Puerto Pollensa Travel Guide
Before You Go
Flights
Package Holidays
Latest Special Offers!
All-Inclusive Hotels
Hotels & Aparthotels
Private Villas/Apts to Rent
Villa Companies
Local Rental Agents
Cruises
Car Hire
Airport Transfers & Taxis
Travel Insurance
Late Deals!
Currency
Holiday Shopping
Background Info
Language
Books
Events & Fiestas
Climate & Weather
Art & Culture
Flora & Fauna
Links
Discussion Forum
Once You're There
Maps
Airport Directions
Tourist Information
Eating Out
Buses & Trains
Music & Entertainment
Excursions & Days Out
Shopping & Markets
Kids
Beaches
Walking, Cycling
Boat Charters
Sailing/Watersports
Market Place
Boats & Yachts
Property For Sale
Businesses For Sale
Property Services
Local Services
MouseMats & T-shirts
Computers
Internet Services
Virus Protection
PuertoPollensa.com discussion forums

Go Back   Pollensa Forum > LIVING & WORKING IN POLLENSA > Living & Working in the Pollensa Area

Living & Working in the Pollensa Area This forum is for any comments, questions and advice about living (permanently or temporarily) and working in the Pollensa area. Aimed at ex-pats, property owners etc.

Like Tree5Likes

Reply
 
LinkBack Thread Tools Display Modes
  #1  
Old 01-03-2016, 13:47
*****
 
Join Date: May 2009
Posts: 111
Talking buying an apartment

We are coming out next week to view some apartments and just thought I would ask those who have already done this for any words of wisdom. I am excited about the prospect and so I think I needs some words of advice to keep my grounded.
Reply With Quote
Sponsored Links
  #2  
Old 01-03-2016, 14:34
Deanscroft's Avatar
*****
 
Join Date: Feb 2010
Location: Puerto Pollenca
Posts: 463
Default

Just one or two things that spring to mind -

Check that you have all the outgoings listed. For an apartment there will be a Community charge, two local taxes, plus the property owners income tax.
Also is the water included in the Community charge or extra.

If you intend offering the apartment for rent be aware that taking holiday bookings for an apartment in a Community is illegal, lots of apartment owners ignore this but you could have problems if anyone in the Community complains.

Lots of apartments were built in the 70s and 80s and expensive renovations are due such as rewiring and new water pipes.

Lastly - a word about Community swimming pools. They might look nice on the estates agents leaflets when they are deserted but consider how close the pool is when it is full of all the other owners screaming children!
El Gordo likes this.
Reply With Quote
  #3  
Old 01-03-2016, 16:04
*****
 
Join Date: May 2009
Posts: 111
Default

Thank you for the advice Deanscroft. I am trying to keep a check list of things I need to look at. I hadn't thought about the electrics and water pipes but they are valid points. I'm not too fussed about a swimming pool. We are looking for a fairly central location in the port and hopefully wouldn't be too far from the beach. We really want the apartment for ourselves and family and so hadn't figured on renting it out. However, I wouldn't rule out renting in the future.

JJ
Reply With Quote
  #4  
Old 01-03-2016, 16:35
*****
 
Join Date: Jun 2008
Location: North Cheshire, UK
Posts: 324
Default

To blag the old saying - buy in haste, repent at leisure.

Don't rush into things. Make sure you have all the information you think you need - then check with an independent source that it is what you think it is - don't rely on an estate agent (who is acting for the seller) to be necessarily forthcoming. Make sure you get good legal advice from a local lawyer, who speaks good English (so you understand it).
__________________
Cómo está su vida
Reply With Quote
  #5  
Old 01-03-2016, 16:46
*****
 
Join Date: May 2009
Posts: 111
Default

Thank you Harters. I have looked on the forum for recommendations for a solicitor and have a couple in mind. We have been thinking about this for about a year now (I wish we had taken the plunge when the rate was better) and have tried to absorb as much info as we can. We have a couple of trips lined up this year and so we will take our time.

JJ
Reply With Quote
  #6  
Old 01-03-2016, 19:49
*****
 
Join Date: Nov 2015
Location: Puerto Pollensa
Posts: 709
Default

Deanscroft makes two very valid points, the age of the building and if the water and electrics have been updated and noisy neighbours (and dogs), something very few people seem to enquire about.

My advise would be to find an agent you can trust. There are plenty of them about, preferably an API, as they can advise you probably better than a busy, which all of them seem to be, solicitor.

Whatever happens, the public notary is your friend as he will certify the purchase is totally legal and above board.

Also don't buy a property just because it gets the morning sun. You need to go back and see what it is like in the evening. It can get very cold here in the winter.

And last but not least don't forget the 8% stamp duty, payable by the buyer, on properties sold for less than 400.000 euros.

Good luck

Molt

Last edited by Molt de Renou; 01-03-2016 at 20:03.
Reply With Quote
  #7  
Old 01-03-2016, 20:02
Sparky's Avatar
Super Moderator
 
Join Date: Feb 2008
Location: Port de Pollença
Posts: 17,431
Default

In case any of you were wondering what an API is, here is the definition .

Quote:
API is the most recognized real estate regulation body in Spain. The letters API stand for "Agentes de la Propiedad Inmobiliaria", or "Real Estate Agents" in English. Agents who carry the API stamp have received official training and a credential that is backed by Spain's "Ministerio de Fomento". Their fees are strictly controlled and an official college monitors their behaviour. Misconduct by an API agent can result in fines and a revoked license.
Busy or not i would still recommend you use a solicitor as has already been said an agent is working primarily for the seller.
Molt de Renou likes this.
__________________
Living the dream in PP with my glass half full .

Last edited by Sparky; 01-03-2016 at 20:06.
Reply With Quote
  #8  
Old 01-03-2016, 20:26
Banned
 
Join Date: May 2009
Location: England
Posts: 1,710
Default

Thanks for the API advice MdR. Didn't know that but will certainly remember it for the future.

All very good pointers here but the most important has to be to make sure you use a solicitor, or Notaire.
Reply With Quote
  #9  
Old 01-03-2016, 20:50
*****
 
Join Date: May 2009
Posts: 111
Default

Thank you everybody for the good advice. I will certainly look up the agents who have API recognition. I have a couple of names for a solicitor but if anybody else would like to recommend one I would be grateful. I never thought about 'morning sun' or noisy neighbours, but it makes sense to check. Fees we have allowed approx 11% of purchase price - does that sound about right?
Reply With Quote
  #10  
Old 01-03-2016, 21:10
*****
 
Join Date: Nov 2015
Location: Puerto Pollensa
Posts: 709
Default

Sounds perfectly OK, obviously the more the property costs the less, in proportion, the indirect ones ( solicitor and notary ) will be.

The notary, by the way, is part and parcel of buying and selling anything in Spain.

Until he has gone over all the paperwork in the presence of BOTH the seller and the buyer or their legal representatives with a POA the transaction cannot be finalised.

Last edited by Molt de Renou; 01-03-2016 at 21:12.
Reply With Quote
  #11  
Old 01-03-2016, 21:18
*****
 
Join Date: Nov 2015
Location: Puerto Pollensa
Posts: 709
Default

By the way, before you can actually sign for anything, you will need a NIE ( tax identification number ) which are not difficult to get but can take up to a month to receive.

Worth bearing in mind in case you see something you really like and don't want to lose it.

Another thing would be to open a bank account here for which you will need your NIE number if it is to be used for anything to do with purchasing assets in Spain.
Reply With Quote
  #12  
Old 01-03-2016, 21:26
*****
 
Join Date: Nov 2015
Location: Puerto Pollensa
Posts: 709
Default

Lastly ? if you are planning to ask for a mortgage do it as soon as possible as it can take some time for it to be approved due to the paperwork generally asked for.

Surprisingly, banks normally ask for an official valuation of the property AFTER it has been approved, and not before, which means you can apply for more and probably find that your needs will be less when the property is valued by an official valuer and not the estate agent.
Reply With Quote
  #13  
Old 01-03-2016, 21:48
*****
 
Join Date: May 2009
Posts: 111
Default

We won't need a mortgage, but this will be a joint purchase with my sister. I'm not sure how that complicates things - will we both need an NIE number?
Reply With Quote
  #14  
Old 01-03-2016, 23:25
*****
 
Join Date: Nov 2015
Location: Puerto Pollensa
Posts: 709
Default

Yes, as as it will be in two names, you will each be liable to pay 50% of the annual tax assessment on the rental value of the property.

In this particular case you will both need to draw up a Spanish will.

Molt
Reply With Quote
  #15  
Old 01-03-2016, 23:41
*****
 
Join Date: Nov 2015
Location: Puerto Pollensa
Posts: 709
Default

I totally agree with Sparky in regards to aquiring the services of a solicitor, as their advice will be essential and more sound and uptodate than bloggers like me.

What I will say though is that in this day and age of digital communication, it is not essential that they should be based in the Pollensa area.

Local and national laws are the same every where and public notaries are available all over the island.
Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are Off
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Buying a new car wadavison Living & Working in the Pollensa Area 5 29-03-2014 16:32
Advice on buying an apartment please. jandj Living & Working in the Pollensa Area 5 18-06-2013 12:09
Buying an apartment jandj Members Area 1 18-06-2013 08:57
Buying a used car. Maxalan1 Living & Working in the Pollensa Area 27 12-04-2013 08:35
buying an apartment rioja Living & Working in the Pollensa Area 12 15-03-2013 10:40


All times are GMT +1. The time now is 15:53.


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO 3.6.0
(c) Copyright Holiday Webs Ltd 2011