Everyone seems to be asking what’s on the cards for Spain in 2012. Well, despite all the headlines, the doom and gloom and worried faces that have greeted us into 2012 there is one thing that will remain absolutely certain in the coming months……..more and more people are continuing to choose Spain as their preferred location to invest in a second home or indeed as their ideal place to retire.
The numbers speak for themselves. According to the Foreign and Commonwealth Office, 38 per cent of over 55s are planning to relocate in the next few years. Spain remains a top location. For example, it is estimated that over half a million Britons aged 50-plus live here; owning about 700,000 Spanish properties. The main concentration of expats is in the Alicante region within the Valencia Community. Spain is also very popular with the Irish, Germans, French, Dutch, Belgians, Scandinavians and just about anyone who likes sunshine, great food, wonderful wine and general enjoyment.
The reasons that are commonly given by people for choosing Spain have not changed over time. One of the main reasons is that Spain is so easy to get to, being just a short two hour flight from the United Kingdom. In addition to the obvious attraction, most people will be familiar with the way of life here due to Spain being such a popular holiday destination. In short, it is a widely held belief that the popularity of Spain is set to continue.
It is clear, however, that when buying a property in Spain you must ensure to take the proper steps; just as you would if you were buying a property at home. The UK’s Foreign and Commonwealth Office runs an excellent awareness campaign called “Know Before You Go”. A corner stone of this campaign is that prospective purchasers should seek independent legal and financial advice at all stages of their purchase.
A useful place to find a list of English speaking lawyers is the British Embassy in Spain’s website
www.ukinspain.com. It is important to note that the British Embassy or British Consulate does not recommend lawyers in any way, shape or form. We are pleased that our company Poveda Hayes Abogados & Solicitors, previously known as Angel Poveda Abogados, has been included in British Consulates’ Lawyers list for Javea, Alicante and Valencia for many years.
It is a good idea to identify a lawyer early on so that once you have found a property that you like you can proceed with your lawyer’s advice right from the start. We always ask clients not to sign anything until we have reviewed it. What may seem like “just a reserve document” can affect the entire transaction going forward and may greatly restrict your rights as a purchaser.
We also recommend that purchasers use the services of a surveyor in the early stages of the transaction. A small outlay may give you critical information about whether or not you wish to go ahead with the purchase or at least tell you if you need to address certain issues with the vendor before closing the transaction. These issues can be reflected in the legal documents relating to the sale. Many of our clients use the services of Mark Paddon. His website is
www.surveysspain.com. He is a member of Chartered Institute of Building in the UK and is also fully registered in Spain.
It is also a good idea to ensure that you are getting good mortgage advice. Kevin Monger and Katherine Walkerdine can provide this information to you through their company Mortgage Direct SL; further information can be found at
www.mortgagedirectsl.com.
When all your efforts have paid off and you are getting ready to close the transaction it is most important that you have proper insurance in place. Mark Petrie is a very well known broker based in Denia. He is the British Honary Consul for Denia and provides excellent insurance services in English: see
www.mark-petrie.com for details.
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