Ready for viewings in September/October

[crookesey]

The current state of play is that we have five properties to view that have been on the market for ages. One has been discounted by just under 5%, the other sellers are holding out for the full asking price.

We need to sell some family/investment properties in order to buy but nothing is selling over here unless it is heavily discounted. This is not in itself a problem if we can get a similar percentage discount in Spain, if not we will wait, as the sellers in Spain are doing.

We have decided (if we can find something) to do 59 days Spain, 59 days UK until we can wind up our UK affairs. We will retain air travel documents just in case we are questioned relative to the 180 days rule. Annual travel insurance is available for trips not exceeding 60 days, so no problems there.

We intend to buy something with a garage so will buy a Spanish reg car, it's cheaper than hiring one for six months in two months stages, and it's almost an impossibility to find a good rental deal exceeding 4 weeks.

We are looking forward to seeing what the current state of the property market is and what deals are being done. It's very likely that if we do find something that it will be a long drawn out affair as the seller will probably not have had the confidence to secure an alternative property legally. It will at least allow us to meet the people that we have so far only spoken to over the phone and corresponded with by email.

I have taken on board all the advice that this forum has given, I know that rental is sensible at the moment but it wouldn't suit our needs and requirements. Also neither of us is getting any younger so as we know where we want to buy we see no problem with taking the plunge if the opportunity presents itself.

Well that's the plan, what do you guys think? If you think that we have left anything out please post>

[Stravinsky]

Originally Posted by crookesey

The current state of play is that we have five properties to view that have been on the market for ages. One has been discounted by just under 5%, the other sellers are holding out for the full asking price.

We need to sell some family/investment properties in order to buy but nothing is selling over here unless it is heavily discounted. This is not in itself a problem if we can get a similar percentage discount in Spain, if not we will wait, as the sellers in Spain are doing.

We have decided (if we can find something) to do 59 days Spain, 59 days UK until we can wind up our UK affairs. We will retain air travel documents just in case we are questioned relative to the 180 days rule. Annual travel insurance is available for trips not exceeding 60 days, so no problems there.

We intend to buy something with a garage so will buy a Spanish reg car, it's cheaper than hiring one for six months in two months stages, and it's almost an impossibility to find a good rental deal exceeding 4 weeks.

We are looking forward to seeing what the current state of the property market is and what deals are being done. It's very likely that if we do find something that it will be a long drawn out affair as the seller will probably not have had the confidence to secure an alternative property legally. It will at least allow us to meet the people that we have so far only spoken to over the phone and corresponded with by email.

I have taken on board all the advice that this forum has given, I know that rental is sensible at the moment but it wouldn't suit our needs and requirements. Also neither of us is getting any younger so as we know where we want to buy we see no problem with taking the plunge if the opportunity presents itself.

Well that's the plan, what do you guys think? If you think that we have left anything out please post>

I think, as I have always said, buying a property here or in the UK in the current financial climate is not a problem if you are looking to the long term, which I believe you are.

When it comes down to it, you can only make the offer ..... if they want to sell enough then they will accept, and if people are wanting to sell then they are more likely to accept a reasonable offer from you than just sit and wait in the hope that someone else might come along

[jojo]

Originally Posted by crookesey

The current state of play is that we have five properties to view that have been on the market for ages. One has been discounted by just under 5%, the other sellers are holding out for the full asking price.

We need to sell some family/investment properties in order to buy but nothing is selling over here unless it is heavily discounted. This is not in itself a problem if we can get a similar percentage discount in Spain, if not we will wait, as the sellers in Spain are doing.

We have decided (if we can find something) to do 59 days Spain, 59 days UK until we can wind up our UK affairs. We will retain air travel documents just in case we are questioned relative to the 180 days rule. Annual travel insurance is available for trips not exceeding 60 days, so no problems there.

We intend to buy something with a garage so will buy a Spanish reg car, it's cheaper than hiring one for six months in two months stages, and it's almost an impossibility to find a good rental deal exceeding 4 weeks.

We are looking forward to seeing what the current state of the property market is and what deals are being done. It's very likely that if we do find something that it will be a long drawn out affair as the seller will probably not have had the confidence to secure an alternative property legally. It will at least allow us to meet the people that we have so far only spoken to over the phone and corresponded with by email.

I have taken on board all the advice that this forum has given, I know that rental is sensible at the moment but it wouldn't suit our needs and requirements. Also neither of us is getting any younger so as we know where we want to buy we see no problem with taking the plunge if the opportunity presents itself.

Well that's the plan, what do you guys think? If you think that we have left anything out please post>

The only problem I see is that you havent sold your UK house and just as in the UK, sellers like to see cash of some sort before they'll commit. Apart from that, it all sounds good to me!!

Jo

[crookesey]

Originally Posted by jojo

The only problem I see is that you havent sold your UK house and just as in the UK, sellers like to see cash of some sort before they'll commit. Apart from that, it all sounds good to me!!

Jo

It's not our residential property Jo, but nothings really selling over here anyway. We need to know how far the sellers are prepared to go down in order to make a sale so that we know how far we need to go down in the UK.

We do have another motive for not stepping in too quickly. My friend, who's lovely villa we will be staying at, has hardly had any lettings this year. The mortgage repayments on it are over £20,000 P/A and wait for it, he is a mortgage broker so will not be earning what he used to. If he decides to cut and run by paying off his mortgage and recovering his expenses I am sure that we could come to an arrangement with him. One man's misfortune could be another man's fortune in this strange market, I can't help feeling sorry for him though.

[jojo]

Originally Posted by crookesey

It's not our residential property Jo, but nothings really selling over here anyway. We need to know how far the sellers are prepared to go down in order to make a sale so that we know how far we need to go down in the UK.

A friend of mine has just sold her villa, but before she did she had several offers none of which she took very seriously cos the buyers still had properties to sell before they could proceed. In the end she went for a cash buyer who offered her almost her asking price - although she told me that she'd have accepted a lot less from him just because he was a cash buyer with no chain or hold ups.
Interstingly, my friend has been over to UK to view properties and as a cash buyer herself now has had a "silly" offer accepted and cant believe her luck!

Jo

[Lutko]

A lot of properties on the market have had their prices reduced recently and some sellers are eager to sell ad they need the cash. Some sellers however, who can afford to wait will do if they have a good feeling with the potential buyer. That was the case with me and my partner who waited 9 months for all paperwork and mortgages to be sorted out. Get in touch if you wish or come buy if you happen to be in Inland Andalucia anytime soon

Fran

Originally Posted by crookesey

The current state of play is that we have five properties to view that have been on the market for ages. One has been discounted by just under 5%, the other sellers are holding out for the full asking price.

We need to sell some family/investment properties in order to buy but nothing is selling over here unless it is heavily discounted. This is not in itself a problem if we can get a similar percentage discount in Spain, if not we will wait, as the sellers in Spain are doing.

We have decided (if we can find something) to do 59 days Spain, 59 days UK until we can wind up our UK affairs. We will retain air travel documents just in case we are questioned relative to the 180 days rule. Annual travel insurance is available for trips not exceeding 60 days, so no problems there.

We intend to buy something with a garage so will buy a Spanish reg car, it's cheaper than hiring one for six months in two months stages, and it's almost an impossibility to find a good rental deal exceeding 4 weeks.

We are looking forward to seeing what the current state of the property market is and what deals are being done. It's very likely that if we do find something that it will be a long drawn out affair as the seller will probably not have had the confidence to secure an alternative property legally. It will at least allow us to meet the people that we have so far only spoken to over the phone and corresponded with by email.

I have taken on board all the advice that this forum has given, I know that rental is sensible at the moment but it wouldn't suit our needs and requirements. Also neither of us is getting any younger so as we know where we want to buy we see no problem with taking the plunge if the opportunity presents itself.

Well that's the plan, what do you guys think? If you think that we have left anything out please post>

[Stravinsky]

Originally Posted by Casa-Andaluza

A lot of properties on the market have had their prices reduced recently and some sellers are eager to sell ad they need the cash. Some sellers however, who can afford to wait will do if they have a good feeling with the potential buyer. That was the case with me and my partner who waited 9 months for all paperwork and mortgages to be sorted out. Get in touch if you wish or come buy if you happen to be in Inland Andalucia anytime soon

Fran

Casa-Andaluza, I have sent you a pm

[Davidakky]

Due to the Spanish property market being slow many vendors are reverting to a 'rent to buy' contract.
This means that in the rental contract the purchase price is agreed as well as the rental payment. The rent paid over the owner is then discounted from the purchase price, in effect a deposit is built up.
The advantage to this is that you get to try the property before you buy and if you don't like the property you don't renew your rent to buy contract but this would mean that you don't get any money back as with a standard rental contract.
If you are looking for a mortgage to finally purchase the property and you have given up work to move here then you will be on very thin ice as you will have no declarable income. Rental income will be taken into account from a UK property and will be netted off against any outstanding mortgage payment but it will be unlikely that this will be enough to cover the Spanish banks income requirements.
Basically 35% - 40% of NET monthly income may not exceed the Spanish monthly mortgage payment and only current up to date income will be used for the income calculation.