Property purchase in sterling
Mar 4th 2011, 11:25 am
#1
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Joined: Mar 2010
Location: UK/CDS
Posts: 1
Property purchase in sterling
It has just been mentioned to me by an agent that spanish property transactions can now be dealt with in sterling where both the buyer and seller is UK dom.
Given that if i buy an apartment at say €125K at todays rate i would have to give the seller approx £107,250. We agree the sterling amount at the point of sale so that both are protected by rate movement.
Is it really that straight forward that i can pay say 10% deposit in Euros to my Notary which will then get used to pay the taxes due etc and i give a bankers draft to the seller at the notarys based on the £ equiv of the euro figure we agreed.
I know there is a lot more detail to it but wanted to understand that the principle its that easy as my notary hasnt experienced any such sales.....come to that he hasn't handled many sales full stop recently...
Given that if i buy an apartment at say €125K at todays rate i would have to give the seller approx £107,250. We agree the sterling amount at the point of sale so that both are protected by rate movement.
Is it really that straight forward that i can pay say 10% deposit in Euros to my Notary which will then get used to pay the taxes due etc and i give a bankers draft to the seller at the notarys based on the £ equiv of the euro figure we agreed.
I know there is a lot more detail to it but wanted to understand that the principle its that easy as my notary hasnt experienced any such sales.....come to that he hasn't handled many sales full stop recently...
Mar 4th 2011, 11:26 am
#2
Retired and loving it!
Joined: Sep 2007
Location: Ontinyent - Valencia region (campo)
Posts: 5,159
Re: Property purchase in sterling
It has just been mentioned to me by an agent that spanish property transactions can now be dealt with in sterling where both the buyer and seller is UK dom.
Given that if i buy an apartment at say €125K at todays rate i would have to give the seller approx £107,250. We agree the sterling amount at the point of sale so that both are protected by rate movement.
Is it really that straight forward that i can pay say 10% deposit in Euros to my Notary which will then get used to pay the taxes due etc and i give a bankers draft to the seller at the notarys based on the £ equiv of the euro figure we agreed.
I know there is a lot more detail to it but wanted to understand that the principle its that easy as my notary hasnt experienced any such sales.....come to that he hasn't handled many sales full stop recently...
Given that if i buy an apartment at say €125K at todays rate i would have to give the seller approx £107,250. We agree the sterling amount at the point of sale so that both are protected by rate movement.
Is it really that straight forward that i can pay say 10% deposit in Euros to my Notary which will then get used to pay the taxes due etc and i give a bankers draft to the seller at the notarys based on the £ equiv of the euro figure we agreed.
I know there is a lot more detail to it but wanted to understand that the principle its that easy as my notary hasnt experienced any such sales.....come to that he hasn't handled many sales full stop recently...
That's always been the case - you can pay in any currency that both parties agree!
The only issue is to make sure that all necessary taxes are paid - for this reason, some notaries can be awkward.
