Buying, selling or renting a house abroad whether it is a holiday home or for permanent residency can be a difficult process, especially if you are having to approach the task from overseas. Spanish property is no different and it is highly advised that you seek legal council.
Things you need to consider
When considering any transactions involved in property overseas you need to bear in mind that the legal system and steps that follow can be very different from those you would experience in the UK.
If you are not confident with the Spanish language then it introduces a barrier when trying to interpret documents yourself without having a translator to assist you and give you advice on how to proceed.
When buying property you must consider a mortgage should you need one? It is essential to choose the right mortgage because if you cannot keep up with repayments the Spanish bank could not only repossess your property, they can also try and claim your assets in the UK. Interest rates and cancellation fees are further things that need to be considered along with many other factors.
If you are planning on residing in Spain for more than 3 months you will be required to apply for residency.
On top of all the above, you need to consider if the property legally built, is planning permission in order and that you are not going to fall victim to fraud.
When selling a property in Spain there are several documents must be presented as well as a few other obligations which must be fulfilled by a foreigner selling.
You can learn more on selling a property by clicking here.
How Lawindexpro can help
Do not be put off by all of the considerations that need to be taken into account. Lawindexpro Solicitors will place you in the capable hands of our Spanish Lawyer, who will assist in advising sellers and buyers (but not both in the same transaction) in new and resale, business and residential property. As a solicitor we are independent from the estate agent, developer or building company and we are working only for the client and not the property professional.