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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.

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  #1  
Old 07-01-2019, 14:08
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Join Date: Feb 2018
Location: Durham
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Default Re: Buying in Spain after Brexit

Hi all,
Hope this is the right forum? We are hovering around a decision to buy in Pollensa, but the Brexit Debacle is putting me off. I know you need an address in Spain to get the official NIE(?) registration, but this can be sorted by the Agent. But once we are out(!!) we are no longer in the EU Club.. so just the same as a Russian or Chinese buyer...anyone aware of what problems this will cause? Or is everyone in the dark like the whole of the UK about everything?
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  #2  
Old 07-01-2019, 15:00
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No-one can really know how things will turn out but there are some excellent solicitors in PdP who should be able to help minimise your risks.

Beware that it's not easy to back out of a purchase in Spain.

My opinion is that things will muddle along. If you've found somewhere you like and can ride out uncertainty, I'd go ahead.

It might even be useful to have a refuge in Europe after the UK descends into anarchy and starvation!
PP76, sws97sdg and clinkham like this.
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  #3  
Old 07-01-2019, 18:50
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We bought our apartment in April and our very first port of call was an appointment with Tony de la Cruz at De La Cruz Coll Solicitors, who gave us invaluable advice. I’d strongly recommend that as a starting point.

Being outside the EU doesn’t seem to put off Skandinavian buyers, but I think there are two things to bear in mind.

Firstly, Inheritance Tax in Spain is fairly complicated and significantly more expensive for non-EU owners. Secondly, the strength of Sterling against the Euro is incredibly unpredictable as a result of the Brexit process and will have a major impact upon your purchase price. If the exchange rate is acceptable to you at the time you agree to buy, I’d recommend locking into a fixed rate with someone like Smart Currency (who we used, and were excellent).

Finally, if I’m not mistaken, you must have an NIE number before you can buy property in Spain, but you don’t need an address to do it.......our Solicitor arranged that for us.

Best of luck.....I hope it works out for you. We are very glad we went ahead.
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Old 07-01-2019, 21:49
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Another option is to agree the price in Sterling with an exchange rate for Spanish tax calculation purposes only. If the rate changes significantly, the only impact will be on the tax calculation.

In PdP, there's a good chance you'll be buying from a Briton anyway.

However, if you do need to convert large sums into Euros, call the FX companies and shop around. You can get very much better than tourist rates. Get a quote for say 10k then ask what they might do for the big number. Ask what their thresholds are for better rates.
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Old 08-01-2019, 13:10
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I think there are a couple of things in your favour currently and a couple of things against. With the recent apartment legislation, it might be an opportune time to pick up a good deal from someone who relied on the rental income and is selling up. Also, the Brexit shambles will possibly make people take offers they wouldn't normally consider.

On the flip side, you don't know what the future holds, post Brexit, so that's a bit of a gamble and the situation has pushed the Pound down, so reducing your buying power.

Like Disorderly & Hanser, we bought recently and effectively gambled, but as its a long term purchase, we'd hope that it will ride out the storm eventually. If it does all go tits up, at least we can suffer in one of the most beautiful places in the world!

Last edited by Rockape; 08-01-2019 at 13:16.
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Old 11-01-2019, 23:32
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Thanks for the replies, didn't get an e mail notification so I missed these. Very helpful... still deep in thought about it. Cant really get an understanding of the market in PP or Pollensa town though, it seems to defy logic, UK valuation is easy, but Spain...a mystery to me, endless different prices, dubious agents, I dunno!
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  #7  
Old 12-01-2019, 10:21
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Install the excellent Idealista app. This allows you to find similar properties to those of interest. Use the build area (sq metres) to compare.
Then apply your own corrections:
If it's been on the market for over a year, it's seriously overpriced and take off 20 to 30%.
Check condition in pictures. Un-renovated properties are rarely habitable without a full refurb.
Do you really need to pay a premium for a terrace, shared pool or sea view?
Beware places with only a view of the block across the road or 100% south-facing.
If it's for your use, don't buy near or in a block of holiday rentals (unless you like a bit of neighbourly chaos).
If you plan to rent out, make sure it already has a valid licence.
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Old 12-01-2019, 15:32
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We purchased our apartment in PP in mid 2018 and also used de la Cruz Associates - they were fantastic during the purchase (and on completion day) and helped with transferring gas, electric, etc accounts into our name. We opened a bank account at the Santander branch in PP where the manager speaks very good English. I would recommend getting to know a few of the local agents as they can give you really good advice (I would particularly recommend Frank Heinsbroek Property who are based in Pollenca - ask for Dana). We've only had the apartment 8 months but don't regret buying it for a moment!
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  #9  
Old 12-01-2019, 15:45
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Another point to take note of - Estate Agents in Spain are very expensive. 5% of the purchase price + IVA (vat) is normal. This is included in the asking price when buying through an agent. If you know the area where you want to buy then have a look around for private for sale signs and approach the seller direct. If the property is offered through an agent then as long as you havn't approached the agent already you can knock at least 5% off the asking price.
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Old 13-01-2019, 19:29
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Thanks for the advice, I will note this all down , always best to speak to people in the know..
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  #11  
Old 14-01-2019, 13:04
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Cant really get an understanding of the market in PP or Pollensa town though, it seems to defy logic, UK valuation is easy, but Spain...a mystery to me, endless different prices, dubious agents, I dunno!

I get what you say, but for me it was just a simple process of looking at what you get for your money. Like anywhere, its location, location, location, so an apartment on the Pine Walk is the starting point and work back from there. The further from the beach the cheaper it gets and if you download the recent 'Place in The Sun' episode from PP & Pollensa, that will help give you a feel for what they found for the money. Obviously the Town has its own criteria.

I wouldn't rule out a place with little views if it's close to the beach and bars, where you can pop out to nice spots in a few moments and obviously a poor view should be reflected in the price anyway.

We went to see a house in Gotmar with amazing views but little space, no storage, limited parking and a 15 min walk to the bars. We bought a house in Llenaire on the second line, with limited views, but right where you want to be when you walk out of the front door. It also had more space and was cheaper. We'd love to have great sea views, but would never have been able to afford them in this location.
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  #12  
Old 14-01-2019, 13:18
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Thanks for this. Looking at price psm it is all over the place, some seem cheap but when you drill down they are over a Bar or a Shop selling Takeaways! Some need total refurbishment, hence price, some at 2000 psm some at 6000 psm ( looking little different!)
I think I agree its a case of using common sense; if it seems too cheap its got a story to it, if it seems too pricey they are flying a kite. We saw one in the Town that friends of ours looked at ( empty and in exactly the same condition, never touched or lived in ) ten years ago!! Unbelievable.
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  #13  
Old 14-01-2019, 13:56
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Wow, you mean its sat there on the market for ten years and no one has bought it or lived in it in all that time? That is mad isn't it! I suppose prices ten years ago were roughly 25% higher than they are now, so wondering how the asking price now compares with what it was ten years ago?
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  #14  
Old 17-01-2019, 17:45
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I know it does seem mad, the price was way over the top, I get the feeling some houses are owned by locals who are not in the slightest bothered if it sells or not. We have them in my City too, people think of a silly price and their attitude is; if someone is silly enough to pay, then more fool them!
Was the TV programme quite recent? I'd like to see it.
Where is Llenaire ? 'Scuse my ignorance!
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  #15  
Old 17-01-2019, 17:52
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Llenaire is the area behind the Hotel Galleon some 20 minutes walk from the Marina.
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