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What we’re often asked about buying and selling abroad
We encourage our customers to ask as many questions as possible. Investing in property anywhere is a huge commitment that shouldn’t be tainted with uncertainty: besides, queries help us understand clients’ needs. If you have questions, doubts or gaps in your knowledge, tell us!
Below is a selection of frequently asked questions from overseas property investors. They’re updated roughly once a month.
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Our Spanish is terrible! Will the language barrier be a problem if we decide to move to Spain?
Fear not. Many ex-pats are in the same position as you, and an increasing number of Spanish now speak good English. Many solicitors, notaries and contractors speak particularly well, as it is in their own interest to do so.
Long term, though, it would be best to learn. Most local colleges offer part-time and intensive course, and neighbours would give you ample opportunity to practice.
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Can you describe the legal processes involved in buying Spanish property?
We’ve prepared a page that sets out the buying process in full. Click here to read it.
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If I buy to let, how much could I expect to earn?
Income depends on location, size, number of rooms and access to amenities like beaches and pools, but the most lucrative properties are those that can be let for long periods. For example, many tourists look for sun over Summer, and golf in Spring and Autumn: so a sunny property near a golf course could earn income for 7 or 8 months.
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How do I obtain a Spanish mortgage?
Many Spanish banks offer mortgages to British purchasers and there are several we can recommend. Non-residents can obtain up to 70% of a property’s value, and banks can usually approve a mortgage within a few days of application: all you need is a copy of NIE, a P60 and your last three payslips as proof of income.
You’ll find more about mortages on our buying process page. Click here to read it.
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Can I take a UK-registered car to Spain?
Of course. But if you intend to take permanent residency you must re-register your vehicle in Spain within 6 to 12 months of arriving. Bear in mind, though, that new cars are cheaper in Spain than the UK, so consider selling your vehicle and buying another later.
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Will I receive a guarantee with my property?
All new Spanish properties automatically come with a 10-year structural guarantee, which continues though any re-sales or changes of ownership. So for example, a 2-year old property would still carry an 8-year guarantee.
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I plan to take my pets to Spain. Are there any regulations I should be aware of?
UK pets can travel to Spain without being quarantined, but they must still undergo certain procedures before entering the country. Cats and dogs must be fitted with a readable ISO microchip, vaccinated against rabies, tested to ensure the vaccine has worked, and finally be treated for ticks and tapeworms two days before leaving. Your vet will issue you with a PETS certificate testifying that those procedures have been correctly performed. You will, though need other certification: check the Government’s own website at www.defra.gov.uk for details. |
We are retiring to Spain, and may well die here. Should we make a Spanish will?
Absolutely. To avoid future complications and disputes, anyone with assets in Spain should register a will there.
In essence, Inheritance Tax is due on any assets worth 15,025 Euros or more, but residents qualify for a 95% reduction in taxable value by leaving them to a spouse. Unlike in many other countries nobody is exempt.
Spanish wills, rather like final contracts, are drawn up by local notaries. They will advise you how to state your wishes in the simplest and most tax-efficient way, including any heirs that reside outside Spain and are covered by other laws. Remember, too, that Spanish wills only cover Spanish assets, so any British property must be covered by a separate will in the UK.
Our team will happily advise you further, and our links page includes some specialists in overseas law.
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Where can we find more information about living and working abroad?
Our links page lists several comprehensive websites covering schools, jobs, local services, immigration and much more besides. The page is constantly updated, and should you find other that might be useful to others, please tell us! |
Finally, who do I speak to at Petermans about buying overseas?
Call Wendy Peterman at our Herne Hill office on 020 7733 5454, or James Green in Edgware on 020 8958 5040.
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