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Homes > Spain
Important
Information
1) Please ensure
that you will have
full title to the
property on completion
and that the 'Nota
simple'(this is
the document that
confirms the legal
registration of
the property), is
available for the
lender. This document
is required before
a valuation can
be carried out.
2) If the ‘Nota
Simple’ states
that the property
is ‘Rustica
or Rustico’,
it must also state
that the property
has been registered
as a ‘Vivienda’;
this means the property
has been registered
as a ‘habitable
dwelling’
and the lender will
be able to obtain
a legal charge against
it.
3) With new properties,
find out the date
the property will
be registered in
your name(s), as
the lender cannot
lend on the security
of the property
until it has been
registered.
4) Whilst all reasonable
steps will be taken
to secure the loan
on your overseas
property as soon
as possible, delays
may occur due to
the Spanish legal
and administration
system.
5) Check with the
estate agent/vendor
that you are aware
of the costs charged
by the legal &
government authorities
for purchasing a
Spanish property,
noting that the
lender will have
their own legal
costs for assigning
the loan (the cost
of which they will
normally advise
when they issue
the mortgage offer).
6) It is essential
that you take the
appropriate independent
legal advice if
purchasing a new
property as would
be expected if you
were purchasing
in the UK.
7) Please be aware
that the Notary
may be incorporating
within his charges,
costs for assigning
the mortgage and
you should establish
with the Notary
the actual cost
before proceeding
with a loan application
8) The completion
of a Spanish mortgage
takes place in front
of an appointed
Spanish notary and
all parties to the
mortgage, including
the vendor, lawyers
and a representative
of the lender need
to be present. However
a power of attorney
may be used to sign
on your behalf for
the mortgage and
land deeds. A copy
of this power of
attorney will need
to be presented
to the lender in
good time before
completion.
9) A Spanish bank
account will be
required and some
lenders offer this
as part of their
service, but not
all.
10) It is advisable
to arrange your
mortgage finance
before agreeing
to purchase a property.
You should never
sign anything or
make a deposit without
ensuring your deposit
is re-fundable and
you have taken independent
advice.
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