Frequently Asked Questions.
 

What makes Costa Cálida Properties different?

There are thousands of estate agents here in Spain, providing varying degrees of customer service. The Costa Cálida Properties promise is to provide professional and honest service from your first enquiry all the way through to helping sort out any after-sales snags.

We offer an extensive selection on distressed sale properties in the Murcia region of Spain. We do not offer properties over a very wide area as we feel our ability to maintain our standard of customer service would suffer as a result. As we are based here locally, all our staff know the area, the properties and the new developments intimately.


Why choose the Murcia area?

The beautiful Costa Cálida, or ‘Warm Coast’, boasts some of the most stunning scenery in Spain. Forming the coastline of the autonomous region of Murcia, the Costa Cálida spreads over 250 kilometres between the provinces of Alicante to the south and Almería to the north.

Unlike in other areas of Spain, the autonomous Murcian government has resisted the temptation to over-develop, preferring to preserve the natural beauty of the stunning, rugged coastline. The Bay of Mazarrón is a jewel in the crown of the Costa Cálida and continues to be one of Spain’s best-kept secrets. Surrounded by rugged mountain ranges, it is difficult to imagine how the coastline could ever be over-developed.

It would appear that the Costa Cálida climate may also have health benefits - according to World Health Organisation statistics, this coast of Spain is one of the healthiest places in the world to live. The area enjoys at least 300 days of sunshine per year.  This climate, combined with locally-produced fresh produce, ensures that its residents have an enviable quality of life.

While maintaining its small Spanish town feel, Puerto de Mazarrón is large enough to have all that you need, such as supermarkets, furniture and sports shops as well as healthcare facilities.

If you do wish to explore further afield, there are plenty of wonderful places to discover. Bursting with intriguing history and tradition, Murcia formed part of the last Moorish stronghold on the Iberian Peninsula. A variety of peoples have left their indelible mark on the region and the cities of Murcia and Cartagena boast some incredible architecture. Murcia, the province's beautiful capital city, is a busy commercial centre, which also offers a wide selection of boutiques and designer outlets, as well as Ikea and a variety of Hypermarkets.

The Bay of Mazarrón can be easily accessed from Alicante and San Javier (Murcia) airports. Many cheap flights are available from a variety of locations in the UK and Ireland. The nearby Corvera airport is also due for completion in 2011.

The Parque Natural de Espuña is also easily accessible from Puerto de Mazarrón, a must for keen walkers and climbers with more than 25,000 hectares of highlands and pine forests.



What about after-sales service?

Costa Cálida Properties prides itself on the quality of its customer service. We have Spanish-speaking staff in our offices who are employed to provide you with only the best after-sales service.


Can I obtain a Spanish mortgage on my property?

Yes. Spanish banks these days will lend up to 70 % of valuation to non-residents.
In the circumstances of bank repossessed properties, we can obtain up to 110 % finance.

Our staff at Costa Cálida Properties have assisted many customers obtain a mortgage here in the Murcia area and thus have a very good relationship with the local banks. Our after-sales staff can help you decide on the best product for you.

The bank you choose will ask for proof of income. Most mortgage products in Spain are repaid on an interest and capital basis, with a maximum length of 30 years. However, some lenders have introduced products such as interest-only mortgages, for a limited amount of years of the loan term.


What would happen if I purchased a property off-plan and the developer went bankrupt before completion?

Off plan properties are no longer offered these days in Spain due to the credit crisis and the financial problems it has caused all promoters. The end result is that we now offer off plan key ready properties that have been repossessed by the banks and therefore we can offer these brand new properties with finance up to 110 % available.


Is the buying process different for resale properties?

The resale's process is relatively straightforward. Once you have decided on the right property you will need to negotiate a final agreed price with our assistance and with the help of your lawyer.

Once a sales price is agreed you will need to make a reservation deposit of approximately 10% of the value, which will take the property off the market.

The sale will go to completion once your lawyer has satisfactorily completed his/her searches and your funds are available to complete the purchase. A typical timeframe for the whole process is 3 months but this can be shortened or lengthened as required.


Do I need to be there in person to sign the title deeds on completion of my property?


It is not a requirement to be there in person for the signing of the title deeds. Power of Attorney can be arranged so that your lawyer can sign on your behalf, if you're not able to be present.

How much should I allow on top of the purchase price for other costs?

As a rule of thumb, allow for approximately 12% of the purchase price. These are as follows:

IVA (or transfer tax) 7%

Stamp Duty 1% - payable on completion of new build properties.
Notary & Land Registry Fees, approximately 2%
Mortgage arrangement fees and legal fees, approximately 2 %

PLEASE CHECK FIGURES.

What are community charges?

With most new property developments in Spain, the purchaser automatically becomes a member of the Community of Property Owners (Communidad de Propietarios). Each owner’s contribution is usually related to the size of their plot or apartment. This money is used to cover the expenses related to general maintenance, repairs, insurance etc.

What is the most cost effective way to transfer my money to Spain?

When paying for your property, you may have to convert from your local currency to euros. We can help you organise this in the most cost-effective way. Contact us to find out how we can help: info@costacalidaproperties.net

Please note that the information above is intended for guidance purposes only and that Costa Cálida Properties advises all its clients to take appropriate and independent legal advice before purchasing a property.