definite buy for me with all it offers combined with up to 100% mortgage finance available and properties from city apartments, beach, mountain and country homes. I have been looking at coastal properties with pools and near beaches for as little as €65,000 I don´t think opportunities like these will be around forever and judging by the rate Spanish buyers are purchasing I sense the best buys will continue to sell well in 2011.
British buyers who like property as a medium to long term investment and are fed up with the British Banks and Mortgage Companies inflexibility regarding lending should take a serious look at Spain where there are many second home opportunities and rental investments. I also feel that savvy first time buyers who are saving for deposits could look to make an investment in Span taking advantage of the ability to borrow and use a Spanish property to form part of their plan to build a deposit over a 3 to 5 year period and have all the enjoyment of owning a home in Spain with easy access via low cost airlines. Renting the property out during the periods it is not in use should in my opinion contribute to the cost of the mortgage.
In conclusion 2011 is a year of opportunity for Spanish Property Buyers, I certainly will be looking to take advantage of these favourable conditions for buyers.
Written by Robert Evans, Manager Basico Homes UK a Division of Basico Homes Gestion SL Spain
Robert Evans
http://www.basicohomes.co.uk
robert.evans@basicohomes.com
http://blog.basicohomes.com
Article Source: http://EzineArticles.com/?expert=Robert_S_Evans
Subscribe to:
Posts (Atom)