BUYING A PROPERTY

waterlily · Postby **waterlily** » Mon Jun 12, 2006 4:55 pm

Hi

Can anyone in thier 'real life' experiences, tell me how long it actually takes to buy a property here, given that we are having a mortgage as well, how long should I expect the whole procedure to take.

Many thanks

Waterlily

keddyboy · Postby **keddyboy** » Mon Jun 12, 2006 5:37 pm

I can only speak as a cash buyer but through an estate agent and solicitor, viewed house Aug 4th, moved in September 30th, no hitches, no problems and no aftershocks!!

Postby **Beachcomber** » Mon Jun 12, 2006 6:06 pm

Assuming searches check out OK your main delay will be waiting for a decision on the mortgage and the time taken to set it up.

Moving Soon · Postby **Moving Soon** » Mon Jun 19, 2006 10:57 am

Hi

I agreed to buy my house in early March 2003 (paid a small holding deposit) and opened a bank account and applied for a Spanish mortgage the same week. Gave power of attorney to my Spanish lawyer, returned to the UK and transferred funds for the deposit and legal fees. All was completed by 15 May without my having to return to Spain. I came over at the beginning of June to pick up the keys from the lawyer.

costakid · Postby **costakid** » Mon Jun 19, 2006 11:15 am

You will find getting a mortgage quite easy as most banks only lend 70% of the value. It should be quite quick as most agents are friendly with a bank manager.

julian · Postby **julian** » Tue Jun 20, 2006 8:01 am

how nice to see such positive answers at last , what has happened to all the usual "don´t do it" , "it will be a nightmare" and "you´ll lose your life´s savings" answers ??

stellastaff · Postby **stellastaff** » Tue Jun 20, 2006 11:12 am

We looked at a property in early Nov and we finally moved in mid March. Only delay was getting the 8 joint owners together as they lived all over Spain!! Otherwise our solicitor reckoned we'd have been in for Jan. Gotta do it all over again now...

citymike · Postby **citymike** » Thu Jun 22, 2006 12:28 pm

julian wrote:how nice to see such positive answers at last , what has happened to all the usual "don´t do it" , "it will be a nightmare" and "you´ll lose your life´s savings" answers ??

I´ve been ill.

Buying off plan seems to be the next big thing on the costa de la luz. Just the other day someone recommended I buy a couple and then sell before completion to make myself a nice 60K. I don´t fink I´ll bovver

Moving Soon · Postby **Moving Soon** » Thu Jun 22, 2006 1:12 pm

I don't blame you, Mike!

Buying off plan seems to me where a lot of the problems people run into when buying abroad stem from - developers not having building licences, delays in build completion, developers going bust, getting snagging resolved, etc etc etc. Personally I want to see what I am buying in its finished state before I part with any money at all. Maybe I'll never get rich that way but I reckon I'm less likely to lose out either.

I wanted an older property but also refused to look at anything that didn't already have an escritura - the bank would have wanted one anyway before approving the mortgage, and I know people (usually estate agents) reckon it isn't really a problem and it will get sorted out in the end, but surely it must mean a long drawn out process.

waterlily · Postby **waterlily** » Thu Jun 22, 2006 5:13 pm

Thank you so much once again for all your help.

Invaluable as always.

Already hit the first hiccup but am still smiling

Waterlilyx