scampicat

Does anyone know whether this is possible in Spain and if so is it regulated in any way?

We own our Spanish home outright and it just seemed like an idea for the future to get us a bit more income. We are not bothered about leaving it to family when we die ; we only have our son and he will have our UK house - paying shedloads of tax on an inherited Spanish property is something he can do without.

However we do not want anything that will put us into negative equity, or that is in any way dodgy (is this possible in Spain?).

We will be UK resident again at some point.

If anyone has any advice, or personal experience, I would be delighted to know.

Beachcomber

I know I answered you 'elsewhere' but it is worth repeating.

Read this first:

http://www.costa-action.co.uk/

Then this:

http://www.brightsl.com/Articles/arc...rich_cash.html

snikpoh

For those not wanting to read the article, the answer is yes these schemes do operate but BE CAREFUL!

Beachcomber

If someone is thinking of going down this road they need to read and inwardly digest every scrap of information they can find.

SueG

As far as I know Manchester Building Society are doing equity release but please please be very careful it is what you want!

Dxf

Hi

I have a friend who about two years ago had a house worth 250,000. She was offered 80,000 equity release for the whole house, being allowed to live rent free in the house for the rest of her life (she is over 70). The house would pass on to the equity release company upon her death.
My comment was that I would quite happily give her 80,000 for the house, and even maintain it free for her.

There are many types of shark out there.

Dave

jdr

Dick Turpin springs to mind.....

scampicat

Thanks all, especially Beachcomber. It all seems far too risky!. We'll just have to sell it when the time comes. Just thought it might be a way to raise the cash without selling it and our son could have any money that might be left (I'm the eternal optimist).

Thanks once again.

lulu41

Hi there

Are there Any companies in Spain that buy your property for cash, similar to the UK buy and rent back? or buy for less than its value? Be interested to know if there were.

Thanks

scampicat

Don't know about in Spain, but please be careful if you are thinking of doing it in the UK, as all you get is the standard Assured Shorthold Tenancy which means they can chuck you out any time after the first six months, with only two months' notice.