Buying Spanish property continues to be a popular option for UK citizens, whether as a holiday home, an investment, or a primary residence.
Despite initial uncertainties following the UK’s exit from the EU, the Spanish real estate market remains accessible to Brits, with minimal changes for British citizens and other non-EU residents.
For many who attempted to purchase property off-plan in Spain and who found that the property was not completed, it has been an uphill struggle to reclaim deposits paid to developers. This year new hope emerged for those affected when the Spanish government applied a law to allow investors to reclaim deposits for unbuilt off-plan properties in Spain.
Here we take you through the background to the law regulating deposits paid for off-plan properties in Spain. We also analyse why some investors found themselves in difficulties following the economic downturn. Finally we explain the current position when it comes to reclaiming deposits paid for unbuilt off-plan properties in Spain.
If you own property in Spain or in the UK, or both, it is advisable that you make a Spanish will and a UK will. One of our most frequently asked questions is “do I need to make a Spanish will?” and we are frequently surprised by the number of people we meet who have not made a will in Spain or in the UK.
To clarify matters, here we set out what happens to your assets if you die without a will in Spain and in the UK.
Surprisingly there are still a great number of people who have not made a will in relation to their estate. According to research carried out by the Law Society of England & Wales, published in October 2014, 73% of 16-54 year olds had not made a will, while 36% of people over the age of 54 had not made their final wishes clear in a will.
As the owner of property or assets in Spain, you will most likely be considering making a Spanish will. It is certainly advisable if you own a property in Spain to make a Spanish will. We are often asked about the process of making a Spanish will, and how it differs from making a will in England & Wales. Here we guide you through the process of making a Spanish will.
We are finding increasingly that those who own property in Spain have made a Spanish will. This is because practically all of the literature on the subject of Spanish property points people very firmly in the direction of doing so. Clients often ask us whether it is necessary to make a Spanish will if one owns assets in Spain.
Spanish law recognises a will made lawfully in any jurisdiction. That means that if you make an English will relating to all of your worldly assets, it will include your Spanish property. The beneficiaries of your residuary estate, so that is everything other than those who will receive specific legacies, will receive your Spanish property. So, “why do I need a Spanish will?” we hear you ask. There are two principal reasons which are set out below.
If you are considering buying a property in Spain it is important to be aware of the total cost of purchasing a Spanish property. The costs of purchasing property in Spain vary, depending upon the location of the property, but the costs fall into the same categories no matter where in Spain the property is located.
Please note that this article was written shortly following the referendum. For more up-to-date information, you may find our video on the effect of Brexit for UK nationals throughout the transition period and beyond helpful. We also have more recent articles on living, working and owning property in Spain, as well as an update.
Since 24th June 2016 one of the most frequently asked questions we are asked is “How will Brexit affect British property owners in Spain?” Clearly, many of those who are considering buying property in Spain are concerned about the impact that the vote to leave the EU will have upon their ownership of a property in Spain.
Are you confused about the rules regarding renting out property in Spain? Many of those who purchase property in Spain do so with the intent of renting it out for holiday lets. Recent changes in the rules relating to renting out property in Spain have caused confusion. To be clear, property owners in Spain are free to rent out their houses or apartments to whomever they wish. In fact, it is one of the fundamental rights of property ownersh
This is by no means an exhaustive list of the questions we are frequently asked about buying property in Spain, but it is a start. We hope that we have provided the answers to your questions below. If you have any further queries, please contact us and we will be pleased to discuss your query.
Conveyancing in Spain is considerably different to conveyancing in the UK. Buying and selling property in Spain has a number of phases that you need to be aware of from initial enquiries through to post completion.
E&G Solicitors in Spain did a first class job dealing with my sister’s estate, offering a professional but personal service.
