Buying property in Marbella? Search, investigate and search further

//Buying property in Marbella? Search, investigate and search further

Buying property in Marbella? Search, investigate and search further

2018-02-06T19:51:31+00:00 6 February, 2018|

Small, discreet and very exclusive. Marbella certainly is one of the most sought after residential areas in Spain. However, with dozens of real estate purchases taking place in Marbella everyday a critical factor is commonly overlooked: checking compliance with the Urban Planning (PGOU).

It is well known that the Supreme Court of Spain recently overrode Marbella´s PGOU 2010, leading to its complete and total disappearance. Thenceforth, the plan was substituted by the old urban plan adopted back in 1986 (PGOU 1986), pushing urbanism back 30 years and leaving Marbella in an urban plan chaos.

However, urban planning is just one of many reasons why in a number of cases buyers have lately discovered that they didn’t buy what they truly wanted. It is therefore important for buyers to realise that the onus falls on them to investigate, search, question and investigate further. Ideally, investigations will be part of the property searching process as failing to get a due diligence carried out is always going to put a buyer on the back foot when it comes to buy property in the Costa del Sol.

A good example of the above recently happened to one of our clients. Two months ago we acted on behalf of a buyer intending to purchase a beautiful apartment in Marbella´s Golden Mile for 900,000 euros. The buyer hired our services in order to obtain a second opinion on what he was to buy. His suspicions were confirmed when we found that the apartment itself, along with half of the development, was (and still is) illegal in light of the PGOU 1986. Consequences of such a shocking discovery were devastating: no mortgage over the property would ever be admitted by any bank whatsoever, only tiny repairs would be allowed in the property (no improvements or refurbishing at all) and of course the property market value must be sharply reduced.

As a result, the buyer did not want to proceed, he pulled out of the purchase and instructed us to find a new property. In less than 2 weeks we found a property exactly meeting his criteria and fully compliant with our revision process. He avoid buying a con and eventually purchased his dreamt property, all for the very same price: 1% of the price of the bought property.

At Fitzwilliam, we are able to provide our clients with seamless advice on any matter arising from their property requirements. Indeed, all of the above was possible thanks to our “All-inclusive Conveyancing Service”. This is a seamless service comprising legal and agency services altogether for a fixed fee:

  • Property finding service pursuant to the client´s requirements thanks to Fitzwilliam established relationships with the key property agents;
  • Carrying out a complete Due diligence review over the property (planning and environmental issues, outstanding tax debts…);
  • Negotiating with the Seller;
  • Designing legal and tax structures for the purchase;
  • Spanish Tax Identification Number (NIE) request;
  • Advising throughout the sale and purchase process, drafting and negotiating the relevant contracts;
  • Assistance and simultaneous translation at the Notary;
  • Registering the purchase within the Land Registry;
  • If needed, advising on financing the purchase; and
  • Fulfilling all relevant tax assessments regarding the purchase.

The all-inclusive conveyancing service is available for a fixed fee of 1% (+ VAT) of the selling price.

Should you be interested in buying or investing in real estate property in the Costa del Sol, get in touch with us and we will be delighted to help.