Despite the current economic climate, overseas property is still a fantastic investment and there are some amazing deals to be had right now. Buying property abroad is different from the UK, however, so there are some things you need to consider.
BUYING PROPERTY IN SPAIN:
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Make sure that you find out how much you can borrow and organise your mortgage. Our local team can help you with this.
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You must apply for an NIE number-this is the Spanish equivalent of a National Insurance Number. You will need an NIE number for any legal or tax requirements in Spain and for obtaining your mortgage.
Open a bank account in Spain. Some British Banks and Building Societies have links with Spanish Banks. eg insert local details
Completing the purchase. The title deed is signed in front of the public notary who witnesses that the title deed has been signed by both parties
Arrange a Power of Attorney if you are unable to be in Spain to sign the agreement.
The signed title deed proves that you are the legal property owner
Speak to a Spanish lawyer about making a Spanish will to deal with any inheritance tax that may apply.
Arrange to set up household insurance on buildings and contents
IBI is the Spanish equivalent of Council Tax and is paid annually