Palomares, Almeria, Spain. 20% BMV. Done Deal, Ref: DD/156
2 Bedroom, 2 bathroom end duplex
The house is a 2 bedroom (1 with built in wardrobes), 2 bathroom end duplex, completed in July 2004. It is situated s approx 300m from the beach and 15minutes drive from the main Mediterranean AP7 motorway running all the way along the Mediterranean coast. The airport of Almeria is 40minutes drive to the south and to the north Alicante and Murcia airports are a 1hr30m and 2 hours drive. The gated complex has lawned gardens and benefits from communal pools.
There are walled gardens to 2 sides with tiled patios and planted with native plants.
To the rear is a stamped concrete drive with full width gate and entrance to kitchen and rear of the house. It is on a corner plot so benefits from a larger garden. There is also a communal pool.
Downstairs Consisting of fully fitted and tiled kitchen, with all appliances fitted. There is a small w/c shower room downstairs and lounge dining room with air con/heating and patio doors leading onto garden and patio.
Upstairs there are 2 double bedrooms with aircon/heating fitted. The front bedroom leads onto the first floor patio overlooking the communal pools and gardens.
Also the main fully tiled bathroom.
All leading from a marble tiled staircase.
There is a tiled sun terrace with water supply and lighting which runs the whole length and width of the house accessed from the first floor patio.
All windows are upvc double glazed with integral shutters and fly screens.
There is a satellite tv system fitted requiring receiver and card.
All light fittings are included
The house is still subject to the 10year builder’s warranty.
Construction:
Walls: Concrete
Roof: Ceramic Tiles
Location:
http://www.andalucia.com/living/home.htm
http://www.andalucia.com/province/almeria/costa-almeria.htm
The village of Palomares, is close to the resort of Mojacar, in the province of Almeria in the Andalucia region of south east Spain. This area in Spain boasts one of the best all year round climates in Europe and is a joy to visit at any time of year. Whilst it is developing quickly, it is retaining much of the typical Spanish atmosphere that makes it such a special place for a holiday home or a permanent home.
Finance Details:
Reason for sale? Family problems have forced return to UK.
When does the vendor need to sell? ASAP
Rent back? No
Is the property on the market? Yes
How long on the market? 4 months
Motivated seller? Yes
Market Value: 150.000,00€ = £120,000
The vendors will accept: 120,000,00€ = £96,000
20% BMV
Equity: 30.000,00€ = £24,000
Finders Fee: £2,000
Reservation Fee: £50
The € conversion to £ is stated @ a division of 1.255€ to the £. This is an average approximation for your information only and can alter daily.
In accordance with our policy, this vendor has been contacted and the telephone number and contact details are guaranteed.
This is a fully qualified and agreed Done Deal which has already been negotiated for you. All you need to do is to organize your finance and get the valuation done.
This Done Deal has been agreed and confirmed by the vendor.
General comments: Long term lets to the local Spanish and ex-pat communities would be in the region of 500€ to 550€ per month. Although lower in price these rentals are more stable than holiday bookings which are unpredictable from year to year.
There is a constantly high demand for holiday rentals at this location and the nearby golf courses provide another source of rentals.
The above numbers of rentals will more than cover the mortgage and running expenses of this apartment.
It is quite possible to have your own holiday home for a period each year and let it be self financing with other people paying your expenses.
COMPARABLES: There is no Land Registry list of sold prices available in Spain.
The market value price has been checked against the current going rate for similar apartments in the local vicinity by our resident local staff in Spain.
The valuation method is vastly different to what we are used to in the UK. Official property valuations are carried out by the banks and only once a request for a mortgage has been received. They will not normally accept valuations from any other source and will only give a true valuation to the applicant.
This property has been subjected to a pre-valuation by one of the lending banks who have indicated that it is within their criteria of prices for similar properties in the area on a square meter basis and that they will accept it for a mortgage subject to status of the applicant and final valuation.
FINANCIAL: We have negotiated the price with the vendor and in order to protect the buyers’ interest we are in possession of a signed, guaranteed price property purchase agreement in respect of it. The vendor is in need of a quick and urgent sale hence the low asking price.
The costs and taxes of buying a property in Spain are higher than in the UK. Please allow 14% which should be sufficient to cover all cover all costs, fees, taxes and the notary.
Please note that the above is an approximation and could vary slightly either way. Spain is made up of Federal Regions and some taxes and charges vary dependant upon the Region or Province within a Region.
As suggested, please allow 14% of the price and this should cover all costs.
There are substantial savings in costs and taxes if no mortgage is required.
The € conversion to £ is stated @ a division of 1.25€ to the £. This is an average approximation for your information only and can alter daily.
MORTGAGE INFORMATION: 80% Loan to Value mortgage, at 5.65% subject to status and actual bank valuation.
Mortgage product is subject to status and acceptance, the mortgage quoted is interest only. Repayment mortgage available. Our broker will discuss the options available subject to age and status.
On average Property in Spain doubles every 8 years. Based upon one property cycle, this property will make you 18.750.00€ a year from day one.
New Hassle Free Finance and Foreign Purchase Service
Buying in a foreign country with a different language, laws, rules, and currency can be quite daunting and is not for the faint hearted.
In order to help you achieve your aims we have painstakingly assembled an experienced team of brokers and lawyers experienced in Spanish property, who have developed a streamlined and highly efficient processes for getting deals finalised in the shortest possible time and we would ask you to use this service so that there are no unnecessary delays. It includes everything required both financial and legal for the investor to purchase property in Spain with confidence.
If you wish to take advantage of the New, Hassle Free Finance and Foreign Purchase Service for this deal, then email sales@bmvleads.net quoting the Done Deal reference number, after you have paid your reservation fee. As soon as we have received confirmation from pay pal that you have paid your reservation fee, you will be contacted to confirm certain details to enable the application to proceed. We will then immediately forward your application to our nominated broker, who will contact you direct to discuss the best and most suitable finance deals currently available. A decision in principle (dip) will be obtained and then we will inform the nominated solicitors who will all contact you and commence to finalise the deal.
We will provide a customer after sales service and keep in touch with the vendor whilst the process is finalised. In our experience this is the most difficult and traumatic period for them and the one when the deal is most likely to fall down.
The following services are included with the “Hassle Free Finance service”.
1. Interpretation Service – Instruct valuations- Obtain NIE Numbers*.
2. Advice by qualified English speaking FPC3 qualified mortgage Consultants.
3. Arrange opening of a Spanish bank account.
4. Independent Mortgage Broker who deals with 27 Spanish and 6 English Banks.
5. Appointment of a lawyer (Abogado), to represent you and prepare conveyance documentation (Copia Simple).
6. The lawyer will arrange for a legal interpreter to accompany you to the Notary, where the proceedings will be in Spanish.
7. They can also arrange Spanish will for you which are a necessity if you have property in Spain.
8. The above will be subject to disbursements such as valuation fees, Legal fees, Notary fees, taxes etc.
Once your Spanish bank account has been opened, you will be able to transfer the funds for your purchase into that account where it will be held under your control until needed to complete the purchase. By law these costs have to be provided up front. If you get a higher valuation and cash back all well and good, but the costs must be found first.
*National Identity Card for Foreigners (Numero de Identificacion de Extranjeros). You can not buy property or vehicles or open a Bank Account without one.
If you already hold a Spanish NIE number from a previous transaction, then a new application is not required.
EUROPEAN INTEREST RATES Mortgage rates are usually quoted at the Euribor + a percentage. The Euribor rate is announced daily at 11 am.
You are of course free to make your own finance and legal arrangements if you prefer. However we shall require all finders fees up front and insist on a tight time line for completion and there will be no reduction in fees. As we have painstakingly assembled an experienced team of brokers and lawyers experienced in Spanish property, we have developed streamlined and highly efficient processes for getting deals finalised in the shortest possible time and we would ask you to use this service so that there are no unnecessary delays.
This Done Deal is sold on the understanding that by paying your reservation fee you have read, understood and agreed to our Terms and Conditions for Done Deals. Full details of the terms Term’s and Conditions under which you purchase this Done Deal are published under the relevant reference number on our online shop, together with the Terms and Conditions of Associates and the General Terms and Conditions which you accepted by default when you registered as an associate.
Any specific questions regarding this deal that you would like to ask before paying your reservation fee, or if you would like to see some photographs, then email, quoting Ref DD/156 to questions@bmvleads.net
To Reserve this Done Deal, Click on www.bmvleads.net and pay your £50 Reservation Fee. Ref: DD/156. If this is your first purchase you may need to register unless you have already done so.
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