![]() Home Page Costa Blanca north What we do WCIGFMM FAQ Start here Site Map About Us Motoring CGT Timber Homes | ![]() Buyers Checklist Professional people and documents you may need when buying a property in the northern Costa Blanca. When buying a property in the Costa Blanca North, you will need professionals to assist and advise you through the various stages of buying your property. You will also need some documents such as the NIE. Real Estate Agent Better still, use an independent service working for you, like Get Spain to make sure you are getting the best deal on your property purchase Solicitor (Abogados) You should always use a solicitor with good Spanish and English. It is not enough for a secretary to be bilingual, they are not liable if they misinterpret messages or legal documents. The lawyer must converse with you in your own language to minimise risk of misunderstanding (which can be expensive). Preferably use a firm of lawyers that have more than one practicing lawyer on hand to deal with your purchase to ensure continuity. Accountant In Spain, you are best advised to use a Gestor (Accountant). The same applies for these people as above (lawyers). Gestorias settle accounts, deal with residency, car taxes and imports, registration of number plates from UK to Spanish, and all sorts of other things you will need when you own property here in the Costa Blanca north. Surveyor The rules for buying a property in Spain are very different to that of the UK. A Surveyor is not automatically involved in a purchase. If you are buying an older property we advise the services of a local Surveyor who can explain the issues with the structure of the property to you so there are no nasty surprises to wreck your budgeting and therefore the project through ill conceived planning at the first hurdle. Architect Depending what and where you are building an architect should visit the land you are buying to advise on land slippage, depth to rock, issues regarding insurance, potential problems with the type, size and style of house allowed in your zone. It is also worthwhile and viewing his work with other similar projects before making any commitment or agreement. Once he starts with the plans it's too late to pull out without paying his fee. Building or restoringOld or new property? Will planning permission be readily forthcoming? Be realistic about the amount of work needed We can arrange for builders to come along to meet us at properties and to advise on reform costs and direct you to D.I.Y stores to price materials for construction. Other issues that with you we work to find the right answers and then have those answers written into a legal contract. Building, restoring, renovating
How to find the right property Which region? Who will use the property and when? This is where most buyers go wrong or to be fair are steered in the wrong direction by real estate agents eager for commission payments Renting is a business like any other. It needs careful planning, financial understanding, risk assessment and common sense. It needs to be approached with caution and marketed like any other business. Potential renters don't find you on the web without any marketing. How many bedrooms and bathrooms? What kind of outside space ? garden/garage/pool? Ideal climate? We often see this where people with these conditions come to view properties in beautiful sunshine. Properties which are very different in the winter. We really do get it all, storms, fog, high winds occasional low level snow.....proper winter! (the good news is they only last a few days at most). Importantly, whatever the situation regarding proximity to shops bars etc, make sure the prospective renter is fully aware, with maps or directions if possible to the nearest facilities. Accessibility for visitors / holiday renters? The former is not as important as the latter. Visitors can be collected or met at a well known landmark or point (usually a bar!) Tenants don't want to get lost every day driving around mountains looking for their holiday villa. One of the keys to a successful renting business is renewal. People who rented and enjoyed their holiday are far more likely to renew and to recomend your property to friends and family. It is critical for renting that your property is accessible or if not that your literature explains fully the nature of the property and the access to it. Also, when you are signing for your property, take the time to go to the local tourism office and collect a handful of attraction brochures, local amenities, places to go and leave these on the table after each rental. Check their qualifications as a Real Estate Agent Line up a number of properties before you visit To take each point in turn, from our perspective. Unlike real estate agents, we employ a full time researcher in our business, we do not employ sales people. The benefit to you is that our researcher is trained to review your perfect property, and get to work finding the closest we can get to the property that meets your sepecific requirements and budget. As we are independent, we have access to thousands of potential properties, therefore maximizing the chances of finding the right one for you. We have a policy of only advising on properties within your budget. There is no point in showing you properties that are outside your budget plans. We make the assumption that you have done the sums and worked out what you are comfortable spending, working from that premise, we advise on properties you really can afford. Before you arrive in the Costa Blanca nort you will have seen by email a number of properties, and chosen the ones you want to see. In addition allowing for the fact that some or all of these properties may be sold by the time you arrive, our business system of only taking on one client at a time means that our staff are allocated to your case for the duration of your visit. The benefit here is that as we progress through our viewings, we are on hand to review, research and make new appointments. This means no wasted time, no disappointment, just carefully researched properties that fit the bill, we just need to find the perfect one. Before you buy Get to know the region thoroughly Consider renting in the area before you buy Visit the property at different times of the day/week/year Get to know the property market in the area Ask what exactly is included in the asking price If you don't want certain items within that inventory, we can arrange for a local second hand furniture dealer to buy the items from you. Of course you wont get much for them but the time and hassle of removing them from the property means you are often better to just let them go and bring in your own items as and when you are ready. Take as much advice as you need If buying off-plan Check plans for future development in the area Consider how your property will differ from the show property Find out whether there are any restrictions on owners in the community Find out what the community charge actually includes Investigate how much of the infrastructure has been put in place Double-check money will be paid in stages Retain a percentage until six months after completion What is actually included in any maintenance charges? Will there be any extra outgoings? Budgeting Working out your budget Be aware though that this can happen, so it is good advice to have kept back some funds from the initial build spend budget. Costs associated with the purchase (guide only) 7% ITP transfer tax Up to 1.5% Legal fees Notary fees Land registry charges IBI Tax annual rates Water rates Electricity Communidad Wealth tax for non residents Income tax, from rental income Mortgage repayments and set-up costs Non residents can get a 70% mortgage maximum Arrangement fees Notary fees Land registry fee Gestoria fees Monthly payments We can arrange for meetings with Mortgage brokers for both English and Spanish financial institutions Shop around to find which lender is offering the most favourable terms. Pay slip Decide whether to take out the mortgage in Sterling or Euros If buying a second home abroad examine the benefits of taking out a home equity loan from your UK mortgage lender Consider the pros and cons of an offshore mortgage When you arrive Notify mains companies of your arrival date (or ask your real estate agent to do so) Open a bank accountin Spain Register with a local dentist/doctor We will supply a list of all of the key services you will require when you arrive here in the Costa Blanca north If your intention is to buy property in Spain, as you start your research you will come across an abundance of abbreviations describing many aspects of Spanish legal requirements. Some are a waste of space, others form part of the law and cannot be ignored. Three such abbreviations concern the NIF, CIF and NIE numbers. We'll deal with the NIE first. In Spain you cannot legally buy property, a house, car, boat etc without having applied to the police for your NIE number and had your NIE documentation returned. Likewise, you cannot enter into a contract for the supply of electricity, water or telephone line etc without giving your NIE number together with your bank details because these utilities will only accept clients where payment is via direct debit - paid on demand from their banks. This is the theory but as with so many other things in Spain, practice can be different. When told by the average foreigner that they have not yet got an NIE number, most utilities will accept the passport number. However, don't rely on this. Of extreme importance for anyone who has just purchased a property is to be able to insure it. With some companies, to arrange an insurance policy or order goods or services or even to register with the State health system it is usual for the NIE number to be asked for. However, as mentioned above, the passport is often all that is required to get the ball rolling. Property by the way should be insured from the moment it is transferred into your name. It's surprising at just how many seem to think it can wait until such times as they are living in it. You may be told that you require a NIF number by some and a NIE number by others but the simple fact of the matter is they are both the same - referred to differently according to the circumstances. The NIE is used for confirming your identification but if you wish to carry out any fiscal function such as opening a bank account, buy a property, car, boat etc it is referred to as an NIF (fiscal) number. Why? - Who knows! In common with much other misinformation relating to Spain, there is the belief that solicitors and others may apply for the NIE number on behalf of applicants but in July of 2003, the law required that the applicant apply in person. Suffice to say that in some regions, lawyers are still applying for NIE numbers on behalf of their clients whilst in others, their only involvement is to collect it on your behalf following the completion of the registration process. To apply for your NIE, visit the appropriate police station and ask for the form of application. It is advisable, if not absolutely necessary to be accompanied by someone who speaks Spanish. You could of course simply collect the form and take it away for completion but this will entail another eternity of queuing. Get Spain Moraira will assist any client with obtaining their NIE numbers. Take Note! Processing your application takes a minimum of one week or as long as 5 weeks. Caution! You will often be asked to show your NIE registration document at the various ministries etc. Always carry photocopies - never allow anyone to retain your original. Up until quite recently it was necessary for non-resident owners to appoint fiscal representatives to deal with the matter of taxation arising from property ownership. Today this is no longer required and you can deal with your own affairs if you think you are strong enough. However, non-resident owners who own more than one Spanish property CIF number The corporate tax identification number (CIF) is the equivalent to the UK VAT number. It is needed by all people running any type of business in Spain, and becomes either an individual's or company's identification for tax purposes and is required for all transactions. The CIF is obtained upon application to the Spanish Provincial Tax Office (Delegación de Hacienda). These are only general guidelines and not definitive statements of the law. All questions about the law's applications to individual cases should be directed to a Spanish lawyer or other competent source.
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