Tag: Banks in Spain

Houses For Sale In Spain, Mortgages in Valencia

And The Banks Wonder Why People Hate Them

The Spanish property purchase is not overcomplicated but there are a couple of things that can get complicated at times. For example when you’re buying a property you buy it with clear title. What does that mean? Well, it means that the property has no debts on it when it is sold.

This of course means clearing the old mortgage. So the process is as follows. You get in touch with the bank a couple of weeks before the property purchase and you say;

Property Sales in Valencia, Valencia Property

My Monday Was Like This. Yours?

The military operation that was Monday came off quite well. This is what happens when there is a signing. The organization required depends on many factors of course; Easyjet arriving on time, the banks having all of the cheques ready and, in this case, making sure that people do not get locked in their toilets, cars starting up and working properly, everybody turning up at the Notary at the right time and having the right paperwork in place, the lawyer having done his or her job and so many other little things to arrange.

Valencia Property

The Spanish Government, Banks and Repossessions.

Up to now if you couldn’t pay your mortgage in Spain you had three months and then the bank would start proceedings to embargo (Repossess) your property. The process would usually take around a year and at the end of the year when nobody bought it at auction because of the debt on the property, original mortgage debt plus around 35% costs on top, the bank would adjudicate it to themselves at 50% of mortgage value, sell it onto an investor, usually another financial institution, and then start the process of recouping the money from you for the rest of time, they could embargo a percentage of your wages above 648 Euros per month.