Help! Selling house in UK, Buying in Spain. Confused.

Hi Guys.

I'm a little confused about the practicalities of the actual buying and selling of property. A little advice could really help me.

My husband is remote working (not pandemic related) and will be continuing with that while in Spain.

I own my UK house outright. I intend to use the proceeds to buy a property in Spain.

But I'm a little confused about how to go about that.
Would love to know what you did.

Do I have to have the cash in the bank before buying a property in Spain? or can I just have an offer on the UK property and then buy something in Spain?

How do I even go about moving if I'm competing in the UK before I have the keys to a Spanish property?

Do I get a  short term rental to tide things over?

Quite confused at this point!

Any advice would be greatly appreciated

Thanks

It would be exactly the same as buying and selling a property in the UK, with the exception that in Spain it is traditional (not compulsory or law) to pay a non-refundable deposit when agreeing to buy.

Katie

Beware, read this first

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I find the least stressful is to sell in Place A, move, and then buy in Place B. It also gives you the most buying options as a cash buyer. But this requires that you have a rental in place (or grab one quickly when you have the buyer lined up), and probably arrange some storage rental too (which means 2 moving trips in & out).

Alternatively, you can buy your new home in Place B first, and only then sell Place A. This removes need for rental apartment and storage unit, as you can move straight in (with only 1 move). But this option requires you to have the purchase money (savings or mortgage or bridging loan) available.

Chains are possible in both UK and Spain. But I think these can be hard to manage, have more risk of chain breaking, and reduce your buying options.

Also Spain property purchase is by notary, which is very quick (potentially days). While UK has solicitors and seems to take a month or two. So this makes juggling sale/purchase even harder.

A couple of things:

-Many Spanish Consulates are not granting non lucrative visas to people under working ages as they assume they will be teleworking. There is a new remote work visa coming soon.

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Hi Katie,
When we bought our house in Spain we created a contract in which we agreed to pay a 15% deposit and that we would pay the remainder as soon as our property in Holland was sold, as long as it was within 6 months. After that period we could agree to new terms with the seller.
I think it all depends on whether the seller in Spain is willing to agree to such clauses.
Good luck,
Erik

:)

JaneLoveit wrote:

Katie

Beware, read this first

Police investigate

Thanks for this :)

ErikWeller wrote:

Hi Katie,
When we bought our house in Spain we created a contract in which we agreed to pay a 15% deposit and that we would pay the remainder as soon as our property in Holland was sold, as long as it was within 6 months. After that period we could agree to new terms with the seller.
I think it all depends on whether the seller in Spain is willing to agree to such clauses.
Good luck,
Erik

I think this is probably what we will end up doing! it seems like a great way of securing something while sorting out everything else.

marialuisa7677 wrote:

A couple of things:

-Many Spanish Consulates are not granting non lucrative visas to people under working ages as they assume they will be teleworking. There is a new remote work visa coming soon.

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my husband is getting an irish passport :)

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