The best way to avoid mistakes and successfully navigate the Spanish property market is to let Wallace Quinn help you. We’ve been working with clients for over 25 years. Margaret McMillan, with her Costa Blanca based colleague Neil Spinney, work with English speaking Spanish solicitors, to ensure smooth and successful transactions when purchasing new build Spanish Property.
Insufficient Research
One of the biggest mistakes UK buyers make is not conducting thorough research about the local property market, regulations, and the specific area they are interested in. If you use a Wallace Quinn advisor, we will take the time to learn exactly what you’re looking for and then can advise on market trends, property prices and all of the legal requirements you need to make informed decisions.
Misjudging the Location
Choosing the right location is paramount when buying property in Spain. It’s easy to judge an area solely based on what it is like at the height of the tourist season, but that doesn’t take into account your preferences and long term goals. We can help you understand what living, rather than visiting, an area can be like, giving you a more accurate picture of the local lifestyle and amenities.
Failing to Secure Financing
Securing a mortgage in Spain requires a different process than what happens in Scotland. Transferring funds from the UK to Spain also requires a careful process, we have hassle free systems in place for all of these services. We will talk you through the options at the start so you understand what is required.
Not Seeking appropriate Legal Advice
Spanish property laws can be complex, and it’s crucial to have professional advice from a solicitor who specializes in property transactions. We can help you understand the legal aspects and contracts and ensure a smooth transfer of ownership. Not forgetting that although you have a will in place in the UK you also need a Spanish will, this is best put in place when purchasing your property.
Overlooking Additional Costs
Buyers often overlook the additional costs associated with purchasing property in Spain. Apart from the purchase price, you need to factor in taxes, notary fees, registration fees, and potential maintenance costs. These costs are in the region of 12%. We’ll ensure you have a clear understanding of the total expenses involved.
Not Fully Appreciating Language and Cultural Barriers
Language barriers can pose challenges during the buying process. Not being able to communicate effectively with agents, lawyers, or sellers can lead to misunderstandings and complications. Our advisors and solicitors are fluent in both English and Spanish.
Not Planning for the Long Term
It is easy to concentrate on the sunshine and warm weather, but it is crucial you think about your future needs as your circumstances change with time. Accessibility, healthcare facilities, proximity to amenities, broadband speeds are just some of the things you should consider in the round when looking at any one property. All of this we can assist you with it is a bespoke service we offer our clients as everyone’s needs and requirements differ.
Common Mistakes Made by UK Buyers in Spain – Conclusion
