Sterling to Euro exchange

Buying a house in Spain.

Buying property in Spain is now more popular than ever, with increasing numbers of people following their dream of purchasing a holiday home, buying property to rent out or moving lock, stock to the sun. The British love the pleasant, healthy climate and in recent years the Spanish local authorities have made great efforts to increase the number of foreign tourists and residents.

Buying a property abroad is an exciting experience. However buying a property abroad is very different to buying a property in the UK. There are many considerations and we have listed some of the main ones below.

Settle on a region - Spain is a big country with many different regions, with many beautiful areas not necessarily on the coast. Your individual choices and taste will determine the type of area that you choose. Climate, future growth and the type of life you want should all be considered when you are buying a property in Spain. You also have to decide on a type of property to buy in Spain ,such as an apartment, a villa or even an old farmhouse. View lots of areas to get a feel for the pricing the lifestyle and the general ambience.

Talk to estate agents - When purchasing a property in Spain be aware that estate agents must be officially registered and hold a licence . As the process of buying property in Spain is very different you need a good agent to guide you through the pitfalls.

Appoint a lawyer - Naturally the purchase of a property in Spain has different legal issues and costs involved. A Solicitor in Spain is called an Abogado and will advise and assist you, but it is worth researching the system and the likely costs

Making an offer - Once you have decided on your dream property purchase in Spain you need to make your offer, in writing if possible (of course, subject to contract). When you make your offer include not only the price, but also the amount of deposit, when you are prepared to pay it, when you are prepared to complete, what you consider to be included in the price and, an often neglected point, that all machinery equipment and installations should be in normal working order.

If an offer is accepted - The lawyer the legal responsibility for checking the land registry and will then prepare a private contract which will bind both parties to the deal . The solicitor will next prepare the public deeds (Escritura de Compraventa) for signature in front of a Spanish Notary. When the balance of the purchase price is paid and vacant possession of the unencumbered property is granted, the sale is completed. The notary will fax details of the title deed to the local land register to inform them of the identity of the new owner.

Once you have bought a house in Spain and wish to spend more than six months in Spain you need to apply for a Residencia - to become a Resident. The main benefit of becoming a resident is that your taxes will be lower.

Financing your property purchase in Spain
Before you purchase your house in Spain you will need to have the relevant finance in place. There are many costs assoctiated with buying property in Spain. There are two main methods of financing a property purchase in Spain.

You can apply for a mortgage in Spain where the interest rates are lower or you can use a UK based mortgage.

Some people are lucky enough to have equity in their UK house which can be released to buy the property in Spain, in which case a sterling to Euro exchange and transfer service is required.

It is more than likely that with either process at some stage you will require the services of a currency transfer company. Whether to transfer the whole amount, monthly mortgage payments or to transfer living expenses you will want to transfer your funds at the best available rate. A Currency Exchange Company can exchange your Sterling currency to Euros and transfer to Spain for you.