Another tip on buying property in Spain. Weather in Spain has been a bit pants lately, properties videos and golf resorts coming soon - thanks for watching
Good info Shaun. Yeah, new property purchases can be a minefield. But having watched someone lose a lot of deposit money (10% of property price) buying a resale property, one thing I would add is if you are selling your property in the U.K. to coincide with buying in Spain, watch the timing and make sure that the money will be available to draw upon in the U.K. a week ahead of completion in Spain for new or resale. Spanish property sales process means that you are contracted to a completion date with a non-returnable deposit the minute your offer is accepted. It starts with a few thousand euros to take the property off the market and inside 28days (typically) will grow to a full 10% of the property price. For completion, an appointment booked in advance with both sets of solicitors in front of a notary is required to close the deal. If your sale falls apart in the U.K. you are massively at risk of losing your deposit at or before that point if it isn’t sitting in your lawyer’s account the day before completion in Spain. For example, I f your buyer pulls out in the U.K. on the day of exchange, you have no legal recourse in the U.K. for any losses incurred on your sale, let alone consequential losses in Spain. If that buyer pulling out means you cannot complete in Spain, you immediately default on the contract and can lose all your deposit, in some cases tens of thousands of euros and get nothing back from the U.K. Also remember that some currency exchange companies can take up to 4 days to get the money to its destination. Hence the suggestion that your U.K. completion is better to be done at least a week before your Spanish completion. You are right about the add-ons to the purchase price. Our purchase was quite large compared to some and I budgeted for 12% on top. It actually turned out to be about 10%, but for a cheaper property it could well be more (fixed prices for certain services make the percentage disproportionately large against a small purchase price). We were lucky, we were cash buyers in Spain. But if you are trying to chain the U.K. and Spanish sales process, the risks are massive even on buying a resale property. 👍
6 месяцев назад
Many thanks for your input Kev, and one I didn’t account for those trying to move to Spain from outside the EU and the extra costs trying to get a visa on top of buying a property as well 👍
@ Top man Shaun. There is so much that varies by individual circumstances that I don’t think it all could be covered in a short video. But that timing issue is important, along with the timing for CGT on your U.K. property sale which is another matter altogether for the under 65s. All varies by circumstances. Yeah the visa is a royal pain having to show (currently) 72,000 euros sitting there doing nothing to support a couple at renewals in year 1 and year 3. But year 5 should be quite a party. 😁👍
6 месяцев назад
@@kevtheargonut I will look forward to the party Kev
Great common sense tips Shaun. Definitely seeing is believing and going to see the property in person gives you a better feel of what it’s like before buying. Great job on the video mate 👍🙏
6 месяцев назад
Thank you Adrian, glad you enjoyed the video and have a great week. Many thanks for watching
Hi Shaun, great to finally meet you today. When my wife said she had seen you in the Lonrah office I was disappointed that I missed you. So nice to see you with Nick having a coffee in our lovely clubhouse El Cason today. Thanks to your advice we eventually bought here at Hacienda Riquelme. Now retired on the NLV scheme. Perfect. Best bit of advice you give and I repeat. Visit first, ask other ex pats who own. And remember winter is cold, get a place with heating! All the best. Chris.
6 месяцев назад
Top man Chris and great meeting you and nice to know you watched my videos all those years ago and here you are. Wish you all the luck and living the dream 👍
Great informative video and good advice. Also wouldn’t buy off plan in Spain I think allot of people have got there fingers burned. And go and see the property for real 😊
6 месяцев назад
Thank you Yogi, glad you enjoyed the video and many thanks for watching 👍
Hi! 20.000€ is possibly NOT enough to budget on top of the property price. Depending on the area transmission tax alone is between 7-10% then add solicitors fees, Notary and land registry fees. If the property is over 150.000€ it will definitely be more! 100% agree, area is the most important consideration and move at your own pace.
6 месяцев назад
Many thanks for the information and you guys should know. Many thanks for watching 👍
Also be careful that your allowed to stay in your new property. UK citizens may be limited to 90 days per year. And check prices for health insurance- NHS won't cover you abroad
6 месяцев назад
Many thanks for the info especially if you’re under retirement age and may need a visa (outside EU) if buying a holiday home here in Spain 👍
Hi Shaun mate Thank You for the Sticker I Won that you kindly put in my post box. I picked it up today, Thank You!!!!! I’ve got your Kit Kats and will pop them over whilst I’m out here at some point…..I’m here till 12th. Top Man Shaun!!!!!!! Regards and Hi to Jan!!! Colin 😊
6 месяцев назад
Top man Colin, glad you got your sticker okay. I’ll look forward to the kitkats 😋👍
Drought and the lack of water in certain areas is another consideration for me 👍😎
6 месяцев назад
Very true Dave, that is a future video of mine. With parts of Spain having bans on swimming pools and cuts in water, things to think about where to live 👍
Is there any chance of camposol getting a proper bus service around the sector's & to mazzeron & murcia etc?
6 месяцев назад
Hi there is a community bus that travels around Camposol for the medical centre and the supermarket but no where else. There is a bus stop on Camposol A that takes you to the town and the Port.
