Yes, as a result of the affluence in the area Marbella, Puerto Banus and Estepona are still seeing steady rises in property values, however the development is likely to see higher than average increases as a result of its location and proximity to the renowned Cabo Bermejo development where apartments are fetching over 1 million euros.
New legislation has been introduced in Spain to protect you, requiring developers to take out bank guarantees and insurance. However, some developers still ignore this, this is why Bagshots only sell 'key ready' property that has been built by the fifth largest developer in Spain and is backed by a major bank.
By law new property comes with a 10 year structural guarantee. Also, the purchase price is fixed as soon as you pay the deposit. You also do not have all the problems associated with older properties and you benefit from the latest technology which in Spain is extremely advanced.
We recommend you employ a Spanish solicitor to give you complete peace of mind. He will be there to give you legal advice at each stage of the process and to complete the necessary checks and documentation. We can recommend ethical and reliable solicitors.
You should allow around 10% of the purchase price to cover Spanish stamp duty, VAT, legal costs and Notary fees. Plus you will need around 10% for your mortgage deposit.
Generally speaking you would be better with a Spanish mortgage because of lower interest rates and good loan-to-value ratios. However, this will depend on your particular circumstances and it is advisable to discuss the options with a specialist advisor which we can recommend.
No, you can give your Spanish lawyer Power of Attorney, which means that he can act on your behalf during each stage of the buying process.
The process in Spain is much faster than in the UK and it is possible to complete in a few weeks after the initial deposit.
If there are communal areas - gardens, pathways, swimming pools, security etc. - then you will have to pay a small sum at regular intervals for their upkeep.
Yes, we can introduce you to a Spanish bank. You will be required to transfer monies from the UK into your Spanish account in order to complete the purchase. You will need to provide two forms of identification - a driving licence with photograph and a passport will be sufficient.
Yes, most definitely. You will need a Will if you wish the property to be handed down to your family. Your British Will will not be relevant in Spain.
Yes, we can either travel with you from the UK or meet you in Spain, we can organise a hotel local to the development to give you a chance to sample the area.
We think it is essential to take a good look at the area if you are not familiar with it and we will be happy to show you around. We are passionate about this particular part of Spain.
if you are going to require a mortgage it is simple enough for us to get you a decision in principle which will give you the buying power and avoid disappointment.
Your reservation fee is normally around £6000.00 , if you are having a mortgage you will then only require approximately 20% of the apartment's value. (10% deposit and 7% IVA) If you are not requiring a mortgage you would pay your reservation fee then on contract you would make a further payment and on completion your final payment.
