How to check the property is suitable for a mortgage

There are many pitfalls that lie in wait for the unprepared buyer of property in Spain.

Although the popularity of purchasing property in Spain is still increasing, and several thousand people have already bought their house in Spain there are still issues that can arise.

For example ownership issues, where land has not been correctly registered or developments, where correct planning permission has not been granted. These are only examples of problems that can arise and unfortunately in Spain the problem is always transferred onto the current owner of the property.

One of the safest ways to purchase a property in Spain is through a mortgage. The reason for this is fairly straight forward - the bank lends it's money on the basis that if a client does not pay the mortgage, the bank takes the house in payment. If the house does not have correct planning permission, or if there are any ownership issues the bank risks losing the property and the all of the money lent to the client on the mortgage.

At International Mortgages 4 You, we have the expertise and experience necessary to check that the property is suitable for a mortgage, and hence safe to buy, through our nota simple checking service. This checks that the land is registered correctly, any development has correct planning permission and all the other problems that can arise such as the Valencian Land grab laws do not apply to a specific property, before you put down a deposit.

For more information on our Nota Simple checking service click here