With its glorious sunshine, miles of fabulous coastline, sandy beaches and slower paced lifestyle it’s little wonder Spain is still the number one choice for British property investors looking to buy overseas. The choice is endless with fincas, modern apartments and hillside villas stretching across the country’s popular islands, Costas and vibrant city centre locations.
Here at Clyde Property we can guide you through the maze of buying a property in Spain from initial research to sale completion and beyond. Our Spanish based advisers will help clarify your objectives before taking you on a step-by-step journey towards realising your ultimate dream of owning a property in Spain.
With such an array of styles and locations to choose from it really is worth developing a clear idea of what you want early on. Think about where you want to be located, are you attracted to the buzz of a busy area with shops and cafés at your feet or do you prefer space where you can indulge in peace and quiet relaxation?
Spain certainly has it all, which can bring its own challenges in terms of decision-making. That’s why you need to be focused with a little flexibility built in to cater for unexpected opportunities along the way. Tapping into our knowledge of Spain and its various locations we are here to help you set your intentions from the outset. This will ensure your time is always used efficiently and effectively.
Once you are clear and know what you are looking for our Spanish team will begin the research process. With access to every available property on the market the prospect of matching suitable properties to your budget and requirements will be very good. Together we will develop a shortlist from which we will arrange viewings ready for your first all-important trip to the region.
Preparing to view your shortlisted properties and visiting the chosen location is certainly a thrilling moment. However, it’s important that you feel taken care of and accompanied, which is why our local agents will be there to meet you at the airport.
Fluent in Spanish, we work and live in Spain with a good understanding of the laws, culture and values. As your partners on the ground this experience and knowledge will serve you well.
We will be your guides exploring local areas and amenities as well as discovering new hidden gems you may not have heard of. In addition, we will assist you on property viewings and handle any questions or concerns you may have.
Once you have decided upon your dream home in the sun we need to get down to the serious business of completing the purchase. Again, this is where it helps having Clyde Property working alongside you. It’s vital that you obtain the right advice and understand specific laws and processes within your chosen country and we work with the best professional advisers including solicitors, architects and surveyor ensuring your move is as smooth as possible.
In Spain, we work with solicitor Ignacio Chanza who owns a legal firm in Valencia, Spain, and has been practising the legal profession since 1998. After becoming a fully qualified Scottish solicitor in 2012, Ignacio currently heads the only Spanish law department in Scotland at James and George Collie, Aberdeen and was appointed Honorary Consul of Spain for the North of Scotland in 2012.
As long as you follow the right steps obtaining a mortgage for your overseas property purchase is a clear and straightforward process. As part of our service we will put you on the right path helping you to negotiate the unique obstacles of overseas property finance.
Before you sign a contract or pay a deposit we recommend that you obtain an ‘Agreement in Principle’ from your chosen lender. Also you should make sure there is an ‘opt-out clause’ just in case your mortgage falls through and you are unable to proceed with the purchase.
You will need a Spanish based current account and a Certificate of Importation for any monies you transfer from the UK. In addition, it is advisable that you pay your bills from your Spanish bank account and ensure all relevant taxes are taken care of.
You will need to become aware of exchange rate fluctuations and the effect they can have on the value of your overseas purchase. From rental income to mortgage payments in the local currency, the ups and downs need to be factored in before you proceed with a purchase. When working out affordability we would recommend a cautious and conservative approach and that you seek impartial advice.
Your Clyde Property Overseas team will be able to advise you on any tax implications relating to your overseas investment. Laws on inheritance and capital gains tax will differ from country to country. For instance, in Spain inheritance tax can be reduced if you have a mortgage on the property. Also, if you are buying as an investment or as a holiday let you will be liable for income tax.
Many people buy overseas properties with a view to letting them out. Perhaps you will use the property for part of the year and let it out when not in use. Whatever you choose you will need to consider the laws and regulations that govern property letting. Clyde Property can advise you in this area plus help you when considering seasonality and which locations work best for holiday lets.
Always bear in mind that there will be additional, sometimes unexpected, costs when buying your overseas property. As well as lawyer’s fees, taxes, insurance and acquisition costs, once you own the property there may be ongoing fees for the maintenance of grounds and pools. As always from beginning to end the overseas team at Clyde Property are here to help, guide and advise you to ensure there are no hidden surprises.
For more information on buying a home in Spain call Carol Thomson, our overseas property expert on 0141 576 1777.