A little advice for buying a New Development in Spain
If you are buying a new development in Spain, such as the stunning New Development in Villajoyosa, even the advice of the British government advises you to use an independent party. Make sure they are experienced in the legal work, related to purchasing a property and who will work on your behalf and not that of the developer.
The Spanish legal system related to a property purchase is different to many other countries (including the UK and Ireland). You should ensure that those involved in the purchase are experienced and knowledgeable in Spanish purchase law, such as Spanish Solutions in La Zenia.
Please be careful if a developer or promoter is trying to persuade you not to do certain things, saying it will cost money or time.
One of the first things your legal representative should do is obtain an extract from the Land Registry (a nota simple), ideally before you pay any money.
They need to check that the property and land offered are correct against what you think you are buying and that the sellers are the registered owners.
Once you have paid a deposit, it is sometimes difficult to get it back quickly, so it is important to at least make sure that there is a proper contract mentioning about the deposit.
Your legal representative needs to check a multitude of things:
– that there is a building licence and the development is legal. Unless you are fluent in Spanish and are familiar with the way town halls work you are not going to be able to be able to check that there are no problems in the pipe-line for the development contravening land planning law.
– it is very important that you are aware if there are debts or charges on the property, as you need to make sure you do not inherit a mortgage on the property or part of one.
– if the property has been built on rustic land, the development may have been beautifully constructed, but it may never get the proper approval. It is essential that legal representatives such as Spanish Solutions check all these issues and more.
– in addition, they will be checking that the promotor has insurance and a bank guarantee for the deposits that you are paying in advance (required by law), and that it is registered as a new development in the Land Registry.
– you also need to know that the development has a licence of first occupation that proves it is fit and habitable for humans. This allows the water supplies also to be moved into the occupant´s names and is essential.
– the property should also have an energy efficiency certificate supplied to you (again required by law). This is valid for 10 years and you will need it if renting out or selling your property.
– your legal representative will be able to inform you how much council tax (Suma or IBI) will be due each year, and importantly how much purchase tax is due and that if the government´s value of the property is higher than the price you are actually paying. You may receive an additional tax bill on the percentage of the difference after the sale. At least you can be advised in advance and it is usually possible to claim this back using a solicitor such as those of Spanish Solutions.
All of these are only some of the reasons why you should use and expert when buying on a new development.
We recommend that you use Spanish Solutions (www.spanishsolutions.net) because we have been assisting buyers in this area (La Zenia, Playa Flamenca, Villamartin, Campoamor) since 2005 and we are extremely experienced in protecting buyers buying off-plan and new developments.
At completion, your legal representative should be checking everything at the Notary to make sure it is absolutely correct and that the deed which transfers the property into your name has all the correct details and has been explained properly.
You should receive a temporary deed on the day at the Notary and a full deed within a month to two months afterwards, when it has been registered in the Land Registry.
There are many superb new developments being constructed on the Costa Blanca, many around La Zenia and Villamartin and others further north.
One that we in Comaskey have recently seen, and been particularly impressed by, is the New Development in Villajoyosa, on a stretch of natural beach surrounded by palm trees and hills.
This development of 71 properties, ranging from 1-4 bedrooms is frontline, in a very quiet private area, but only minutes away from local amenities.
We also have many other new developments in the area of la Zenia and further afield. Within Comaskey we have two specialists in this field, Peter and Bram from a collaborating company, Numeijer Vastgoed.
If you are interested in learning more or viewing this, please contact Claire on firstname.lastname@example.org quoting New Development Villajoyosa and she can arrange this.
For legal help with buying new developments or resales properties please contact Amanda email@example.com.
What are you waiting for?
A little piece of heaven, right on the sea, is waiting for you… Please read more about the development HERE..