IMS Lawyers attend Luxury property show in China

The joint venture of IMS SL and Aguera and Arrebola Lawyers from Marbella visited Beijing in May to promote Spain.

What is happening in Beijing

In all parts of China now regular exhibitions are run promoting countries across the world for investment and Visas to the Chinese.

Spain made changes last year to the Visa requirements  allowing a residency Visa for non EU nationals who buy a property in Spain for in excess of € 500 along with other means of gaining a residency permit.

Whilst many other countries offer and have done for sometime now options to the Chinese few others provide the lifestyle and European access that Spain can offer.

What do IMS do in China

IMS offer the Chinese market a tailormade service based on the individuals specification. The service spans from sourcing a suitable purchase via the Estate Agent, Developer or Bank networks through to all the legal aspects of buying in Spain, living in Spain, visiting Spain and residency permits. 
 

Both the show and the stand of IMS property and legal Services were well attended with the Chinese wanting information about Spain and the options it can provide.

Lucia Aguera the lawyer in attendance was well recieved by the Embassy staff for Spain who supported the show to promote Spain.   

Read the full article : IMS goes to Beijing

Renting out property in Spain new legislation

A number of regions in Spain have already implemented new laws surrounding renting a property out in Spain for tourist lets and all regions have new legislation under reveiw which should be implemented during 2014.

What is the legislation

To bring private lets for toursit rental into line with the same measures hotels and licensed hostels and camp sites have to abide by Spain has either brought in or in some regions intends to bring in new legislation.

The legislation requires certain health and safety requirements are met and that a certifcate is obtained from the Junta allowing tourist lets to be undertaken.

What are the penalties for not adhering to the requirements

Each authority will fine heavily any persons found to be letting out on short term rentals their property in Spain if they have not obtained the license and do not meet the laid down criteria. It is rumored that both the regional authority and the tax authorities may scour websites like owners direct to check for lettings not on the registars.  

How will the new laws affect investments for letting.

Covering currently only the more lucrative toursit lets rather than long term rentals, when buying a property in Spain for lettings it will be crucial to ensure your Lawyer in Spain understands the purpose you are buying for and can ensure the property you are buying will be suitable and the best possible ownership structure put in place for your needs and tax efficency.

When taking legal services for buying in Spain it will be more important than ever to ensure you understand from your legal adviser the tax situation and costs of generating an income from your property. Whilst the new laws are off the back of health and safety measures it does also mean avoiding paying tax on the income as a non resident of Spain will become more diffcult.

Read the full article: Legal implications of buying to rent property in Spain

Trends on residential property prices per square meter in Spain

TINSA

TINSA is one of Spains largest valuation companies and each month they publish, based on a small sample, the average price per square meter being paid in Spain for residential property.

Becasue the information dates back many years whilst the ifnromation is not specific it does give those buying in Spain a good idea of the price trends over a long period in time.

What is the current trend for Spanish Property

Since the years of 2007 property prices have fallen each consecutive month and on a year on year basis. This was against significant rises in Real Estate  prices from around the year 2000.

In 2004 prices rose across all of spain by 16% from 2002 and continued to climb until the end of 2007.

Since 2007 prices on property in Spain have fallen by over 35% and as much as 50% in some areas.

Data published for April 2014 seems to indicate the rate at which property prices are falling is slowing considerably.

Is there a difference between areas

Even within Cities and regions average prices can vary considerable based on location and housing supply. The TINSA report does not highlight hotspots this information can opnly be obtained by talking to Agnets, Lawyers in Spain and other parties on the ground in the area of interest.

Read the full article : Real Estate prices in Spain for April 2014

What should I consider when appointing a Spanish Lawyer

When buying in Spain and requiring legal services there are a number of considerations you should make when apppointing a Lawyer.

What matters should be considered when appointing legal services in Spain.

Very important when apppointing a contracting legal services in Spain is does the lawyer speak your language and can they communicate with you effectivley. Another important point is are the fully independent and not attcahed to any other party in the buying process.

Do I need to appoint a local Lawyer in Spain

There are some arguements for appointing say a Marbella based Lawyer if you are buying in the Costa del Sol or a Barcelona Laywer if you are buying in Cataluna. The key benefit is normally one of cost, as travelling expenses are not incurred. Appointing a local Laywer does not however mean you will recieve the best possible advice and all legal work related to a purchase in Spain can be done perfectly effectivley by a lawyer outside the area.

Cost of legal support when buying or selling in Spain

In general most Lawyers in Spain charge a percentage of purchase price, normally 1%. As many of the checks required apply whether you are buying at the high end of the market or the cheaper end this means for those clients buying cheaply you have to question the levelof diligence that will be undertaken and skill level of the perosn appointed to undertake the checks as use of a qualified lawyer throughout would not be possible within the total fees.

For buyers buying at the high end of the market a percentage of purchase price could mean they are paying far too much for the actual cost of the work required.

Are there alternatives to percentage legal fees

Fixed fee conveyance quoted based on the actual services provided and level of work required is available and may be a better reflection of what should be paid on a more specific bases.

Read the full article: Legal advice when buying in Spain