Frequently Asked Questions (FAQ)
Here are a few questions that we get asked on a regular basis, however, if you have any questions that are not answered on this page, please contact us and we will answer your questions.
What monies do I need to have available if I am interested in buying property?
A. On signing a contract you will need to have a deposit, which can be as little as €5,000. This is to hold your property and acts as security whilst the necessary paperwork is done. In 30-40 days from paying your deposit you will need to have the balance of the deposit available and ready to pay. The amount will depend on the overall value of the property you are purchasing. On completion the balance will be payable either by you, your UK mortgage lender or your foreign mortgage lender.
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Can I get a mortgage ?
A. Mortgages are available in many foreign countries and of course from UK lenders. You will need a P60 if employed or last year’s tax return if self employed to show proof of earnings. Bank statements and an income and expenditure form will also need to be completed.
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How long is a mortgage over?
A. With many banks a mortgage can be anything from 5 to 25 years depending on your age at the time of borrowing. Most lenders will require the mortgage to end once you have reached 75 Years of age. UK lenders may vary depending on each lender.
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Do I need a lawyer ?
A. We feel it is essential that you have a good English speaking overseas lawyer and Tailormade Investment Villages are able to recommend a number of suitable lawyers for you to choose from.
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How can I be sure my money is safe?
A. All our developers are fully bonded with the banks concerned in each country ensuring that your money is safe. If for any reason the developer is not able to complete the build project the bank will take over the development and instruct a new developer to complete construction.
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How can I be sure my money is safe?
A. All our developers are fully bonded with the banks concerned in each country ensuring that your money is safe. If for any reason the developer is not able to complete the build project the bank will take over the development and instruct a new developer to complete construction.
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Are there any tax benefits in living in Spain?
A. Spain's decision to cut capital gains tax for non-residents from 35% to 18% is a dramatic saving for a property purchaser in Spain.
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Is the Spanish property market in trouble?
A. The Spanish property market is slowing down but there is no crash imminent.
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Is there still equity growth in Spain?
A. Spanish government statistics show that nationally, prices are still rising - a rise of 5.8% to the end of June 2007.
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Should we be worried about Land Grab?
A. Some properties have been taken under this Spanish Law and for those owners it is a tragedy. However, the situation - in Valencia province only - is now the subject of investigation by the European Union's European law experts.
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Is the Tailormade Retirement Village Susceptible to any of this?
A. Our purpose-built retirement developments are built with full planning permission and licences from the relevant local authority and cannot be "grabbed" by anyone.
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Are we better off if we live in Spain?
A. Britain's property taxes are five times that of Spain, according to a league table compiled by the prestigious Organisation for Economic Co-operation and Development. Britain's property taxes - including council tax, stamp duty and inheritance tax - hit older tax-payers particularly hard as many are on fixed pension and investment income.
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