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Currency Exchange and property views

Currency Exchange and property views

Old Aug 31st 2016, 5:07 pm
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Default Currency Exchange and property views

I,m thinking of moving to the costa brava south(La Zenia region) within the next 6months.
Obviously looking to buy a property, can anyone give me the heads up as what i need to do to get my currency transfered when i give a deposit on a property and ultimatelly when i pay the final payment.
Best company to use and how it all works?
Going there for a month in September for house hunting, looking at camposol and calasparra, any recommendations and your experiences would be amazing. Thanks for your help.
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Old Aug 31st 2016, 5:35 pm
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Default Re: Currency Exchange and property views

I always use Transferwise for moving my money about. They've been around for years. Cheap and reliable.

Worth a look on their website for full information.

Steve
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Old Aug 31st 2016, 5:40 pm
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Default Re: Currency Exchange and property views

Just a heads up. La Zenia is Costa Blanca, not Costa Brava. God luck house hunting.
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Old Aug 31st 2016, 6:51 pm
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Default Re: Currency Exchange and property views

Originally Posted by marmate53
I,m thinking of moving to the costa brava south(La Zenia region) within the next 6months.
Obviously looking to buy a property, can anyone give me the heads up as what i need to do to get my currency transfered when i give a deposit on a property and ultimatelly when i pay the final payment.
Best company to use and how it all works?
Going there for a month in September for house hunting, looking at camposol and calasparra, any recommendations and your experiences would be amazing. Thanks for your help.
Hi and a warm welcome to the Spanish forum on BE. Myself and Fred James are the moderators for the Spanish forums whilst BEVS moderates Europe. Moderators are there to ensure that the site runs smoothly within the rules of BE. This is so that members gain the information that they are looking for and find their experiences on the forums to be friendly and worthwhile.

Problems and complaints should always be addressed to a moderator who will look into the matter and deal with it efficiently and fairly. Our members who post in the Spain Forums are usually friendly and helpful with a wealth of knowledge about the issues of living in Spain. I hope that you enjoy your time participating in the forums.

Please let me know if you need any further help.

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Old Aug 31st 2016, 6:55 pm
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Default Re: Currency Exchange and property views

For larger sums of money bank account to bank account transfers CurrencyFair works well.
Before doing anything get yourself a good lawyer preferably near to where you are planning to buy as their local knowledge will be invaluable . If you are travelling backwards and forwards give them a power of attorney to manage the purchase on your behalf. They can apply for a NIE on your behalf as you will need it to buy the property. If you give them a POA they will probably set up an escrow account for you to which the funds will be transferred and not released until the documentation is in place.They will also do the Registry searches and similar background checks. The purchase is a two phase process with an initial sale agreement ( when you pay a deposit ) being followed by the formal purchase in front of a Notary. The timing needs to be agreed in the initial phase and normally there are penalties if it is not complied with .
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Old Sep 1st 2016, 8:06 am
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Default Re: Currency Exchange and property views

Originally Posted by Loafing Along
Before doing anything get yourself a good lawyer preferably near to where you are planning to buy as their local knowledge will be invaluable . If you are travelling backwards and forwards give them a power of attorney to manage the purchase on your behalf. They can apply for a NIE on your behalf as you will need it to buy the property. If you give them a POA they will probably set up an escrow account for you to which the funds will be transferred and not released until the documentation is in place.They will also do the Registry searches and similar background checks. The purchase is a two phase process with an initial sale agreement ( when you pay a deposit ) being followed by the formal purchase in front of a Notary. The timing needs to be agreed in the initial phase and normally there are penalties if it is not complied with .
That is what we did and we had no problems whatsoever. Our lawyer did everything from the conveyance, organising our NIE's, setting up a bank account including all the DD's for water, electricity, rates etc.
He still retains PoA over our bank account for one off items.
All we did was to pick up the keys after completion.

Don't forget that you shall need to allow around 13% for buying costs, including the legals.

Shop around for your currency as rates do vary and you are likely to get a better rate dealing over the 'phone with a trader rather than on-line.

I currently use:-

https://www.afex.com/unitedkingdom/p...w_it_works.php

Good luck
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Old Sep 1st 2016, 10:42 am
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Default Re: Currency Exchange and property views

Hi
Thanks for the responses, Yeah its costa blanca not brava having a senior moment.
Anyone got any details of a good lawyer in the la zenia area, prefer to go by reputation than just pick one.
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Old Sep 1st 2016, 11:08 am
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Default Re: Currency Exchange and property views

Can I suggest NOT buying at first, rent for at least a year so you see the area in all seasons, unless you have lived there you really don't know just whether you will like it, so rent, then, if you are happy, buy, but dont buy immediately, you may well not like the place, and end up with a house that is difficult to seel and that you end up loosing money over.
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Old Sep 1st 2016, 11:20 am
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Default Re: Currency Exchange and property views

This link takes you to the recommended list from the British Consul if no one else has any recommendations.

https://www.gov.uk/government/public...ist-of-lawyers
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Old Sep 1st 2016, 12:46 pm
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Default Re: Currency Exchange and property views

I,ve been hinking of problems i may encounter when moving to spains costa blanca.
At the moment i own a home in the uk, should i find a property in spain and put a deposit down it is my understanding that i will need to pay the final amount within 3-4months.
There lies the problem. Not having the cash to pay final settlement if my uk home does not sell in that time.
I will be going to spain in a couple of weeks and no time now to sort out the sale.
Would it therefore be easier if i get a mortgage in spain and pay it off when i have sold the house or will that incur too much interest? Your thoughts please and a good mortgage broker in La Zenia.
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Old Sep 1st 2016, 12:50 pm
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Default Re: Currency Exchange and property views

Originally Posted by marmate53
I,ve been hinking of problems i may encounter when moving to spains costa blanca.
At the moment i own a home in the uk, should i find a property in spain and put a deposit down it is my understanding that i will need to pay the final amount within 3-4months.
There lies the problem. Not having the cash to pay final settlement if my uk home does not sell in that time.
I will be going to spain in a couple of weeks and no time now to sort out the sale.
Would it therefore be easier if i get a mortgage in spain and pay it off when i have sold the house or will that incur too much interest? Your thoughts please and a good mortgage broker in La Zenia.
Yes you will probably need to settle in quite a short time scale, particularly if you are buying second-hand not new build but mortgages are cheap at the moment...
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Old Sep 1st 2016, 12:53 pm
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Default Re: Currency Exchange and property views

Will i then be able to pay back early with no penalties?
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Old Sep 1st 2016, 1:02 pm
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Default Re: Currency Exchange and property views

Originally Posted by marmate53
Will i then be able to pay back early with no penalties?
That depends on which bank you do a deal with
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Old Sep 1st 2016, 1:04 pm
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Default Re: Currency Exchange and property views

Suggestions?
I was thinking of opening a Santander bank account in the uk and using them in spain when needed.
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Old Sep 1st 2016, 1:08 pm
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Default Re: Currency Exchange and property views

Originally Posted by marmate53
Suggestions?
I was thinking of opening a Santander bank account in the uk and using them in spain when needed.
They may have the same name but they are totally separate.

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