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Buying Finca in Spain

Posted: Wed Dec 4, 2019 8:55am
7 replies219 views5 members subscribed
Jimmyone

Posts: 82

40 helpful points

Location: Cocentaina

Joined: 16 Nov 2019

Iv been out and seen the area I like

Checked out a few properties in my budget.

Ive arranged a n appointment with Lawyers

My question to y'all is, what questions should I be asking the lawyer ?

Ive been researching on this forum regularly, so I sort of know the basics ( hopefully )

But what I want is help from people who have gone through the process, and have learned from their mistakes , and are willing to impart their knowledge on to us Newbies to the game

any help will be gratefully accepted

Jim  :-)


 

Cheryl

Posted: Wed Dec 4, 2019 11:13am

Cheryl

Legendary helpful member

Posts: 2973

3533 helpful points

Location: Albatera

Joined: 8 Jun 2017

Posted: Wed Dec 4, 2019 11:13am

To add to what Ray has said, make sure that the property is exactly as stated on the deeds to make sure there have been no illegal extensions or storage/outbuildings  turned into living accommodation. Also ask your abogado to check the value as listed with the authorities because Complementary tax can come as a nasty surprise a few years down the line. 



Jimmyone

Posted: Wed Dec 4, 2019 12:05pm

Jimmyone

Original Poster

Posts: 82

40 helpful points

Location: Cocentaina

Joined: 16 Nov 2019

Posted: Wed Dec 4, 2019 12:05pm

Thank you Cheryl

 I am aware of the Castrato , when checking legalities of the property.

What is confusing me is if for instance I see a property advertised for say 100k, and we haggle a bit and and the seller and I agree  70K, how can that affect anything later  ???.

surely that's between me and seller ?

Obviously there are fiddles concerning taxes etc ( illicit payments to vendor afterwards etc )

But why would this happen if everyone is going through Lawyers ???

PLUS, I am an honest guy !!

Cheryl

Posted: Wed Dec 4, 2019 12:13pm

Cheryl

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Posts: 2973

3533 helpful points

Location: Albatera

Joined: 8 Jun 2017

Posted: Wed Dec 4, 2019 12:13pm

This tax was brought in because people were coming to private arrangements whereby a lower official selling price was stated and the remainder paid in cash to avoid paying the full Property Transfer tax (Sorry, not sure of exact terminology), much like in the UK with the stamp duty increase at 250K, there were so many properties sold at 250K with the rest under the radar. Spain has an outdated list of property values and base their calculations on this. I understand that challenges have been successful but it all costs time, money and stress so I would suggest finding out firstly if the difference is significant and if so, would it be possible for your abogado to challenge the valuation as part of the buying process?
Unfortunately if the Taxman thinks he has been shortchanged, it is very much his business!

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Stephanie86

Posted: Wed Dec 4, 2019 11:14pm

Stephanie86

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Posts: 2749

2065 helpful points

Location: Lliber

Joined: 4 May 2017

Posted: Wed Dec 4, 2019 11:14pm

Another possible situation to be aware of, especially where rural property is concerned, is to ensure that there is only one legal owner, or whether it is in fact owned by, for example, a brother and sister, who may or may not have this legally detailed. If one party only actually has rights to a portion of the property, this may result in all kinds of complications. It was quite common for multiple owners ie heirs, not to have anything legally registered and it has been known for properties to be divided by means of a chalk line down the middle. Our current neighbours, who have lived here for the past 40 years, recently extricated themselves from an intended property purchase involving exactly this scenario. So check!

adrian

Posted: Sun Dec 8, 2019 8:41pm

adrian

Helpful member

Posts: 135

62 helpful points

Location: Sax

Joined: 9 Sep 2016

Posted: Sun Dec 8, 2019 8:41pm

Before you buy check practical things. Where is the water main stop tap. Mine is 400 metres away. I have to repair leaks on my side of the tap (4 so far). Luckily my neighbours don't mind me going onto their land to do repairs. Check the electrics are sound. We had bell wire upstairs. Also one massive trip switch with a very high rating which resulted in a fire when a wire burnt out. Check the plumbing. We had steel pipes in the walls which had corroded. They needed chopping out and replacing. Fill up a large pan, tip it in the sinks to see how they drain, then check for leaks. If there is a pool ask to see the pool pump in operation. Campo houses are freezing in the winter. I would advise double skinning at least the living room walls and insert a quality insulation. Likewise, tiled floors. Be wary of digging them up. We insulated over them and then replaced the floor. Check the ceilings especially upstairs. Roofs are not as waterproof as in the UK. You may see water marks where water has seeped in. Roofs have shallow pitches and can let water in in different places depending on the wind direction. Visit the house during a downpour if possible. If there is a log burner ask to see it working. Ask to see bulletins for any work carried out previously. If there are none the work may not be legal. 

Jimmyone

Posted: Sun Dec 8, 2019 9:15pm

Jimmyone

Original Poster

Posts: 82

40 helpful points

Location: Cocentaina

Joined: 16 Nov 2019

Posted: Sun Dec 8, 2019 9:15pm

That's great advice Adrian, thanks.

Lots to consider.

I haven't sold yet, and let's see what the election brings ...

Hopefully we don't have a hung parliament, or we're in for a long slog.

Jim

adrian

Posted: Sun Dec 8, 2019 9:20pm

adrian

Helpful member

Posts: 135

62 helpful points

Location: Sax

Joined: 9 Sep 2016

Posted: Sun Dec 8, 2019 9:20pm

Good luck. My experience sounds awful but compared to some we had it easy. Expect a transition period of around 2 years to get problems sorted, depending on finances. If you have a contingency fund, double it to cover any surprises. I don't want to put you off buying, just trying to make the process easier for you. 

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