‘Time Is Now’ To Consider Buying Property In Spain

Brits Remain Keen On The Country, But Lawyer Calls For Care

24.04.2012

Now may be an excellent time to think about buying property in Spain but Britons looking to take advantage must not get carried away when seeking a place in the sun, a Spanish-based property law expert at Irwin Mitchell has advised.

Research from currency company HiFX has revealed that the country, alongside France, is one of the top countries where Britons are looking to buy property abroad. The study also highlighted that a quarter of Britons believe it is cheaper to own a property abroad than in the UK, while many cited the weather and lifestyle as reasons they were looking to join the growing legions moving to foreign climes.

Legal experts at Irwin Mitchell’s Spanish offices in Malaga and Madrid specialise in providing advice on topics including buying and selling property abroad, as well as other expat-related services such as will writing and tax issues.

Alex Radford, a bilingual English solicitor and Spanish Abogado based at the firm’s Malaga office, said that despite the favourable market conditions people still need to bear a few important issues in mind when planning their move to the country.

He outlined: “The weak euro and the competitive house prices which have emerged across the country mean that many Brits looking to seek purchase a holiday home could be able to grab a bargain in the next few months.

“However, it is always important to not get carried away in the excitement. You need to go through the process in the correct manner and gain professional legal advice at all stages of the transaction.”

Alex went to advise that consumers should consider a few top tips when thinking about making the move abroad.

He explained: “Like in most things, common sense is key to buying property abroad. You need to think carefully about where you want to move to and ensure you do plenty of research to ensure the location meets your needs.

“Also, how about initially renting in the area? This could help you get a good feel for the area and whether you will take to the lifestyle. In addition, remember to always organise a full and proper survey of the property, while you should also take care when buying off-plan. Make sure the developers you are buying from are both reputable and also have a verifiable history.

“Recognise you will also need quality advice on a range of issues. This means you will need to source a good estate agent and open a local bank account to ensure that the transfer of funds can be undertaken smoothly.

“Finally, get quality professional legal advice, not just in the case of buying the property but also so that you can get support on any tax implications or the need for you to prepare a Spanish will to take into account your new assets.

“By taking care and considering all of these issues and seeking the best advice, Britons looking to take advantage of the favourable conditions in the Spanish property market should be able to get started on the right track.”