Spanish mortgage enquiries up 33 per cent

Enquiries from overseas property hunters looking to secure a Spanish mortgage have risen by 33 per cent during May and June, according to overseas mortgage specialist Conti. 

The company believes that favourable exchange rates and buying conditions, coupled with the fact that mortgage lending is generally good, have meant that overseas property buyers still have an appetite for property in Spain. Maximum loan to value loans are still high at around 65-70 per cent. 

Clare Nessling, Director at Conti, says: “Bargain prices and the opportunity to negotiate these down even further with some very motivated sellers mean that it’s most certainly a buyer’s market.  In addition, despite the ongoing eurozone crisis, the growing strength of the pound, which has been rising against the euro to levels not seen for around four years, is boosting the budgets of British buyers. These factors, together with historically low interest rates, are making it more affordable to buy in Spain right now. And signs that the market is improving are starting to lift the confidence of prospective buyers.”

The company were also keen to stress the importance of getting indepent advice “You should always go through the same process that you would follow if you were buying a property in the UK. Take independent advice from an English-speaking lawyer who is not connected to your seller, estate agent or property developer. And ensure an independent valuation of the property is carried out, even if you’re buying in cash.”

Written by: A Place in the Sun Tuesday, July 17, 2012

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Interest in Spanish property on the increase...

Published by WARREN LEWIS

Despite a turbulent few years, it seems that the British love affair with Spain is far from over

Conti has seen a 33 per cent increase in Spanish mortgage enquiries over May and June, and attributes the rise to excellent buying conditions and signs that the market is starting to bottom out.

According to the monthly house price index from appraisal company Tinsa, Spanish property values were down by 10.8 per cent year on year in June, compared with 11.1 per cent in May. And figures from the Spanish National Statistics Institute, INE, show that the decline in property sales in May were -9 per cent, a lot less than the declines from January to March this year, which were between -21 and -33 per cent.

Clare Nessling, Director at Conti, says:

 “Bargain prices and the opportunity to negotiate these down even further with some very motivated sellers mean that it’s most certainly a buyer’s market.  In addition, despite the ongoing eurozone crisis, the growing strength of the pound, which has been rising against the euro to levels not seen for around four years, is boosting the budgets of British buyers. These factors, together with historically low interest rates, are making it more affordable to buy in Spain right now. And signs that the market is improving are starting to lift the confidence of prospective buyers.”

Conti says that mortgage availability is generally good, despite the negative headlines about the property market. Mortgage providers still have a healthy appetite for lending, with maximum loan to values still around 65-70 per cent. Generally speaking, smaller deposits are possible in areas where house prices are more resilient, such as the Balearics, the Canary Islands, Madrid and Barcelona.

The company stresses the importance of seeking the right advice before agreeing to a purchase.

 Clare Nessling says: 

“You should always go through the same process that you would follow if you were buying a property in the UK. Take independent advice from an English-speaking lawyer who is not connected to your seller, estate agent or property
developer. And ensure an independent valuation of the property is carried out, even if you’re buying in cash.

It also pays to be selective. Many so-called bargains are being offered at knock-down prices because they’re of poor quality and in undesirable locations. It’s very easy to be pulled in by descriptions of ‘cheap’ or ‘knock down’ prices, but you really don’t want to end up with a toxic asset simply because you didn’t do your homework or take the right advice. It may be wise to look at re-sales, where you can get references from previous buyers and check any other re-sales being offered on the same development. As a result, you’ll get a much better idea of the property’s true market value.” 

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Planning crucial to buying home abroad, expert warns

It is crucial people considering making international money transfers to purchase a property abroad do not let their enthusiasm for the move stop them from carrying out all the necessary processes to plan for their investment, an expert has warned.

Clare Nessling, director at overseas mortgage specialist Conti, noted that the eurozone's ongoing problems can offer an opportunity for canny buyers who assess the situation correctly.

Writing in Every Investor, she noted that traditional locations such as France and Spain are seeing a drop in prices, made even more pronounced for UK buyers because of the exchange rate between the pound and the euro.

However, Ms Nessling reminded investors that cutting corners in search of a bargain is a mistake, especially given the various criteria for purchasing homes that can apply over different countries.

It is vital to be fully aware of all the clauses contained within a contract, something which can be made easier by hiring a bilingual lawyer who can help analyse a document like this, she added.

"If required, you can also consult valuers, surveyors or architects. They should be proficient in your chosen country's laws and processes and also know the specifics involved in buying a property there," added Ms Nessling.

Furthermore, investors should conduct "thorough research" about nearby transport links and other amenities, as this can sometimes be overlooked when coming across a home that initially appears to be perfect.

"And consider the property off-season - many resorts are seasonal and practically shut down when the tourists return home," the expert warned.

She concluded that thoroughly checking what extra fees may need to be paid when purchasing a home can help save investors some cash in the difficult economic climate currently prevalent.

Lindsay de Feliz, marketing manager at Expat Focus, recently suggested that expats should learn the language of their new country as soon as possible.

Posted by Eleanor Ward

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Tax avoidance on thousands of homes through offshore companies...

Government officials have estimated that around 5000 homes in Britain are believed to have avoided stamp duty and inheritance tax by the owners registering them in a way that is not as above board as they would like you to believe.

The statistics were obtained by the Independent newspaper via the investigative website Exaro and show that the multi-million pound properties are predominantly in London and around 500 of the homes, totaling a combined value of £1.6bn, were bought in the last year. 

It was claimed that one exclusive street recently renovated was almost entirely bought using the loophole.

In his Budget the Chancellor, George Osborne, said he would come down "like a ton of bricks" on the practice of switching large properties into corporate control and introduced a stamp duty levy of 15 per cent for houses bought this way.

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Britons rush to sell European properties - Telegraph

Greek properties would be the hardest hit with prices falling as much as 50 per cent, according to startling estimates made by foreign currency specialists HiFX. It has seen enquires from Britons looking to sell their European homes rise by almost 200 per cent since 2008.

Its research shows that 39 per cent of Britons are looking to sell up in Greece, 34 per cent in Spain and 23 per cent in Portugal.

Mark Bodega, marketing director at HiFX, said: "As many European governments tackle their deficits, second-home owners, especially those based overseas, have become easy targets for tax increases and as a result many are selling up and returning their assets to the UK."

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Nationwide grabs bigger share of mortgage market | Business | The Guardian

Nationwide Building Society has written a third of all the new mortgages taken out this year as traditional lenders scaled back in the moribund housing market.

As the country's largest building society announced a fall in profits for the year to 4 April to £203m from £307m, it also unveiled plans to move into the small business banking market next year, an area traditionally dominated by the big four clearing banks.

The Swindon-based building society insisted that it had not relaxed its lending criteria as it admitted that its gross mortgage lending - the volume of new loans - was up 44% at a time when lending across the market was up 5%.

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Incredible Beaulieu roundhouse in Hampshire complete with lake goes on market for £12million.

It’s original concept behind the design was to enable its owner could drive his Aston Martin up a ramp and straight into his own first-floor parking bay and turning circle.

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The property was the home of architect Seymour Harris who, after designing it, lived there for six years.

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