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MORTGAGE NEWS...

9 times out of 10 you can get a better mortgage deal from Spain than you can get in the UK. Follow this link ... Mortgage in Spain

CURRENCY NEWS...

A little known fact! - That changing currency can be the single biggest cost in buying property abroad. For 0% Commission and No fees... Follow this link ... Currency Exchange

Illegal Builds in Spain…

For those who don’t already know, there are properties in Spain without the proper planning permission.

They have been in the news for the past few years and as these illegal builds will be bulldozed with as little as 48 hours notice; traumatic as you can imagine.

How can this happen in a civilized society?

First and foremost people take risks. There are two specific areas during the purchase that identify a weakness. A poor solicitor, who deliberately turns a blind eye to suspect planning applications; and advice from a solicitor to a prospective buyer, who then themselves choose to carry on with the build regardless of potential problems.

The fraudulent Spanish lawyer cum solicitor, who surprisingly uses the language barrier as one reason for any errors, and the other reasons base themselves around communication errors with planning authorities.

In my attempt to defend Spain and their procedures, allow me to draw a comparison. If we compare with the UK as a parallel, then we can find there are fraudulent solicitors trading in the UK and several go to court for their actions.

Journalists enjoy a meaty story, something that will not only be a good story in the newspapers and television, but eventually bringing the said criminals to justice. That is all well and good for journalists… but why don’t they study the fraudulent actions of solicitors more often? The simple reason is the legal profession has plenty of clout to deter any nosey journalist. So any invasion comes with a threat of legal action and subsequent lawsuit should they get any small aspect of their reporting wrong. So… unless the legal profession themselves have cast a certain individual aside; the ranks close… and delving into a solicitors affairs is rarely successful.

Yet the same closed ranks do not occur in Spain, as law-suits between countries are more difficult to pursue.

Allow me to clear up one aspect of the illegal builds in Spain. New builds can be illegal unless they have the proper documentation; properties built before the year 2000 are less likely affected.

Using that theory therefore, ‘resale’ properties are a better alternative to buy.

Those bulldozed illegal properties are generally in the ‘campo’ areas. These are the areas on the outskirts of small villages and towns.

The temptation to buy such properties, are clearly obvious as they are substantial in description with a good deal of land and physically built property upon the plot. What money may buy a three-bedroom apartment on the coast, would buy a 3 bedroom villa 5 miles inland, with a swimming pool and landscaped garden. Such temptation is on every individual intending to buy overseas property.

So here are the two main areas that property buyers need to be aware of.

Firstly, the so-called dodgy solicitor… These are obviously unscrupulous and similar to the dodgy people in the UK. They seem to settle in one area for a few years; do their dirty work and as their working environment begins to get tough, they move up and down the coast.

An option to overcome this possibility is to get another solicitor to follow their tracks. Tell your original solicitor that this is going to happen; and see whether he shakes in his boots. The cost maybe and extra £100, but the extra security and confidence you’ll get through ‘double-checking’ will makes the buying process so much more comfortable.

The second possibility is the more frequent…

The system of authority for building is different here in Spain. In the UK for example, planning permission is sought from the local council; once approved everything is fine. Here in Spain they have a two-tier system. More often than not the local council will approve development; if only for no other reason than injecting funds back from central government, as population quota improves the Spanish councils grants.

The other tier within the system is the ‘Regional Province’ authorities, they have the last authority on planning. To ease the friction between the two, the Regional Authorities have designated areas that have urban development rights; allowing development. Without this right of development, more scrutiny and approval is needed.

Under this scrutiny comes ‘delays’ and doubt. Here the solicitor will advise a client that a previous application was approved by the local council, and then subsequently approved by the ‘Regional Authority’. The decision to build as a consequence is put back onto the prospective buyer of the land; as the approval may take up and over a year.

Big Risk!... But the prospective buyer is so eager that they approve the purchase of land. With this approval comes the risk of everything going belly up and the house demolished.

As with some houses, that have the risk of being bulldozed, the owner at the time try’s to sell the property. More often than not as explained earlier the property is substantial, beautiful and close to all amenities; so the likelihood of potential buyers is huge.

Again, in theory the property should never sell, as the solicitor does the necessary checks. But invariably the estate agent initiating the sale; knows of an unscrupulous solicitor who will scurry through the proceedings.

Downright scandal… but wherever there are people, there will be one dodgy character willing to earn a quick buck off someone. This scenario applies to any community it the world.

At this moment in time 95% of property are fine; a further 3% have no plans finalized but will get approval eventually; and the remaining 2% need further clarification before you consider purchasing.

My conclusion on Spanish Property… Not too much different to the ‘builder’s bodge jobs’ cunningly hidden before the property is sold in the UK. Unscrupulous activity happens everywhere, wherever there are people, there will be two or three in every hundred that should raise suspicions. When buying check thoroughly and perhaps get a second solicitor checking over the final drafts.

Phil Booker

Sale-Property-Spain.co.uk

Buying Property Abroad and Moving Abroad - Top Financial Tips

I was once interviewing a BBC Radio presenter in my previous journalistic capacity and he said something that has rang true with me ever since. He said, "Once you become a parent you become a political and economic expert within weeks."

Behind that comment is a wealth of insight. Your future, your finances, your health and your careers are all brought into the forefront of your thoughts once your children are born. Our 'provider' instinct and mentality switches on and we suddenly see the injustices of the world. A couple of those aspects, your future and your finances we can explore a little within this article.

To read the full article ... Buying Property Abroad

Security for Your Property Purchases in Spain

The Property Pack!

Before I moved from the UK to Spain, I heard about the intended introduction of the ‘Property Pack’. It all sounded like too much paperwork and another extra piece of red tape in the process of selling a house.

I now see myself once again involved in the property market as I live in Spain. May 2008 sees the introduction of the same ‘Property Pack’ here in Spain. Instead of seeing the pack as a hindrance I see it as a god send…

It provides a lifeline to those people who have a legitimate property… As opposed to those that have been saddled with an illegal build.

To read the full article ... Property Purchases in Spain

Big Boost to Property Sales in Spain…

The Spanish Property Market has seen the best resulting sales in April 2008 for over a year.

Following media coverage of the failing property market during 2007, most potential property buyers put their plans onto ice until the situation improved.

The complete market in Spain saw estate agents shutting through lack of sales and the crunch during 2007 was to get even worse. Unscrupulous agents were devising tactics to prise money out of clients through desperation to inject money back into their own business.

Some such tactics were to ask for a small lump sum payment to substantiate an offer on a property. Although in the agents defence it eventually was used as part payment towards the deposit, nonetheless it was a payment devised to be a part payment of the agents commission. This was one of the tactics that prevented potential home buyers from venturing into the Spanish market.

The shrewd investor saw the decline as an opportunity to secure a dream home at a much reduced price. In fact this aspect of a declining market was the main purchasing selling point that the Spanish Market was using to attract buyers.

However as 2008 emerged it was clear that a new year had brought a new perspective back into the property market. Month on the month the buyers have been coming back. The estate agents were beginning to see a new surge of property buyers.

April 2008 has seen the best month in property sales in Spain for almost a year. This confidence can be expected to multiply as the season for visiting Spain arrives during May and the summer season.

Upon further investigation of the property market we can see trends that follow the UK market. Smaller one bed apartments and studios seem to remain pretty consistent, as do the properties valued at over a £million.

One may think that property has a similar intrinsic value to that of gold; as it rarely decreases in value. As such of course property has to be the ultimate way to invest money and see year on year returns.

One new property on the market valued at almost a £million near Cordoba in Southern Spain; having 15 bedrooms, ideal for a bed and breakfast opportunity, has received 6 enquiries in the first week it has gone on sale.

It would appear as a consequence of such interest that a new surge of buyers has begun. Not to bring the property market back to its prime, but enough to give everyone, both purchaser and seller a little confidence.

The economy of course is having a direct affect on the market. The Euro is particularly strong against other currencies, especially the British Pound and the American Dollar. This would mean that any transfer of money would have an extremely poor exchange and as a consequence could mean the difference of up to £15,000 on a £100,000 transfer.

Mid 2007 saw the exchange rate for the Euro at 1.48 to the pound. Today we see the rate at 1.24. This equates to 24,000 euros for each 100,000 euros exchanged. Despite this poor exchange rate the property market in Spain is beginning to rise from the ashes.

We look forward to the continued rise in interest in property sales.

Mr. P. Booker
Internet Estate Agent, Southern Spain
Luxury Cordoba Property

CURRENCY CASE STUDIES -

Case Study
In November 2007 Simon from Gloucestershire wanted to invest in a property in Miami, mainly because the dollar was weak against the pound. He had £175,000 to invest which was going to buy him a substantial property. He'd been given a quotation from his bank at US $1.80 / £1. A broker in comparison could achieve US $1.84 to the £1; plus of course these brokers don't charge any incidental fees. Simon if he would have gone through his bank would have got $315,000; but because he chose a broker they were able to secure $322,000. This saved Simon $7,000 almost £3,400

Case Study
In August 2007 there was Jayne from Southampton, she was buying a property in Almeria, Spain. Her transfer was for a villa at £325,000; a superb 5 bedroom villa with sea views. Her bank had frightened her with the exchange rate, so she decided to look elsewhere; fortunately she came to a brokers website. She was offered an exchange rate of US €1.39 / £1; they were able to offer €1.41 / £1. This meant had she continued with the bank she would have realised €451,750 - however fortunately the broker service could manage €458,250; saving Jayne €6,500 (£4,600)

Case Study
In September 2007 Dominique wanted to buy an Apline ski home in Austria. The property was valued at £295,000. He hadn't gone to the bank as he had heard that the banks weren't always the best choice. A broker will be fully aware of what the banks charge at what rates they work with: Barclays on this day was working with an exchange rate of €1.35 / £1; the broker on the other hand could get €1.38 / £1. Using Barclays, Dominique would have received €398,250; whereas the broker actually secured him €407,100 which has a difference of €8,850 (£6,400).

CURRENCY ARTICLES -

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CASE STUDIES

Find out how we saved these people a substantial amount of money on their currency exchange. You'll be surprised at just how much can be saved.

Case Studies

CURRENCY NEWS -

ADVERSE CURRENCY FLUCTUATIONS

Don't run the risk of fluctuations! Currency Brokers, can, by fixing a rate for your currency requirements today for a purchase in the future (up to 6 months).

Currency Example... The Pound against the Euro... 16 months ago was €1.48/ £1.00; 6 months later it was €1.32/ £1.00. On a £100,000 transfer the difference in those 6 months is £12,000

For full story - Click Here - Adverse Currency Fluctuations

CURRENCY NEWS -

Pounds - Dollars - Euros

Currency - Pounds - Dollars - Euros - were all given a slight boost following a drop in oil prices on Wednesday 23rd. The dollar rose against the Yen, Euro and Swiss Franc.

For full story - Click Here - Pounds - Dollars - Euros

Currency Exchange Agencies in the UK

Online Currency Agencies … better know as Currency Brokers have now taken over as the most used service when Buying Property Abroad.

Traditionally it was the High Street Bank that was used to transfer currency abroad. Their reputation was second to none and generation after generation used them to Transfer Money Abroad. However in our competitive world we have seen Building Societies command more of the banking market by issuing ‘bank accounts’; and also Currency Brokers who originally were formed to transfer large amounts of currency in moments for the Forex Trade Market, have now engulfed the transfer of large funds by being able to beat the processing costs of High Street Banks.

Currency Brokers as do High Street Banks buy their Foreign Currency at wholesale prices. But the one redeeming factor in the brokers favour is the percentage of profit added to each deal. The banks tend to add between 3% to 4%; whereas the Currency Broker will add up to 1%.

For the unsuspecting client this can be all confusing. When the High Street Banks are offering 0% commission why aren’t they the best option? There isn’t a simple explanation other than saying that over the past 4 decades a commission payment for the transfer of currency has been the normal process. The High Street Banks play heavily on this factor; as I may say do some Currency Brokers.

But … What we need to establish is what will our money get us when transferred? Forget the 0% commission or any other special offer … it is the bottom line that counts. If we have £100,000 what will we get?

For those who read this article and have their reservations about using a currency broker allow me to give you a few examples:

Currency Exchange Case Study - In September 2007 Jason and Helen wanted to buy an Apline ski home in Austria. The property was valued at £295,000. They hadn't gone to the bank as they had both heard that the banks weren't always the best choice. A broker will be fully aware of what the banks charge at what rates they work with: Barclays on this day was working with an exchange rate of €1.35 / £1; the broker on the other hand could get €1.38 / £1. Using Barclays, Jason and Helen would have received €398,250; whereas the broker actually secured him €407,100 which has a difference of €8,850 (£6,400).

Currency Exchange Case Study - In August 2007 there was Ellie from Southampton, she was buying a property in Almeria, Spain. Her transfer was for a villa at £325,000; a superb 5 bedroom villa with sea views. Her bank had frightened her with the exchange rate, so she decided to look elsewhere; fortunately she came to a Currency Broker’s website. She was offered an exchange rate of €1.39 / £1; we were able to offer €1.41 / £1. This meant had she continued with the bank Ellie would have realized €451,750 - however fortunately the broker service could manage €458,250; saving Jayne €6,500 (£4,600)

Currency Exchange Case Study - Paul and Debbie from Bootle in Cheshire had taken 9 months to purchase a villa in Pescara in the Abruzzo region of Italy for €650,000; January 2008. Sadly when a house purchase takes so long there can be fluctuations in the currency rate, and on this occasion it wasn't in Paul and Debbie’s favour. So it became even more important to save on the currency exchange. Had they gone to a bank they would have paid €8,100 more than what they paid a Currency Broker. They successfully managed to save them £6,090.

I hope that showing these examples have helped in your understanding. Do not be afraid to get a quote from an Online Currency Broker; they can provide testimonials should you be concerned.

Each and every step of the process is done through a traditional bank; and account is setup for each transaction and such transaction history can be supplied should you need it.

Online Currency Brokers can save you up to £15,000 on some transactions. If you look after the pennies the Currency Broker will look after the £’s…

Mr. P. Booker

Senior Currency Expert and Columnist.

To get a free no obligation Currency Broker Quotation for Exchanging Your Currency… Please visit

http://www.pounds-to-euros.com/

Online Spanish Property | Spanish Property for Sale | Spanish Mortgages | Currency Advice - Pounds to Euros

Property Investments Spain

Property Investments Majorca

Property Investments Tenerife

Property Investments Costa | Property Investments Almeria and Murcia

Property Investments Valencia | Pounds to Euros Quotes | Property in Mallorca