The hunt is over: you have made your choice and know exactly which property you are going to buy in Mallorca.
So now you are feeling very excited and cannot wait to become the official owner of your dream island home. At Balearic Properties, who found the property for you, and you know that you are in the hands of sincere professionals who will advise you regarding what to do next, in order to make the purchase procedure as easy-going as possible for you. Best though also to make your own, personal check – list and here are some guide-lines not necessarily in order of importance:
Appoint a lawyer
- First things first: you need to appoint an English-speaking lawyer. There are many practising here on the island, some who also specialise in Real Estate law. Best choose a local lawyer, who lives near to where you are going to purchase, to avoid any unnecessary travel costs on your bills and as he / she will also represent you after the sales process with regards to tax issues etc.
Spanish Tax ID Number
- You need the Tax ID number, the so-called “NIE” (Número de Identificación de Extranjeros). If you live close to a Spanish Consulate in the UK, best to apply for the NIE number there, it will take about 10 – 20 days depending on how swift the consulate works! If, however, you decide to apply for the NIE whilst you are over here on the island, your appointed lawyer can also take care of this for you.
http://www.balearic-properties.com/en/taxes/nie-number-spain.html
Open a Bank Account
- Once you have you NIE number, you will need to open a bank account, best in the town where you are going to buy. For your property purchase and then afterwards, the day to day business, a local branch will do very well. The bank account is important for standing orders, any bills that may arise and remember to always have sufficient funds floating in the account.
Buying through a Spanish Company
- Depending on your UK business situation, you will need to decide whether you are going to purchase your Mallorca dream villa as a private person or through a Spanish company. Needless to say, in general this decision is also based on the property price and type of property but bear in mind, buying a property in Spain through a Spanish company can save you a lot of money. The property you are purchasing may well belong to a Spanish company, so discuss the pros and cons very carefully with your lawyer, do your figures and then decide how to move forward. For more and complete information check out:
http://www.balearic-properties.com/blog/?s=buying+through+a+spanish+company
Mortage
- Providing you need a mortgage, have one pre-scored before you even start to look for a property. Approach a mortgage advisor and check out the options, if you wait until you decide on a property and then get the ball rolling, you will find this process can take a long time and you might be unlucky and miss out on your dream property!
Money Transfer
- Make an early decision regarding which money transfer company to use, for example Money Corps. Secure the best transfer rates, this could save you thousands of pounds. No head-aches regarding the actual transfer of your substantial funds, either!
Spanish Will
- One thing you absolutely must not forget is to have a Spanish will drawn up as soon as possible after the purchase. Of course, your lawyer can assist or, alternatively, just speak to the notary where the title deeds were signed – the office has all the necessary paper-work with regards to your property, the will must be drawn up and signed by a notary anyhow. http://www.balearic-properties.com/blog/?s=lawyers
Property Management Service
- A local, professional management service for your property will give you piece of mind while you are back home. They will take care of simply everything for you, even pick up your mail and make sure important, perhaps tax related letters go to your lawyer to deal with. It is a great feeling to know some one is out there taking care of things – an even happier feeling when you arrive back on the island and are looking forward to a relaxed time, everything is working perfectly, the garden is looking magnificent, the pool is sparkling, you will really appreciate this service. Again, as you bought your property with the top professionals at Balearic Properties Management, we offer you this complete service, so speak to us!
Renting out your Property
- Make your mind up if you want your property to generate a neat income for you while you are not on the island. Renting your property means it will basically pay for itself: all running costs will be covered and if you have taken out a mortgage, a good rental income will cover your monthly payments saving you money as you avoid transfers from home and the costs involved. The team at our company Balearic-Villas.com® will be only too pleased to advise you so make sure you contact them even before the purchase is finalised so that you have this option in place from the minute the villa is officially yours!
Choose the best Real Estate Agent
- The most important factor is that you have the best Real Estate Agent by your side, Balearic Properties will make sure that you will feel comfortable and “looked after” from the moment you walk into one of the 3 island offices. Don’t forget, we will not only make sure you sail through the purchase procedure, we will also offer you the complete package: renting your dream home and our property management team will make sure it stays in pristine condition to give you maximum pleasure.
How to buy a property during the COVID-19 in Mallorca (update)