Buying a Property in Inland Spain

Inland property in Spain is becoming more and more popular with the smart investor. Prices on the coast are still rising, and many buyers are turning their backs on the problems caused by intensive construction where any trace of ‘real' Spain has been lost in a muddle of high rise buildings and English-style pubs. There are still plenty of lovely fincas, cortijos and villas to be found in inland Spain and, in some ways, buying an existing property is simpler than building a new house (there should be water and electricity in place already, for example). There are still several important points to consider, however:

• If the house was built before 2000, the plot does not need to be 10,000 square metres (as with a new build property) – but it is essential you have the title deeds thoroughly checked by a professional
• Another thing for your solicitor to check is that there are no plans in the pipeline for further building or development that could affect your property

How to Proceed When You Have Found the Property You Wish to Buy

A deposit needs to be paid to secure the property – usually 3000 Euros

1. The Buyer and Seller agree on a date for the signing of the Title Deeds, dependent on total satisfaction with the solicitor's findings on the paperwork associated with the house. Finance will be arranged if necessary.
2. All the paperwork for the property will be provided for inspection by the buyer's solicitor. The solicitor will check the Title Deeds, the Nota Simple, the Land Registry documents and the local Town Hall.
3. All Utility Bills and Property Taxes will be checked to ensure that there is no outstanding burden or charges on the house.
4. Once the solicitor gives the go ahead, the buyer is notified to ensure that any finance is in place, NIE numbers are in order, and that buyer and seller can both go ahead and exchange on the property. At this point, the buyer will have to pay a percentage of the final property price – usually 10%.
5. The new Title Deeds for the property will be signed by all parties at the Notary. The buyer's solicitor ensures that the buyer receives a registered copy of the Title Deeds and that all Utility Bills are now in the buyer's name.

How to Avoid Being Caught by the Valencia Land Grab Law

There has been a lot of publicity about Land Grab in the British Press in recent years, and much of it can be classified as scaremongering. The Land Grab laws only apply to the Valencian Community – i.e., Alicante, Valencia and Castellon and only to existing (namely resale) properties. It's important to stress that only a tiny percentage of British homeowners have been affected by these laws and the likelihood of a buyer today being affected is extremely slim, not least because the European Parliament is keeping a close eye on developments in the region.

In brief, Land Grab was a loophole exploited by the Valencian authorities to expropriate land. They were only able to do this if a property had been built without planning permission (not uncommon in the past) and only the plot of land had been registered. Land Grab is completely avoidable now so long as expert legal advice is taken regarding ownership and title deeds of the land and property. It is vital that a qualified solicitor check all paperwork relating to your property purchase and whether any plans are in place which may have an impact on your property in the future.

Why Buy in Inland Spain?

The scope for buyers prepared to look beyond the traditional coastal hot-spots is vast. The days of picking up a dream villa for a song are probably gone as people wise up to the potential of inland property but there are still bargains to be found. If you don’t fancy a high-rise apartment in a concrete tower but have a dream of a property with some land, maybe its own pool, views of stunning mountains and citrus groves… then our experts at CountryHomeEspana can guide you past any potential pitfalls and help you find that perfect property in inland Spain.

See our glossary for buyers here

See Inland Property in Alicante

See Inland Property in Murcia