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First of all the buyer needs to assess their financial situation and seek advice from an independent financial advisor, on the best way to raise the finance. We can recommend UK financial advisors who would be able to discuss the equity release schemes as well as arranging Euro mortgages through Spanish banks or any other possible options.
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The property in Spain (especially in up and coming areas of Costa Calida, Almeria and Costa de la Luz) sells quickly, therefore you need to be in the position to leave a reservation fee and have finance arranged before you go on the Spanish property hunting trip.
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Start the property search in Spain and compare the prices. The property for sale in Spain is very competitive, so we can find the right property for you. Be very careful about the property finding services of the companies who provide legal advice as it will inevitably lead to a conflict of interest. Your solicitor should provide you with impartial advice on the products and services they offer, irrespective of their connections with the property developers or estate agents in Spain. Independent property consultants will not charge you anything for this service!
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It is advisable to contact UK agents for Spanish property as they normally deal with several agents and more developers than the ones on the ground in Spain. Viewing trips to Spain can always be arranged for serious buyers at a nominal cost.
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Look for the UK agents for Spanish property who have a large database of properties both re-sale and off plan to offer and not just tied in to their own developments. A good UK estate agent or property consultant should have access to the database of properties in Spain shared by several developers and agents. You would save yourself time and money, if you find the agency that has this facility.
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Make appointments in advance if you go on an independent viewing trip to Spain to avoid disappointment. The property market in Spain is buoyant. Always ask if the UK or Spanish property agent can recommend a reputable management or rental company and what after sales services are offered once you have bought a property in Spain.
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It is a standard practice to leave a reservation fee of around _3,000 to the estate agent in Spain or the developer. At this stage you would need to contact a solicitor to perform necessary checks on the property and they will provide you with extra services you might require.
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Most estate agents in Spain provide you with the contact details of a lawyer. Always ask for a list of lawyers in the area, so you can choose which one to use. In general the legal fees are based on the value of the property and are around 1% of the value of the property. It is highly recommended to use a lawyer in Spain as the Spanish legal system is very different from the one in England.
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Depending upon the property you buy and the developer, the payment terms vary. Stage payments are normal for property in Spain, unless you are buying a re-sale or completed property.
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Buying property in Spain normally attracts additional costs. It is recommended to allow a minimum 10-11% of the property price to cover such costs. We recommend visiting our FAQ section for additional information.
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Hope the above guide to buying a property in Spain will put you in the right direction.
Villas for SALE
