Illegal Builds, Developers Going Bust: Who would buy a newbuild in Spain today?
What it says on the title, really - we've seen a city-edge house on a development, would at least think about it BUT how on earth can anyone buy a new house with any peace of mind about not having to pay for electricity supply if the developer goes down, or be sure the development IS actually legal?
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Re: Illegal Builds, Developers Going Bust: Who would buy a newbuild in Spain today?
How to Avoid Investing in Illegal Spanish Property:
http://www.wikihow.com/Avoid-Investi...anish-Property |
Re: Illegal Builds, Developers Going Bust: Who would buy a newbuild in Spain today?
That's the main problem, despite having all the paperwork many are still illegal, retrospective law!
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Re: Illegal Builds, Developers Going Bust: Who would buy a newbuild in Spain today?
Mmmm ... I can only say buy one that is on an established urbanisation or estate. The builder here had been building on this area for 20 years and we felt fairly safe (gulp).
If I was coming here today though knowing what I know now I would be a lot more cautious |
Re: Illegal Builds, Developers Going Bust: Who would buy a newbuild in Spain today?
Originally Posted by Mitzyboy
(Post 9108085)
Mmmm ... I can only say buy one that is on an established urbanisation or estate. The builder here had been building on this area for 20 years and we felt fairly safe (gulp).
If I was coming here today though knowing what I know now I would be a lot more cautious |
Re: Illegal Builds, Developers Going Bust: Who would buy a newbuild in Spain today?
Originally Posted by Mitzyboy
(Post 9108085)
Mmmm ... I can only say buy one that is on an established urbanisation or estate. The builder here had been building on this area for 20 years and we felt fairly safe (gulp).
If I was coming here today though knowing what I know now I would be a lot more cautious All we can hope for is that our solicitor did his job and was honest.....something that's debatable with the one that we used! :frown: |
Re: Illegal Builds, Developers Going Bust: Who would buy a newbuild in Spain today?
Originally Posted by megmet
(Post 9109184)
I think we all feel that way, even those of us that don't live on an urbanisation.
All we can hope for is that our solicitor did his job and was honest.....something that's debatable with the one that we used! :frown: Well ... I had to sack my first solicitor. I did what I tell people here NOT to do, and it's through these experiences many of us are able to pass on good advice. I originally used a solicitor that was recommended by the builder. |
Re: Illegal Builds, Developers Going Bust: Who would buy a newbuild in Spain today?
So essentially there's no such thing as a 'safe' newbuild buy? :lol:
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Re: Illegal Builds, Developers Going Bust: Who would buy a newbuild in Spain today?
Originally Posted by fionamw
(Post 9110458)
So essentially there's no such thing as a 'safe' newbuild buy? :lol:
..... there are NO guarantees:thumbdown: |
Re: Illegal Builds, Developers Going Bust: Who would buy a newbuild in Spain today?
Originally Posted by fionamw
(Post 9110458)
So essentially there's no such thing as a 'safe' newbuild buy? :lol:
Also do some research into problems in the area, most the problems occur when developments spring up in the middle of the campo/montes but come under the juristiction of some small time mayor who is lining his and his mates pockets. Finally, talk to a lawyer and check with the authorities, probably in the junta de andalucia. It really shouldnt be a difficult job checking whether a development is 100% legal or whether there is likely to be problems in the future. Just remember that while permission is given at the local level, it is the national law that can overrule this decision, so the development needs to be in compliance with national building regulations (e.g. in terms of the ley de costas and building on rural and semi-rural land). Finally, before buying I would get a letter from my lawyer and a surveyor with their professional letterhead confirming that the property is legal (in Spanish). That would then take pride of place in my paperwork collection! |
Re: Illegal Builds, Developers Going Bust: Who would buy a newbuild in Spain today?
Originally Posted by cricketman
(Post 9110573)
If your new-build is on the edge of a city (I am guessing Malaga) then look to see what the land the development was built on is classed as. If it is "urban" then you will be safe.
Also do some research into problems in the area, most the problems occur when developments spring up in the middle of the campo/montes but come under the juristiction of some small time mayor who is lining his and his mates pockets. Finally, talk to a lawyer and check with the authorities, probably in the junta de andalucia. It really shouldnt be a difficult job checking whether a development is 100% legal or whether there is likely to be problems in the future. Just remember that while permission is given at the local level, it is the national law that can overrule this decision, so the development needs to be in compliance with national building regulations (e.g. in terms of the ley de costas and building on rural and semi-rural land). Finally, before buying I would get a letter from my lawyer and a surveyor with their professional letterhead confirming that the property is legal (in Spanish). That would then take pride of place in my paperwork collection! Now with hindsight the future buyers can all learn from past "mistakes" on the part of buyers, lawyers etc. So as this post says, it would be best to check, double check, triple check at all levels.........it is a lot at stake and an oversight could work out very expensive. A good point about the paperwork, the more paperwork you can gather, the better..... The only problem I can see with new builds of larger developments is if a large number of the properties take years to sell. Then the buyer could end up in a ghost town for years to come, untill the remaining properties are sold. |
Re: Illegal Builds, Developers Going Bust: Who would buy a newbuild in Spain today?
Originally Posted by fionamw
(Post 9110458)
So essentially there's no such thing as a 'safe' newbuild buy? :lol:
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Re: Illegal Builds, Developers Going Bust: Who would buy a newbuild in Spain today?
Originally Posted by JLFS
(Post 9110589)
The only problem I can see with new builds of larger developments is if a large number of the properties take years to sell.
Then the buyer could end up in a ghost town for years to come, untill the remaining properties are sold. This is not the case for all of Spain. In 2005 I bought 2 properties off plan, 1 in Denia and one in El Vergel, finished in 2007, rented out then sold last year. They were 100% legal, all the paperwork was correct both when I bought them and when I sold them. |
Re: Illegal Builds, Developers Going Bust: Who would buy a newbuild in Spain today?
Originally Posted by whitelinen
(Post 9110714)
This is not the case for all of Spain. In 2005 I bought 2 properties off plan, 1 in Denia and one in El Vergel, finished in 2007, rented out then sold last year. They were 100% legal, all the paperwork was correct both when I bought them and when I sold them.
It was just a warning to be exta vigilant to buyers, so that they are not one of the unlucky ones who have been left with a legal and financial mess |
Re: Illegal Builds, Developers Going Bust: Who would buy a newbuild in Spain today?
Originally Posted by Mitzyboy
(Post 9109879)
Well ... I had to sack my first solicitor. I did what I tell people here NOT to do, and it's through these experiences many of us are able to pass on good advice. I originally used a solicitor that was recommended by the builder.
Only later did we find out what a bad reputation he had locally. |
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