INBOX
“MY DEVELOPER HAS GONE QUIET ON ME...”
Your say
If you have a tale to tell or an opinion about buying or living abroad, send us an email (richard.way@aplacein
thesun.com) or write to the address in the front of the magazine. We look forward to hearing from you...
SELLING A SPANISH HOME TO A LTD COMPANY
I own a piece of land in Spain, and a limited company in the UK is willing to buy it from me. But can you please clarify: a) That so long as one of the directors of the limited company has an NIE number, they are allowed to buy the land. b) What would happen to the land when the company eventually ceases trading (it is a small two-man company that will close when they retire in seven to eight years). c) Whether the land can be sold in the UK, or do we have to go to Spain to attend the offi ces of an Asesores? David Newman, by email
Peter Esders, a lawyer at Chebsey & Co (
www.chebsey.com) says: “A UK limited company can buy property in Spain without restrictions, just like a private individual. In fact, many people have used this form of ownership as a way of legally reducing taxes. The company will need the
corporate equivalent of an NIE (the CIF) and various company documents will need to be translated into Spanish and legalised, for example, the certifi cate of Incorporation and the Memorandum and Articles of Association. The company will also need to give a Power of Attorney for somebody to sign the Escritura (title deed) on its behalf. “When the company ceases trading then it should make provisions for the property to be transferred into another name – presumably one of the two owners or for the property to be sold. There is a cost associated with this so the new owners should consider this when looking at this purchase as it may be more benefi cial for them to own the property in a different way depending on their future plans. “Technically speaking, the title deeds can be signed in the UK, but you will still need somebody who deals with Spanish law to assist you with this, as will the buyer.”
Please can you help me regarding an apartment in Egypt I purchased in 2008 for £18,500? The completion date was given as January 2009 but so far I have not received a penny in rental income and the developers, who are German, do not reply to my letters even though they are in their offi ces. Please could you put me in touch with someone who knows about buying property in Egypt? J. M. Desmond, Surrey
Neil Hollingsworth from Rivermead Global (www.
rivermeadglobal.com) says: “This is a common problem in Egypt, when the so-called developer is only the marketing agent and not the landowner or builder, and the actual Egyptian landowner claims not to have been paid. “During my research I have found 25
other owners who have already formed a group and are taking action. You should join them. An important factor to check is who is named on, and who signed, the contract. It must have the landowner’s signature or Power Of Attorney giving your “developers’” staff the right to sign these contracts on the behalf of the landowner. If not, the landowner will say your contract is worthless, leaving a long, costly court battle. “However, many people are fi nally
getting their properties after the Egyptian landowners and builders have been approached through an intermediary and a solution found that suits both parties. The fact that they are asking buyers to contact them directly is a positive sign.”
“WE HAVE A £20K DEPOSIT FOR A RENTAL HOME ABROAD”
Hello, we are an Italian/American couple living in London and we would like to invest in a second home abroad. Ideally, we want somewhere where we can put down a deposit of £20,000 to £25,000 and get fi nance for the rest, which will be paid by the rental income. We don’t necessarily need to be able to use the property for the fi rst few years (although it would be nice to!). We are not too fussed about the location as long
as it’s easy to rent out. I am from Sardinia and I have been looking around there but prices are quite high and you don’t get much for your money. We love Brazil but it’s a bit too far away to look after a property there
8 A PLACE IN THE SUN JUNE 2011
and as far as I know fi nance is not available to foreigners at the
moment.Could you please give us some advice on how/where to look for our place in the sun? Romina Satta & Greg Deaton, by email
The Editor says: “We would love to help you – there are a whole lot of options between Sardinia and Brazil and our team are already bouncing ideas around. Any agents with suggestions can contact me too.”
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