Spanish Buying Process & Spanish Mortgages
Buying direct with our help and support means you will be paying the property developers directly with the security of an Escrow account. Leaving you safely in control of releasing the funds at the right time and protected with the security of the Government backed new laws passed recently.
We work with a team of UK based Independent Mortgage Advisers who can help you raise low cost funding.
With a good majority of our clients raising funds from individual investments not performing well, they also raise funding on re-mortgaging or obtaining an inheritance.
Commercial purchasing also can be arranged and some companies are going in and buying whole projects! With the sole intention of selling off the project at a later date piece by piece.
Working with the Property Developers directly we have no concerns of double deposits as we are updated on a daily basis, however Property is sold on a first come first served basis. Immediately a Property is booked and deposit paid, a telephone call is placed to the respective Property Developer and the selected Property of your choice is then taken off the available market and reserved for you. Once the deposit is received by the respective Property Developer and receipt of the Contract signed by the Clients whether in the UK, Russia or wherever the home country may reside, then you can rest assured and look forward to receiving updates regards your new Property purchased.
Reservation procedures:
- We will need some Personal Details from you (listed below).
- We will then log these with developer and have the apartment allocated to your name.
- The Reservation / Sales Agreement will be either sent out to you or ideally a representative will visit your home or workplace.
- There will be comprehensive Instruction Sheet that will be included explaining exactly what to do and how the purchase process works.
- You need to print out and sign the documents (or we can post these to you) and post these back immediately together with copies of your passport photo pages.
- Make the first payment (The instruction sheet will explain how to do this). The first payment can be made with the help of your bank. We can ask Global Currency Exchange Network (affiliated with HSBC) to provide better exchange rates for you should you wish and handle the payments for you in the future to make it easier. You need to fax or email to us, the proof of payment which you will get from the bank (or GCEN).
- Once these are received we forward your documents and proof of payment to the developer.
- The Developer signs contract documents and issues a receipt. We will send you the developers signed documents & receipt (takes approximately four weeks).
- We will keep in touch and provide any help as and when needed.
- Please feel free to discuss this method of payment with one of our representatives or have them visit your home, where they will gladly run the process by you for your comfort.
Although you have a direct relationship with the developer, we keep in touch with you to keep you updated on the development and also near the time of the completion of your property will offer our services to re-sell or rent-out (if required).
Details Needed For Agreement:
Each Agreement is discussed with clients without any pressure and so as the client has a good and clear understanding of the contract.
- Full names of buyers (e.g. you and your partner if both buying, partners or even the family if necessary).
- Nationality
- Passport Number
- Home telephone number
- mobile phone number
- Email Address to go on agreement
- Full Postal Address (agreements will be sent here)
- Physical Address (if different from above)
Customers do not need to visit Spain or the UK as we handle all the admin processes online and will deliver the developers agreements to customers in their home country. Please contact us for specific information.
Currency Exchange Rates
Property is always priced in Euros which is priced against the British Pound. The recent strengthening of the UK pound means that property prices are improving for the UK. However, this also means that rents are higher and when customers sell their property the return and profit in UK £s is also higher. On average, the exchange rate affects the cash flow, but not the overall profitability as things balance out unless you happen to be unlucky. It is best to buy property under your budget, to allow for exchange rate effects on cash flow. However, please feel free to speak to one of our advisers.
Money Security
This is has always been a concern for buyers. However, Spain remains amongst the safest places in the World to buy overseas property.Spanish Markets markets are highly regulated,
Rent & Growth
Will my property grow well and will I be able to rent it easily? Rents remain very high and the availability of ready property remains tight compared to demand. it has long been a favourite destination for British buyers. The weather is warm all year, but the summer heat is more bearable than further south. Plentiful cheap flights from all over the UK are also why more than 30,000 Brits live in the Alicante province: it has the highest concentration of Brits in all of Spain.
Buy with Friends or Family
This is more frequently happening as we are seeing people, family’s and friends purchasing a better property between them selves, thus owning a share in the property and also benefitting from a greater investment.
Buy for Long term – not short term.
Long term growth is likely to be good due to forecast shortages in a few years. Buying to sell after a few months (as speculators used to do) is highly risky. Most current customers plan to keep their properties and either rent out or use themselves. They should do very well. Some of the deals we can offer from the Developers have a rental scheme in place managed by some of the world’s leading Property Management teams. See further for details:
Have Sufficient Funding
Do not overstretch yourself. Buy a smaller property or do not buy if you are not sure about your funding. Make sure you have enough to see your property to completion.
IS NOW A GOOD TIME TO BUY? – Certainly YES!
A Finishing Buyers Market
You can get good deals with developers right now. Yet the deals are running out as the projects are being sold. Yet there are a small percentage of customers who purchased last year and who want to sell their property because change of personal circumstances (mainly due to bitten recession effects). Thus, providing you have funds available, you can purchase at a good price and get a bargain. Get in touch and we will contact our database and help where we can.
Buying Activity – recently increased
This means that the best deals are being mopped up now and within the next few months. At some point it will be a seller’s market. This is likely to be sooner than people expect.
Polaris World
If you are interested in a buying a Polaris World Spanish property and want to find out more, we will keep things simple yet enjoyable. Inspection trips usually vary over one to five days depending on your requirements. We have experts to show you what Polaris World have to offer, and who can show you the area as well as all the different properties available.
The itinerary of our inspection trips is very flexible, as they are always one-to-one, so we can show you the things which you are most interested in.
Polaris World inspection trips include:
- Free Hotel Accommodation for up to 2 nights
- Free Breakfast, Lunch and Dinner
- Free Transfers and transport throughout your visit
- Free Financial and Legal Advice, including if desired:
- Setting up a Spanish bank account
- Spanish & UK mortgage advice to suit your circumstances!
- Consultation with a Spanish lawyer
- Applying for an NIE number (needed for buying a property in Spain)
- Tour of the region and places relevant to your interests.
- And if you purchase, the cost of your flights up to £300, will also be fully refunded.
Throughout the trip a Polaris World specialist will be on-hand, who has access to the widest range of properties to offer you. The trips are personal and tailor made, so you will only see properties you are interested in, that are within your budget and suit your needs. We guarantee you will enjoy your one to one inspection trip and mother you through the full process to keep matters simple yet enjoyable.
