Financial & Legal Services

Mortgage Processing Service (Spain)  
Mortgage Processing Service (Italy)
Mortgage Processing Service (UK)
Foreign Currency Exchange Service
Legal & Fiscal Services

Mortgage Processing Service (Spain)

A full mortgage processing service is available from ABACO enabling us to arrange the loan that meets all your personal requirements in the most professional and straightforward manner.

If you are interested in financing the purchase of your new Spanish home or raising capital from your existing home with a very competitive mortgage, benefiting from Abaco’s total endorsement please contact our Financial Services Department. Our staff will take care of every aspect, including negotiating with banks on your behalf to secure a tailor made loan with the most favourable terms. From start to finish Abaco’s solicitors will be involved, providing expert advice in every field: legal, fiscal and financial.

You enquiry will be handled promptly and you will receive a personal evaluation which includes:

• The specific conditions of the mortgage we can arrange for you
• A calculation of the monthly re-payments
• An estimation of the commissions and charges for the whole transaction
• A list of documents required for the mortgage application

Mortgage Processing Service (Italy)

Salamanca Villas can offer a Full Mortgage Processing Service with products specifically sourced for Non Italian Citizens.These products are available from a variety of leading Banks in Italy and they are able to process your mortgage application quickly and easily.

Mortgages can usually be approved in principle and subject to valuation within 48 hours if you are able to provide the necessary personel information to satisfy the lenders criteria.
We are able to provide both Interest Only and Capital Repayment mortgages.

With the Interest only products specifically in Italy there are no penalties for early redemption of the mortgage irrespective of the remaining term.This is one of the attractions of interest only mortgages in Italy.

Normal Repayment Mortgages with both Fixed and Variable Interest Rate options are also on offer allowing you to mix and or switch the product conditions.
Italian Banks normally lend up to 80% of the purchase price of the property with a maximum term of up to 30 years and an age limit of 80 years.

Your mortgage lender will require you to open an Italian Bank account which we can assist you with.

Tha advantages of using the above service are

• Mortgage interest % rate linked to the Euriborwhich is currently 4% (April 2008)
• Obtain low interest funds to make further investment and or to release cash
• Mortgage applications administers locally
• No language problems as your application will be processed by English speaking staff
• Close collaboration with your appointed Solicitor to ensure compliance and a successful legal completion is achieved.

Mortgage Processing Service (UK)

UK Interest Rates are currently at the lower end of their range covering the last 20 years and
you might prefer to raise a UK based Mortgage to help fund your proposed property purchase
We are able to offer a variety of UK Funding Options through a Specialist UK Mortgage Broker.
It is a fairly common practice to borrow against your UK Property and you can raise funds to meet either the initial Stage Payment of your purchase and or the Final Payment.
There are three available methods of achieving funding facilities

Remortgage Schemes

Your current mortgage scheme may be about to finish and you would like to review your options. You may also want to release equity to pay for a holiday home or overseas investment property. The Specialist Brokers have access to some of the best remortgage deals in the uk.

Whatever your reason for wanting to remortgage The Specialist Brokers experience will ensure that your needs are carefully considered with access to the whole of market they can offer you the widest possible choice.

Secured Loan Schemes

Secured loans can be a viable alternative to remortgaging. You may need to release equity from your home but do not want to pay any early repayment charges or leave your current competitive mortgage scheme. The Specialist Brokers have access to some of the best secured loan deals in the UK.

Equity Release Schemes

Lifetime mortgages allow you to free up a substantial part of the capital within your home without having to move. As most people approaching retirement are younger, fitter and lead fuller lives than ever before, retirement opens up a whole new way of life and releasing equity from your home can give you the money to help make the most of your retirement so that you can have the benefit of cash to spend now without having to leave your home or make expensive monthly repayments.

There are many plans in the market place and the Specialist Brokers are able to recommend the plan that best suits your needs.
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Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on a mortgage or other debts secured against it. We firmly believe that it is essential to involve your immediate family and solicitor in the decision making process with some of the above products.

Spanish Legal & Fiscal Services

We are able to recommend a Spanish registered legal firm based in Torrevieja, with another two offices belonging to the same group located in Vera (Almería) and Alicante. They have a highly qualified team of lawyers (abogados), accountants and legal assistants, many of whom are multi-lingual, with extensive experience in the area of property conveyancing. The English speaking staff enjoy a close working relationship with clients and are approachable and accessible at all times. They offer a full range of services, including:

• Conveyancing, new and second-hand (resale) properties
• Signing of Title Deeds in the presence of a Notary
• Land Registry inscription of Title Deeds
• Power of Attorney
• Processing of application for the N.I.E. Number (Foreigners Identification Number)
• Signing of Mortgage Deed in presence of a Notary
• Fiscal representation, i.e. overseeing payment of taxes, completion and submission of annual tax return
• Spanish residency applications
• Preparation of Spanish Wills
• Probate and estate work
• Document legalisation
• Preparation of building licences/permits, e.g. for extensions to properties

As with any property purchase, it is essential to engage the services of a qualified Solicitor or Lawyer. Due to the differences between legal systems in general it becomes particularly important that a specialised Spanish Legal Firm guides you in the conveyancing process involved when purchasing in another country. We provide a comprehensive service and we ensure that all facets of the transaction are carried-out strictly in accordance with Spanish law. In particular they will……

• Confirm that the seller of the property is the legal owner.
• Check whether there are any encumbrances on the property that may adversely affect the sale.
• Verify that the property, when built, has all the necessary licences and authorisations.
• Prepare the necessary documentation for the signing of the public Title Deeds and arrange all necessary appointments.
• Accompany the client to the Notary and translate all legal documents.
• Arrange for the payment of any fees and taxes and for the Title Deeds to be inscribed in the local Land Registry.
• Assist the purchaser in obtaining all important N.I.E. number (Numero de Identificacion de Extranjeros). This number is essential for non-residents and is required in the purchase of a house or car.
• Review the terms of the mortgage, if requested, and will liaise with the purchaser´s mortgage lender in order to coordinate the signing of Title Deeds.

It is essential that you open a bank account in Spain as soon as possible after choosing and signing the purchase contract for your property.

This firm also provide the service of Fiscal Representation, essential for the non-resident property owner and convenient for the resident tax payer. Beginning the year after the signing of the Title Deed and covering the completion and presentation of tax returns, arrangement for the payment of taxes and dealing with queries concerning taxes. A full explanation regarding Income Tax, Wealth Tax and Council Tax will be provided during a future appointment and the necessary documentation will be presented for signing at this time.

Foreign Currency Exchange Service

It is estimated more than one and a half million of us will own a second home abroad by 2025. Yet many still risk paying more than necessary. Careful financial planning can save you several thousand £pounds and help you save money when buying and maintaining a home abroad.

TOP TIPS

Don’t use the High Street Banks to transfer your money…..

One of the biggest expenses when buying abroad is when transferring your funds from your own bank in the UK to the local country bank and sometimes onwards to your Solicitor.
You can loose thousands of £pounds if you don’t achieve the best available exchange rate.

Specialist Foreign Exchange Brokers such as International Exchange (IFX) generally offer much better rates of exchange than the High Street Banks.

…..Fix your Exchange Rate before you complete…………..

Exchange rates can fluctuate in the time it takes to purchase a property and if the pound weakens against the Currency in question the cost of your home will increase. Most Foreign Exchange Brokers such as IFX will allow you to fix your exchange rate for up to two years. The other advantage the Specialist Brokers offer is they do not charge for arranging your money transfers unlike the High Street Banks who do charge an administration fee.

It definitely pays to talk to a Foreign Exchange Specialist before you buy abroad. Salamanca Villas will be pleased to provide you with a detailed booklet explaining the range of specialist services and the benefits available.

For further information, please call us on 0845 838 7477, email us at info@salamancavillas.com or complete our online enquiry form