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Frequently Asked Questions:
This page attempts to list and respond to questions that many
clients ask us.
Melanie
and Zoë
have put this page up due to popular demand:
Over the last three years we have interviewed and
consulted with many clients and naturally the same questions, concerns
and considerations appear in the course of our conversations. In
an attempt to give our clientele a better background to, and a more
rounded experience of, the purchasing and selling cycle we have
decided to provide this page. The answers we give here come from
our experiences and should in no way be considered as legal
advice, which should be sought in any event, but our responses
are, to the best of our knowledge, correct. Of course, ultimately,
this is a client driven page and if your question is a typical one
and it isn't here today - it will be tomorrow.
For the sake of clarity the questions are broken
down into four main groups. You can go to either the beginning of
the group that interests you (click on the brown heading, for instance:
Pre Purchase Questions:)
or you may jump to a particular question by clicking on the topic
within that group (For example *
What documents do I need?). There is a fifth group for
"Miscellaneous FAQ's (frequently asked questions),
not directly sales related, but generally, to do with life in the
area (to browse this group, click on the brown bar labled "Miscellaneous
FAQ's").
Pre-Purchase Questions
There are a number of things that have to be put in place
prior to the exchange of contracts. To facilitate the process
it is a good idea to understand what is required of all parties
and what to expect.
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Is there anything I can do before I arrive in Spain?
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Email us your wish-list,
budget and any properties on our website that interest you.
Open a local bank account, which is a very
simple process here.
Let us know early on if you require a mortgage
or other financial advice.
Organise your accommodation, available here
in Olvera and Pruna there is a selection of hotels, guest
houses and self-catering accomodation.
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What documents do I need?
| To purchase a property in
Andalucia you will need:
An NIE: This "Numero Identificacion
Estrañero" has to be solicited through the National Police
in charge of Foreign Affairs. You will need an NIE to conduct
a number of transactions ranging from purchasing a car to
acquiring a place in school for a child. This is an easy process
that we can organise while you are visiting Olvera.
If you plan not to be present while the exchange
occurs at the notary you will need to grant a Power of Attorney
(PoA) to either a lawyer or someone that you trust. This document
can be made specifically for this one transaction.
You will have to open a bank account in Spain,
if you do not already have one, which requires a passport
or NIE.
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Do I need a lawyer?
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In short - "Yes":
You do not legaly have to have a lawyer but we always strongly
advise our clients to use a local lawyer.
On your behalf your lawyer will check the
paper work and ensure that there are no debts on the property.
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Do I need a surveyor?
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In Spain it is not a legal
requirement to employ a structural surveyor, however we advise
everyone to use one. This is always useful, in as much as
you will have a checklist of items requiring attention and
you won't have some unexpected surprise six months after you
buy the property.
If you require a mortgage on your new home
in Spain, the bank can provide a copy of their valuer's survey
of the house, therefore saving you the cost of employing a
seperate surveyor yourself.
We have a list of professionals who
can help. |
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Do I need to have a Spanish bank account?
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A local bank account
is necessary. You will need to pay utility bills
in Olvera once you have a property, which you can arrange
to be handled by direct debit. It is simple to set up internet
banking allowing you to check on your accounts when overseas.
If you want a Spanish
based mortgage, a local bank is
often a must.
Olvera Properties
has a list of local banks
and can help you obtain a bank account. |
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Can I get a Spanish mortgage?
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Mortgages are available
for non-Spanish residents: for a mortgage in Olvera
you will need
º your P60
º last 3 months pay slips and work contract
º your bank account details in the UK,
º a bank account with the bank that
is supplying the mortgage.
º your NIE
Nowadays you can only expect 60% to 70% of
the purchase price, whereas residents can expect between 80%
to 100%
You can either obtain a mortgage locally or by using a mortgage broker. |
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How long does it take to buy a house in Olvera?
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Of course this
depends: while our fastest sale in Olvera Properties
was accomplished within one week, the average time is more
like a month. Often what this depends upon is ensuring that
the money is in Spain and available for the purchase. |
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What kind of a deposit do I have to put down to
secure the house I wish to purchase?
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It is a good idea to secure
the property you wish to buy with a deposit, which in Spain
the seller recieves.
In some cases, if you are unable to complete
within 4-6 weeks we advise that up to 10% is deposited otherwise
around a thousand euros is sufficient.
This is normal procedure in Andalucia.
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Is this a good investment? |
Olvera Properties
cannot answer that question for you: What we can
say is that to date we have watched the house prices rise
in Olvera faster than almost anywhere else in Spain. While
the coastal regions have reached a "maturity" plateau,
inland prices have continued to realise a good return in investment.
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How do I transfer money?
| As you may be transferring
a large amount of money and the rates that most high street
banks charge for this service can be very large, we can recommend
the services of professional money moving companies that do
the same service for less and often faster and more professionally
than a bank,such as HiFX.
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What is expected of me at the notary's? |
Once at the notary's
office: you will be taken through the contract which
will be read in Spanish, so it is advisable to have a translator
present. Your lawyer will also be there to make sure that
you have your interests looked after. By this time all the
required paperwork has been lodged at the notary's in order
to prepair the sale deed (escritura). The notary is a government
official witness to the exchange of the contract.
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| Is there an
equivalent of rates? |
IBI: "Impuestos
Bienes Inmuebles" or "contribución" is about 1% of the value
that the government place on the property per year. Thus,
as a rough guide, a house with a value of 100,000 euros is
taxed annually at under 100 euros a year |
| How much are the yearly outgoings? |
Much less than in the
UK generally: The main expenses are the rubbish ("basura"),
electricity, water and IBI. Thus the utility bills for a 100,000
euro house with a familiy of four can expect to pay:
rubbish -65 euros a year.
electric - 30 euros a month.
water - 15 euros a month. |
| Is the property free of debts? |
Yes: The lawyer
and notary will not let you purchase a property without all
the debts being fully paid off. For instance the vendors have
to bring fully paid utility bills to the notary on the day
of purchase. |
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How do I get the water and electricity in my name?
| We can assist you
in the transfer of utilities into your name. |
| When do I get my deeds? |
You recieve a copy
of the deeds when you leave the Notary's office:
The full registered title deeds will arrive at your lawyer's
office within three to four months and they will inform you. |
What architects, builder's, home care can you recommend? |
We have a
list of merchants and proffesionals, which is as impartial
as possible. We recommend that you get more than one estimate
before you embark on any project. |
Should I become a resident of Spain? |
Becoming a resident has
some implications:
º You have the ability to get an 80% mortgage |
| Bus timetables?
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Olvera to Sevilla: 06:30 -
06:30 - 18:00 - 16:15 - 17:30
Sevilla to Olvera: 13:00 - 09:00 - 20:30
- 19:00 - 20:00
Olvera to Ronda:
07:00 arrives 08:30
Ronda to Olvera: 14:15 arrives 15:45
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| Train
Timetables? |
Granada - Bobadilla
- Almargen - Ronda - Algeciras:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . .07:10 . . . . . 08:58
07:15 . . . . . 08:56 . . . . . 09:22 . . . . . 09:57 . .
. . . 11:43
13:55 . . . . . 15:37 . . . . . 16:03 . . . . . 16:35 . .
. . . 18:34
17:00 . . . . . 18:35 . . . . . 19:00 . . . . . 19:34 . .
. . . 21:14
. . . . . . . . . . . . . . . . . . . . . . . . . .. . . .
. . 20:54 . . . . . 22:25
.. . . . . . . . . . 20:25 . . . . . 20:50 . . . . . 21:20
Algeciras - Ronda - Almargen -Bobadilla
- Granada:
. . . . . . . . . . .07:50 . . . . . 08:16 . . . . . 08:40
07:10 . . . . . 08:56 . . . . . 09:24 . . . . . 09:47 . .
. . . 11:30
08:30 . . . . . 09:59
12:10 . . . . . 14:05 . . . . . 14:42 . . . . . 15:07 . .
. . . 16:47
15:15 . . . . . 16:45
15:50 . . . . . 17:34 . . . . . 18:02 . . . . . 18:33 . .
. . . 20:18
16:40 . . . . . 18:10
18:45 . . . . . 20:36
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| Places to eat . . . |
places in Olvera:
Antigua
Estación Ferrocarril 661 463 207 or
637 858 103
Mi Pueblo
Juanito Gomez
places in Cadiz:
El Faro
www.elfarodecadiz.com
956 211 068
Places in Sevilla:
Places in Arcos:
Places in Campillos:
Places in Zahara:
Al Largo, run by Stephan and Mona. 956 123 032 |
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