Frequently Asked Questions
How is the property market in Spain
Many people have an opinion on the current property market in Spain overall, however Mallorca and the Balearic Island are completely different to the mainland.
Over the years the over development of South of Spain coast land due to relaxed planning laws for the main land meant there was an excess amount of properties being built, when in 2008 the financial crisis hit globally these properties of course were not sold and the majority still remain empty.
The whole of Mallorca however is registered as an Island of outstanding beauty and has been protected accrodingly, meaing there are legal / planning restrictions on over developement and therefore the Island is not over developed, supply can be limited in bouyant time and price rise can be significant.
Points for referernce. 1) Telegraph 2) Spanish Property Insight 3) FT
Where are the best places to buy
What deposit do I need
Working out your financials should be the first step in considering buying a property in the Balearic Islands, buying proprty abroad is one of the most exciting purchases your family will make, doing your home work will take out an headaches later on.
At time of writing banks are looking fom any where between 20-30% deposit, depdning on bank, credit history, earning capacity and value of property looking to be acquired.
Speaking to an independant local advisor is a must, historcially a broker who has an indpeth knowledge of the financial industry in the Balearics will be able to guide you in the financial buying process, our independant broker has 7 years in depth experience and will able to obtain for you a more competitive package compared to just walking into the bank of the street, in the Balearic Islands, relationships with your bank is one to one relationship with the manager, as a newbie you will not have this, using a broker is a must.
How is the legal structure compared to my country
Spain as part of the EU and has many common legal aspects in buying property to many other EU countries however there are certain aspect of this process which are slightly different than the UK, for a 30 minute free consultation please contact us here to arrange a call / meeting with our independant conveyancing solcitior.
How do I get a mortgage
Finance and acquiring finance in Spain in particular Mallorca is a one to one relationship with bank managers, if you have no history with your bank manager you potentially may not get the right package.
Our in house adviser has 7 years experience in the the Balearics. Call us today for an informal discussion about tour requirments.
What fees and taxes are involved in buy a property in the Balearics
It is importand from the outset to assess what fees and taxes are to be paid before buying a property in the Balearics Island / Spain, it is also equally important to work out the monthly expediture for your new property.
Balearic Living can advise you on nuances involved in all financial aspect of buying a home in the Balearic Islands. For a more detail break please click here.
Can I take my pet to the Balearic Islands
Leaving your pets at home for a holiday or becoming a resident can be very distressing for families, The Pet Travel Scheme (PETS) started on 28th February 2000 and allows cats and dogs resident in the UK to visit certain other countries and return to the UK, without quarantine, provided that certain conditions are met.
To use this system, you need to comply with the law, down to the last detail. This is to prevent the transmission of disease from country to country.
Spain is one of the countries that partake in the scheme and this includes the islands but not Ceuta and Melilla.
Only certain sea, air and rail routes are included in the scheme and these include: By ferry, Calais to Dover, Coen, Cherbourg, Le Havre and St Malo to Portsmouth. By rail, Eurotunnel shuttle service but not Eurostar. By air, Certain routes from Europe into London Heathrow. Please check with your airline or tour operator for exact details.
How do I become a resident
From 28 March 2007, Royal Decree 240/07 requires that all EU citizens planning to reside in Spain for more than 3 months should register in person at the Oficina de Extranjeros in their province of residence or at designated Police stations.
You will be issued an A4 printed Residence Certificate stating your name, address, nationality, NIE number (Número de Identificación Extranjeros) and date of registration. Please click here for furthe information.
Is buying a property in the Balearic Islands safe
How long can I stay in the Balearics Islands with out having to become a resident
All those who plan to spend longer than 90 days in Spain will need to apply for residency status (residencia). For EU nationals who have the right to live and work in Spain, this is merely a formality which gives them some similar rights that Spanish citizens have.
Many EU residents who purchase a home in Spain tend to ignore this but it is a requirement (requisito). Those who are in the country for less than six months will need a temporary resident permit, longer than six months and a full residency permit is needed.
Residency permits are issued usually for a five year period to those who originate outside the EU and need to be renewed. For those who come from an EU country the certificates do not need to be renewed regularly.
Are there restriction on the time I can have my car in Mallorc
Maintenance and decoration
Balearic Living have years of experience maintaining property in Mallorca and abroad, from gardening, decoration to major building works, with a database of proffesional trademens no job is to big or small.
Buying a home in the Balearic Islands can be straight forward, with the right advise from proffesionals your purchase and occupation should be exciting and not stressful.
Maintaining your property tough is a must, weather its going to be your full residency or holiday home its a good idea to document all of your utlities, who is supplying your electricity, where is the local office.
Do you have mains sewage and if not where is the septic tank (pozo negro). Is your water
Living on the island gave us the chance to find solution for a lot of challenges. We are here to help directly or through one of our partners. You can find our contact details here. It doesn’t cost anything to get informed but it can save you a lot of money.