Resales Information

Gibraltar

Purchasing a property in Gibraltar is relatively simple and is very much based on the English conveyance procedure. Once you have selected the property you wish to acquire and agreed a purchase price with the vendor, you will be expected to place a 2% deposit. The deposit should be kept by the agent as stakeholders in a client deposit account and be fully refundable to you should the sale fall through, for whatever reason!

You will then have to instruct a solicitor to carry out the conveyancing on your behalf. We can provide you with a selection of top solicitors who we work with on a regular basis. Fees can vary but they could all provide you with an estimated breakdown of the costs involved. Depending on the condition of the sale, you would then move towards exchange of contracts or as it usually occurs in Gibraltar, you would go directly to completion. This whole procedure should take between 4 to 6 weeks. Should finance be required, Rosso will gladly assist you in finding the most suitable product, from a selection of lenders in Gibraltar.

Some of the properties you will find on offer locally will be within “restricted” estates. These developments were originally part funded by the Gibraltar Government on shared ownership schemes. One of the conditions of the purchase which is still being enforced is the fact that these apartments can not be let out and can only be sold to Gibraltarians or Non –Gibraltarians that have been living and working in Gibraltar for more than 3 years. The majority of the properties in Gibraltar are long leaseholds as opposed to freeholds.

Other points to bear in mind are that stamp duty has been abolished for any property under £160,000, that there in no inheritance tax and equally as important, there is no capital gains tax to be paid when you eventually decide to sell your property.

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Spain

When you are looking to purchase a resale property in Spain, there are a number of things you should know, consider and look out for. We are confident that with our 30 years experience and over 30,000 properties sold in Spain, we will be able to guide you at all times from choosing your property all the way to completion.

As a rule of thumb you should remember that any asking price should be increased by about 10%. Of this amount 7% would go towards IVA (Spanish equivalent of VAT) and the remainder 3% should cover the legal fees and disbursements. We would recommend you instruct a solicitor in order to assist you with the administrative process as well as for legal advice. All non-residents will require a NIE (non residents identification number) in order to purchase a property and your solicitor can arrange this for you.

Should finance be required, we can introduce you to lenders in Gibraltar or Spain that can offer mortgages both in Sterling or Euros. Depending of the conditions of sale, you could be expected to pay a non-refundable deposit, amount that will vary depending on the purchase price.

In Spain you will be getting more for your money but like everywhere else prices can vary considerably depending on the area. We would be more than happy to assist you in decided which areas would best suit your needs.

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