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BUYING A PROPERTY - WITHOUT A MORTGAGE
BUYING A PROPERTY - WITHOUT A MORTGAGE
by clegiewicz » Mon Oct 11, 2021 4:05 pm
Hi,
A friend is due to fly in and is hoping to buy a property over here, without a mortgage. Is it essential to have a Spanish Bank account to do this?
(He is looking to do the direct debits etc... through Wise - as many people are recommending on this site).
Any help would be much appreciated. Thanks.
A friend is due to fly in and is hoping to buy a property over here, without a mortgage. Is it essential to have a Spanish Bank account to do this?
(He is looking to do the direct debits etc... through Wise - as many people are recommending on this site).
Any help would be much appreciated. Thanks.
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clegiewicz - Posts: 115
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Re: BUYING A PROPERTY - WITHOUT A MORTGAGE
by DTR » Mon Oct 11, 2021 11:26 pm
Get them to contact SGM Abogados in Benijófar. Great lawyers and very important to have your OWN lawyer lined up before you find the property.
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Re: BUYING A PROPERTY - WITHOUT A MORTGAGE
by Calledali » Tue Oct 12, 2021 6:42 am
They will need to prove where the money came from and a traceable path of the money coming into Spain.
In our experience Spain is very keen on money laundering rules and proof was required
In our experience Spain is very keen on money laundering rules and proof was required
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Re: BUYING A PROPERTY - WITHOUT A MORTGAGE
by Ron Hill » Tue Oct 12, 2021 7:28 am
I think the limit you can bring in is still £10,000 beyond that you need to show where it came from and cash needs to be declared at customs when entering Spain and a form obtained from customs or banks won't touch it.
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Re: BUYING A PROPERTY - WITHOUT A MORTGAGE
by Graham_Lynn » Tue Oct 12, 2021 8:24 am
As you normally buy your property with a bankers draft. You would need to find out if Wise can do this this and at what charge?
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Re: BUYING A PROPERTY - WITHOUT A MORTGAGE
by jpeg » Tue Oct 12, 2021 8:46 am
Nothing to stop you paying in cash at the notary when buying property ,the notary goes out of the room when money is passed over all legal as long as you are both private persons
Making a payment in “cash” is not in itself necessarily illegal, be it payment for a property, a car, or consultation or visit to the doctor, lawyer, etc. as long as this payment is properly declared, invoiced, etc.
Once that is clarified, you should know that the cash payments are limited by law, for example the Law 7/2012, of October 29, states that in a transaction where a professional / business person is involved, any payment in cash could not exceed € 2,500.
In your case, if your purchase is between individuals, and you pay part in cash, you may be required to declare the cash payment to the authorities, by means of the forms like the S-1 or other appropriate documents, depending on the amount paid in this way.
Making a payment in “cash” is not in itself necessarily illegal, be it payment for a property, a car, or consultation or visit to the doctor, lawyer, etc. as long as this payment is properly declared, invoiced, etc.
Once that is clarified, you should know that the cash payments are limited by law, for example the Law 7/2012, of October 29, states that in a transaction where a professional / business person is involved, any payment in cash could not exceed € 2,500.
In your case, if your purchase is between individuals, and you pay part in cash, you may be required to declare the cash payment to the authorities, by means of the forms like the S-1 or other appropriate documents, depending on the amount paid in this way.
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Re: BUYING A PROPERTY - WITHOUT A MORTGAGE
by Jonathandunwell » Tue Oct 12, 2021 8:54 am
Morning.
When we bought our house we used Fontanals solicitors to do the purchase as we didn't know what we were doing.
They set up a bank account for us.
We converted our money through currencies direct into euros and paid it to our bank account.
I think we then paid the deposit to the estate agent and the remaining to the solicitors for them to do the transaction.
Im sure there will be other ways but for us this worked.
Kind regards
Jon
When we bought our house we used Fontanals solicitors to do the purchase as we didn't know what we were doing.
They set up a bank account for us.
We converted our money through currencies direct into euros and paid it to our bank account.
I think we then paid the deposit to the estate agent and the remaining to the solicitors for them to do the transaction.
Im sure there will be other ways but for us this worked.
Kind regards
Jon
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Jonathandunwell - Posts: 24
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Re: BUYING A PROPERTY - WITHOUT A MORTGAGE
by gebrow » Mon Oct 18, 2021 8:27 pm
Why not set up a wise account and pay from that.. u can use it as a normal account and have DD from it..
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Re: BUYING A PROPERTY - WITHOUT A MORTGAGE
by wilsonm10 » Mon Oct 18, 2021 11:31 pm
We just completed our purchase at the end of July 2021, with no mortgage as we also had the funds to purchase - we had a solicitor who handled everything including the tranasaction with the Notary (POA in place).
We had to have a Spanish Bank account due to AML rules and also had to show where the funds had come from including payslips from the UK. The seller accepted an electronic payment rather than a bankers draft cheque which the solicitor arranged with the sellers legal person.
I agree with previous comments get your own solicitor, we interviewed 3 law firms (from the UK Consulate list) before choosing one, based mainly on how we felt about the person and could not have been happier. Straight forward transaction, great communication and we collected the deeds, keys etc 5 days later.
We had to have a Spanish Bank account due to AML rules and also had to show where the funds had come from including payslips from the UK. The seller accepted an electronic payment rather than a bankers draft cheque which the solicitor arranged with the sellers legal person.
I agree with previous comments get your own solicitor, we interviewed 3 law firms (from the UK Consulate list) before choosing one, based mainly on how we felt about the person and could not have been happier. Straight forward transaction, great communication and we collected the deeds, keys etc 5 days later.
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