BUYING A PROPERTY WITH 79estates
Hello, welcome to 79estates
Our friendly, experienced and dedicated multi-lingual team are here to advise, guide and assist you in buying the property you love. We have over 40 years experience of buying and selling for clients in Real Estate in both the UK and Europe. This is obviously going to be an exciting time for you and your family and is going to involve a large financial commitment on your part. If you are searching to buy a residential home, a holiday home or a little pied de terre. We are here to reassure you that we will give you all the support and guidance you need. The properties you see will only be the properties you want to see. If we feel, when searching on your behalf there could be a property that matches your criteria that, you may be interested in we will always inform you, but, not make any appointments unless you instruct us to do so.
During your search be forward thinking. Think about how this property will serve you. Not just, when you are first buying but in years to come. For example many people are excited about owning their own pool which is great so lovely on a boiling hot day. But, also consider the maintenance if you’re not here all year round. Possibly a lovely villa or apartment with shared amenities could be better for you. Then, going forward if you are considering spending longer in Spain think about a private pool. There are so many things to consider. We want you to purchase the best property you can. Affordable, comfortable, somewhere you will still be excited to come back to year after year.
When you have found the property that is perfect for you. Our lawyers will engage in a complete ‘Property Check’ for you:-
- eg There are no outstanding debts
- The Legal Status of the property
- Correct planning permission and licences for any improvements that have been taken out over time
We can introduce you to two companies who will be invaluable during your purchase - both leading names in the field of finance.
One is a Currency Company invaluable. It can be a costly transaction when transferring sterling into euros. This is where a currency company can give you massive savings on your money compared to using a bank.
We can also introduce you to one of Spain's leading Mortgage Brokers…..both companies have impeccable references from previous clients they have worked with.
Engaging a Solicitor - (Abogado)
Finding the right Solicitor/Abogado with a good reputation is essential.
Communication is key. Make sure they speak your language. Should you be abroad during the buying of your property you need to be able to communicate easily and clearly. Albeit by phone or e mails.
We are in contact with Solicitors that have been recommended to us by previous clients who, we know are reliable and trustworthy. Those are the people you need to engage. Someone who is working for you with your best interest at heart. Before the process of buying a property is underway you need to obtain an NIE number if you don’t have one. This is the Numero de Identification de Extranjeros which means you are registered with the Spanish Tax Authorities. Your solicitor is the best person to make an appointment for you. If it's not possible for you to attend the appointment at either the Foreigners’ Office (Alicante) or a National Police Station (Benidorm). You can appoint a Power of Attorney. Engage your solicitor or a trusted person who can represent you. The Power of Attorney (Poder Notarial) can be signed in the presence of a notary which means your purchase can still go ahead without you attending.
Once your solicitor is satisfied with the searches the next step is
‘Signing the Private Contract’
This is considered to be legally binding between yourselves and the vendor so please have your solicitor check this for you before signing. When you sign this contract you will be paying a 10% deposit. If, as the purchaser you break this contract you will lose this deposit. On the other hand, should it be the vendor who breaks the agreement then, you are entitled to twice the amount of the deposit as compensation. This is the law in Spain. Unless there is a clause in the contract that disputes this. This is why it is essential for you to read and also have your solicitor read any contract.
Signing the Title Deed
This has to be signed at the Notary Office. Your solicitor will normally attend this meeting with you and your agent along with the vendors and their solicitor. Here the final payment will be paid and you will be given the keys to your new home. Once the Title Deed has been signed you will not receive the original document but, an authorised version the Copia Simple. If you have mortgaged your new property your bank will retain the original until the loan is settled.
The Land Registry
When the Title Deed has been signed the property is then registered at the Land Registry. The utility companies now have to be informed of change of ownership. Your solicitor will normally take charge of this task for you. (If buying a new build check if the promotor will do this for you as this could be another cost for you. Ask your solicitor to check this for you as you don’t want any expensive surprises).
Completing your Purchase
You will now need to settle any outstanding bills this will be the very last one to your Legal representative. Ask for an itemised receipt. You should receive the original invoice for the Notary Fees, the Land Registry and any taxes you have paid. Please keep any documents, invoices, receipts and guarantees you may have received during your buying process. It makes sense when making such a big commitment to save everything involved in your purchase.
Its very important to make arrangements for any Taxes to be paid once your purchases complete. Depending on whether you are Resident or Non-Resident in Spain. Both must pay IBI Council Tax but, Non-Residents are also libel for Imputed Income Tax. *Your solicitor will explain all these taxes to you
At last the day has arrived, the day you’ve been waiting for where you now own the beautiful house, villa, apartment or little pied de terre that you wanted. We sincerely hope we at 79estates are the people that have helped, advised and generally have cared for you during your journey. If we haven’t we then hope that our advice has helped bring some guidance to you during your purchase.
You can now look forward to many happy years in Spain enjoying the beautiful property you have purchased.