F.A.Q
Not surprisingly, buying a property in Spain or the Canary Islands creates lots of questions and answers. If we have not covered your questions here, please contact us.
Click on to a question below to view the answer:-
Frequently asked questions.
Q1. Where do we sell?
Q2. What financial and professional services will we require/do you provide?
Q3. How does the purchase process work?
Q4. What additional costs are there?
Q5. Will I need a Spanish Bank Account?
Q6. If I need a mortgage how do I arrange this?
Q7. Are all properties freehold?
Q8. Can you arrange an introduction to an English speaking solicitor to act on our behalf?
Q9. What is the healthcare system like in Spain?
Q10. If we are coming to live here with children, what is the Spanish education system like?
Q1. - Where do we sell?
We mainly sell and have offices in Tenerife, Costa Blanca, Costa Del Sol and the UK.
Q2. - What financial and professional services will we require/do you provide?
At Beckham Overseas our aim is to provide a comprehensive financial service to assist you with the purchase of your property in Spain or the Canary Islands. As you would expect, things work a little differently in Overseas, but we are here to guide you through your purchase and to ensure that you are completely satisfied at each stage of the transaction.
Q3. - How does the purchase process work?
The actual purchase will involve signing a contract to buy and giving the builder (or vendor if it is a resale property) a deposit. With a new home you will be expected to pay the builder between 20% and 30% of the property price (depending on the builder) within 4 weeks. With a re-sale property there is no interim payment and the full price less the deposit will be paid at an agreed completion date. We also request that our clients are aware financially of the costs involved when purchasing a property in Spain or the Canary Islands. You will need to have funds readily available of 3,000 euros or £2,000, for your initial deposit to secure the property.
Q4. - What additional costs are there?
We advise clients to budget for an additional 10% on top of the purchase price. This is to cover 7% sales tax and a further 3% to cover legal expenses.
Q5. - Will I need a Spanish Bank Account?
When you have purchased we can assist you in opening a Spanish bank account. This is required as you will need to transfer your funds to Spain or the Canary Islands to complete the purchase. You will also need this account in order to set up direct debits.
Q6. - If I need a mortgage how do I arrange this?
Should you need a mortgage to help with your purchase we can provide assistance. If you own a property in the UK it may be beneficial to take some equity from this property by way of a mortgage or increasing your existing mortgage if you already have one. This is a popular method of raising funds and in most cases is the preferred option. In addition, or as an alternative, you may decide to take advantage of lower European interest rates with a Spanish mortgage. Again we can help arrange this for you with several Spanish banks with whom we have long and close working relationships.
Q7. - Are all properties freehold?
All the properties we sell are freehold. We ensure that all the deeds (escrituras) are checked by our legal representatives prior to selling.
Q8. - Can you arrange an introduction to an English speaking solicitor to act on our behalf?
Beckham Overseas will be pleased to recommend an English speaking lawyer to act on your behalf. We have long standing relationships with several lawyers over the years who have successfully professionally assisted our clients in their Spanish property purchases.
As purchasing Spanish property is quite different to purchasing a property in the UK a Spanish lawyer is necessary as they are more familiar with local laws and taxes.
Q9. - What is the healthcare system like in Spain and Tenerife?
In general terms, the Spanish healthcare system is excellent. There are reciprocal arrangements for permanent residents and tourists travelling to Spain or Tenerife. It is advisable to check with your own GP regarding your specific situation.
Q10. - If we are coming to live here with chidren, what is the Spanish education system like?
Spain's education system is of a high standard in general. Other than the free state schools, there are many fee-paying international and English speaking schools should you require them.