Would be relocators who have followed my family's migration from South West London to our new home in Spain, may have already been assisted in their search for that dream home by our initial six easy lessons to a comfortable transition to life in Spain.
We have been asked to expand on our preliminary advice. So, from our direct - and thoroughly enjoyable and rewarding experience - I hope you'll appreciate these six further lessons.
Currently, servicing borrowings to purchase a property by way of a Spanish mortgage is an attractive prospect for those of you from Northern Europe, particularly the UK, where interest rates have risen in recent months. The Spanish financial services market is in the formative stages of its development - and whilst it is substantially more advanced than the markets of the former eastern Bloc - certain financial products which are widely available in the UK are simply not available.
For some time the UK financial services sector has offered 100% (loan to value) mortgages, non-status or self-certifications products. These are counter culture to the Spanish borrowing mentality where only relatively recently has it become usual for a purchaser to borrow to make their purchase of a property.
It may be interesting to note that unlike the UK, in Spain a mortgage secured against a property attaches to the property rather than the borrower. This means that a mortgage may be transferable - subject to status - between a buyer and seller. If you do not want to assume the mortgage, it is important that your legal advisors ensure that mortgage debt is redeemed by the seller before you complete your purchase.
If you are a buyer who is seeking to fund your purchase in part by way of a Spanish mortgage, I would strongly recommend that you should work with a recognised mortgage broker to identify your precise capacity for borrowing in Spain prior to narrowing your property search. The Rights Group (TRG) works with several such brokers and would be pleased to help you to assess your financial requirements before your inspection visit. Please also remember that you'll need to add in the region of an additional10% of the purchase price of the property selected to cover professional fees, transfer taxes, Land Registry fees etc.
Lesson Seven: Check your financial capacity to buy your new home before you start your search.
Many works of non-fiction in the "Driving Over Lemons" market have depicted a view of Spanish rural life that is charming, quaint and stuffed full of olive oil soaked personalities who are keen to help the newcomer settle into their neighbourhood. I wouldn't dare to suggest that this is rose tinted - it's not - there is an honesty and grit to Spanish rural dwellers that is heart warming. However, they are used to the harshness of the conditions the extremes of the seasons and the lack of creature comforts. Above all they speak Spanish - they will usually have little more than a "yes" or "no" grasp of English - and why should they!
If your dream is to redevelop a remote and ruined finca in a more rural part of Southern Spain - and there are many - little more than a few thousand metres off the main roads - you are certain to need in equal measures the following:
i. More than "restaurant" Spanish.
ii. An experienced Surveyor - who may be a British trained RICS member or the Spanish equivalent, a Tasador, to provide you with a full structural survey of the property along with recommendation to rectify any obvious failings.
iii. A bilingual Project Management team who should be retained early on in the refurbishment process to ensure that you are able to achieve the finished property that you desire. They will handle the entire process including the creation of the architectural drawings and seeking their approval by the Architectural College. They will obtain the relevant building licences and permissions from the planning department of the local Ayutamento. They will exercise relevant control over the builders and their progress with the aim of delivering, most importantly, on time and on price.
Lesson Eight: Learn good Spanish if your dream home is a Finca or Cortijo in the Campo. Don't be led astray by the promises of an overzealous salesman who assures you that you can build your very own Alhambra Palace on the site of a tumble-down cattle shed - in reality its unlikely. Finally, if the idea appeals but the reality is just too daunting buy a sea or mountain v