Banks Could Be Forced to Offer More Flexible Mortgage Terms To Owners In Danger Of Repossession

Read this article on the Sol Times that Repossession laws on mortgaged homes are to get a complete overhaul forcing banks to take a more flexible stance in order to prevent owners from being left out on the street.

Households where all adult members are unemployed and with no income will be able to request a payment holiday of up to four years, during which they only pay interest on the loan; an extension of the mortgage term to 40 years, and the reduction of interest rates to the current Euribor plus 0.25 per cent.

If the owners are still unable to pay the mortgage because this amount exceeds 60 per cent of their monthly income, they can request a discharge of the loan and, if even this means paying beyond their means, they can hand back the keys to the bank and wipe out the debt.

If the family opts for the latter, they can remain in the property as tenants for up to two years with an annual rent of of three per cent of the outstanding debt - meaning that if the mortgage currently stands at 100,000 euros, their rent will be 250 euros a month.

All this is possible even when the bank has started repossesssion proceedings, unless the auction date of the property has already been formally announced.

These provisions were discussed in a parliamentary meeting and will form part of the Code of Good Practice which banks can adhere to voluntarily.
Although it is not compulsory, new customers will be unlikely to bank with a firm which does not adhere to the code.

The provisions will only apply where the property is worth less than 200,000 euros if it is based in a city of more than one million inhabitants; 180,000 euros when there are 500,000 people in the city and 150,000 euros in towns of 100,000 or more people.

Finally, for all other, smaller towns or villages, the property value must not exceed 120,000 euros.
The mortgage must exceed 60 per cent of the household income for banks to be obliged to allow these concessions.
Vice-president of the government, Soraya Sáenz de Santamaría, explained that the idea is to put the brakes on the ever-increasing number of people left homeless due to being unable to pay their mortgages following redundancy.
Around 300,000 repossession orders have been filed since the recession started in 2008.

Home, Leisure and Property Fair 2012

LAST REMAINING STANDS AVAILABLE

The period for new reservations closes on Wednesday the 28th of March. Don't miss out!!

On the 7th and 8th of March a Home, Leisure and Property Fair will be held in the Hotel Parador, Mojacar Playa. The fair will be open from 10.00 until 18.00 on both days with live demonstrations and presentations from various buisnesses and trades across 50 stands.

Divided in to two separate sections. On the ground floor they will have the Property Hall, giving an ideal opportunity for prospective buyers, sellers and renters to get an overall view of what is happening in the area and assess which companies will give them the best service for their individual requirements. 

On the first floor, they will have the Home and Leisure Hall with a diverse cross-section of local businesses.

This incredibly low cost exhibition is only 125 Euros.

They anticipate receiving 1000 visitors across the two days, and the exhibition is backed by a strong advertising campaign in the Ultimate Guide magazine, local press, and on both Spectrum and Spanish radio, plus a high visibility banner on the main entrance to the Parador Hotel in the month leading up to the exhibition. 1000 potential clients for your business...

Don't miss out!

Contact 647 412 070 or 664 040 928

€1bm Paramount Park to attract 3m visitors

At the end of May or the beginning of June the foundation stone of the Paramount Theme Park planned for Murcia is due to be laid.

Following the purchase of two thirds of the land for the park and leisure centre complex, located in Alhama de Murcia.

The developer Premusa reportedly paid €10.3 million for the more than one million square metres of land.

Work opportunities to fill positions within the park are expected to be announced soon.

The project will generate a total of 22,600 jobs through direct and indirect employment.

The complex will include a leisure park, two themed hotels, lifestyle centre, cultural business + leisure area with seven hotels and a recreational area.

The first fase of the park is expected to open in the first months of 2015.

The entire project budget is €1.1 billion and more than three million visitors are expected anually.

The developer Premusa is currently in the process of securing the additional €130 million  from external investors for this project to go ahead and as soon as they have all the investors they will let us know.

Ryanair To Stop Flights From Almeria

Ryanair has announced it will STOP flights from Almeria because of a refusal to collaborate with the Almeria Provincial Tourist Board.

For several years Ryanair have been trying to find ways to work with the Almeria Tourist Board. But given the lack of interest, with the announcement of a new route from Liverpool providing twice weekly flights, they have decided to cancel the start of the route and explore other European destinations who are WILLING to accommodate.

Not only has Liverpool been struck off but also the connection to Dublin!

The Provincial Tourist Board have known this since January and have shown no interest.

Given the lack of interest in promoting Almeria as a destination Ryanair have decided to operate the route from Dublin to other European destinations that value such connections and recognise the mutual benefits of promotion.

This summer Almeria will now only operate a total of 5 routes.

Madrid, East Midlands, London, Dusseldorf-Weeze and Brussels Charelroi.

Almeria Provincial Tourist Board have chosen to go it alone!

By choosing this option Ryanair have led to the decision to reduce their presence in Almeria.

Moneycorp

Benefits Of Using Moneycorp

SAVE TIME AND MONEY ON YOUR INTERNATIONAL TRANSFERS

About MONEYCORP

MONEYCORP is a trading name of TTT Moneycorp Limited, which has been dealing in foreign exchange since 1979 and traded 10.5 billion GBP in currencies in 2010. The company has maintained ISO 9000 Quality Assurance certification since 1996 - a unique achievement in the foreign exchange industry - and has offices in the UK, Spain and the USA. The Royal Bank of Scotland (RBS) Special Opportunities Fund is the sole institutional investor in the Group, with a total shareholding of 92.5%

 

So why use MONEYCORP instead of your bank?

Because making transfers with moneycorp is faster, more convenient and more cost effective. Whether you're making regular transfers, or simply need to make a one-off payment, we don't charge commission.

We also offer free information and guidance on the currency markets, helping you decide on the best time to buy.

Using MONEYCORP - The main benefits:

• Highly competitive exchange rates, making your money go further.

• Fast, secure transfers - so your currency arrives where you need it, when you need it.

• Ability to fix exchange rates for a set time period, helping protect from adverse currency movements.

• Expert guidance from a dedicated Account Manager, enabling you to make informed decisions about the best time to book transfers.

• No cost and no obligation in opening an Account.

How not to sell! Terrible real estate photos.

The terrible real estate advertising photos that show it's not ALL about location. (Article from the Mail Online)

I just spotted this article on the Mail Online and thought it was quite funny!

To view the full article click here: Terrible Photos

It's all about LOCATION, LOCATION, LOCATION!

 Is this a murder scene? A stain that looks suspiciously like the outline of a body is seen in this unfortunate listing photo.

A little creepy: Among the chintz in this room is a child-sized doll - not the kind of thing most estate agents would recommend leaving out

It's best to lilo in pictures: This sunbather got caught in the photo. What was the snapper thinking?

Caught napping: There was no attempt to make this room look nice - and there's a woman asleep in it

We're not sure what's happening on the right of this picture, but it probably should have been cropped out... 

Half-naked: This photographer inadvertently took a snap of herself as well as the room she was trying to sell. And she was in her underwear

Looking casual: This four-posted bed has two women on it. Appropriate?

Retiring to Spain?

Pía Retirement Homes can provide you with an independent lifestyle, where you can enjoy to the full your freedom in a warm climate.

Giving you time to enjoy your retirement as you wish in the knowledge that there is always help on hand.

By moving into a Pía Retirement Home you are taking an active decision to secure an improved quality of life and independent living in a warm climate away from city life and it's pressures.

Pía Retirement Homes are situated on the Costa de Almería, Turre. The Almería region has many places to visit and lots of leisure activities from, skiing in the Sierra Nevada, playing on one of the many local golf clubs, sea fishing, exploring the coves of the Cabo de Gata and getting to know the local Spanish people over a Tapa or Paella.

British born Pía has lived in Spain for 42 years. For more than 20 years now Pía has been helping and supporting local people, to lead their lives to the full. Assisting people with medical matters, providing information, advice and solutions, to everyday life here in Spain.

Pía is passionate about the care and help she offers to people and looks forward to the opening of Pía Retirement Homes in Turre.

If you are interested in more information regarding Pía's Retirement Homes visit her website:

www.retirementhomespain.com

Possible Council Tax Decrease

The IBI land value tax in Mojacar Costa de Almería is too high, said the town's mayor. During a recent interview on the Spectrum FM Radio station in Mojacar, Mayor Rosa Maria Cano said there is a good chance that taxes will go down next year if more property owners start paying their dues.

Mayor Rosa Maria Cano explained that in a meeting with the subdirector of the land registery in Madrid she had been informed that Mojacar's tax could be lowered but that the land registry must first be updated.

Mayor Rosa Maria Cano also explained that a company contracted by the regional government, the Junta de Andalucía, has taken detailed aerial photos of all houses and other buildings in Mojacar as part of a campaign to update the land registry. The aerial photos are very precise and are being used to measure the size of buildings and verify them with the details on the land registry.

Some citizens are paying too much tax relative to the size of the property, others are paying too little and that many are simply not paying at all becuase they aren't registered.

The local police have been visiting homes where discrepancies have been found and giving property owners official letters explaining the situation.
Rosa Maria Cano pointed out that although the photos are very accurate, errors can occur and that people who have received letters should take them to the town hall office in Marina de la Torre in Mojacar Playa Costa de Almería within 10 days and make claims if necessary.

WHAT WILL HAPPEN TO HOLIDAY HOMEOWNERS WHO ARE NOT CURRENTLY IN SPAIN TO RECEIVE THE LETTERS???

Rosa María Cano has said that the situation has gone on long enough and people have had plenty of time to register their properties. It is very important to go to the town hall office and that the final deadline is March 20th. Property owners that don't present their paperwork before the deadline may face fines from the national tax office (Hacienda) as well as having to make bank payments.

IF ANY DOUBT ONE SHOULD SEEK LEGAL ADVICE OR SPEAK TO THE TOWN HALL!

A piece of overseas property for £4,000

If your considering an overseas property investment, but have a budget which won't stretch very far, then a new scheme which is being developed by Barrasford & Bird Worldwide could be the answer. The company's Experience Property Ownership scheme allows overseas property investors the chance to own a fractional share in a choice of five star properties across the world, and until the 1st of March the company is charging just £4,000 for a share in their French Château de la Cazine in the Limousin region.


The investments allow you to either stay in your property free of charge for one week every year, or place your week into the rental pool and generate a guaranteed annual return. The rental guarantee/personal usage option will remain in effect for ten years. Easy payment terms are available allowing owners to spread the cost of their investment over a twelve month period, interest free for only a small amount each month. 
Viewing trips are available from just £49 per person.

WONDER WHETHER THIS WILL CATCH ON IN SPAIN TOO?

New homes will drop further in price.

According to a report on Kyero, the Government claims new homes will continue to become less expensive this year and almost 65% of the excess of new housing is located in coastal areas.

The majority of the homes which will see a drop in price in the coming months will be holiday homes. And, with few exceptions, the bulk these new homes, estimated at about 800,000 euros, are located in coastal areas or are second residences.

According to a recent report on the residential sector in Spain carried out by CatalunyaCaixa, two thirds of the surplus of unsold homes are situated along the Mediterranean coast. Specifically, nearly 65% of these properties are divided between Catalonia, the Balearic Islands, Valencia, Murcia and Andalusia.

Valencia is the region with most unsold stock, holding almost 210,000 properties at the close of the third quarter of 2011, representing 25.6% of the total. Together with Andalusia (137,000 homes) and Catalonia (107,000) they represent 55.4% of the total stock. Moreover, although the availability of new homes has slowed over the past two years, there have been increases around the Valencia region, Catalonia and the Basque Country.

In fact, by province, Castellon accumulated a stock of nearly 114,000 homes, followed by Barcelona and Alicante, with about 57,000 each. A further 52,000 new properties was registered in Murcia and almost 40,000 for Valencia.

DROP IN EURIBOR MAY LOWER MORTGAGE PAYMENTS

The Euribor,  the main indicator to which mortgages are referenced in Spain, has dropped its daily rate by five thousandths, strenghthening its downward trend and giving hope to those whose mortgages are coming up for review that their monthly mortgage payments could begin to decrease.

The daily indicator stood at 1.664% on Friday and is 0.338 % down since 19th December, when it last saw an increase up to 2.002%.

El Mundo reported that with only a week and a half till the close of February, the Euribor is likely to stay at a monthly rate of 1.704%, which represents a drop of ten hundredths from the level marked by the indicator a year ago.

The expectation of better liquidity facilities from the European Central Bank (ECB) is gradually easing tensions in the European interbanking market and is encouraging financial institutions to lend money.

4.6% Rise in Tourism 2012

ALMOST 2.8 MILLION FOREGIN TOURISTS CAME TO SPAIN LAST MONTH, A 4.6% INCREASE ON JANUARY 2011.

These latest figures show an increase of 122,000 foreign visitors in January 2012 compared with January 2011, this suggests that the upward trend set last year is set to continue.

Tourism figures went up by 7.6% last year, reaching a total of 56.7 million foreign visitors in one year.

The UK, which accounted for 19.1% of all the foreign tourists that came to Spain in January, continues to be the most important source market.

The Canary Islands continue to benefit most from the tourism redirected from troubled countries like Tunisia and Egypt, with 33.7% of all foreign tourism.

Catalunya saw an 8.2% rise in tourism with 22.3% of foreign tourists. Visitors from the Netherlands and France proved popular in the region.

In Contrast, Andalucía  saw its tourism figures drop by 10%, with 33,255 fewer tourists.

Luxury Villa Rentals Almería

Find your ideal holiday villa rental in Spain with Exclusive Villa Rentals. Exclusive Villa Rentals has some of the best accomodation in Spain, offering the holidaymaker the best in luxury Spanish Villas and Apartments in areas such as Mojacar, Vera, Antas, El Cortijo Grande, Cabrera, Garrucha, Los Gallardos, and on mature Spanish Golf Resorts, in coastal areas or in verdant valleys with spectacular mountain views. Exclusive Villa Rentals villas are prepared to the highest standards and are prepared for your comfort. You will be personally greeted at your holiday home and provided with all the information that you will need to ensure your stay is enjoyable and relaxing in your villa rental in Spain. All of Exclusive Villa Rentals villas have private swimming pools and some offer pool heating which make their villas ideal for winter holidays. They also have villas with their own tennis courts and Jacuzzis.

Exclusive Villa Rentals have villas in Spain to rent that can sleep up to 14 people and villas within close proximity of each other which means they can also cater for much larger parties, or for two families who want to rent villas in Spain close to each other.

With many activities available, such as golf, cycling, walking & hiking, bird watching, go-carting, tennis, paddel, volleyball and horse riding, the Costa de Almería is a perfect all year round holiday destination for all the family with the driest climate in Europe.

I highly recommend planning a holiday in an Exclusive Villa Rentals luxury villa!

Check out their website for more information on individual villas and special offers.

www.exclusivevillarentals.biz

Legal & Financial Advise

We strongly recommend that anyone purchasing property or land in Spain employs the services of an English-speaking Spanish lawyer (abogado).

Your lawyer will do all the necessary legal checks to ensure the vendor is the rightful seller and that the property is being sold free of all charges and other liabilities.

Being in Spain for the day of completion is not always possible so giving your lawyer power of attorney means they can sign the Title Deed on your behalf.

A lawyer can also help with the preparation of a Spanish will as well as the transfer of all utilities, e.g. water, electricity, rates, to your name once the purchase has taken place

MONEY MATTERS

When looking to invest in a property in Spain you should allow for an approximate additional 10% of the purchase price to cover taxes and fees.

BANK ACCOUNTS

If you are buying a property then a Spanish bank account is a must. Most utility bills, e.g. electricity, water and rates, are paid by direct debit from this account. Opening an account is easy and the only identification necessary is your passport. There are many banks to choose from, whose fees and charges differ.

MORTGAGES

The first step is for the bank to arrange a valuation of the property and then it takes approximately two weeks from than to confirm the mortgage offer. The Bank Manager attends the Notary on the day of signing the Title Deed to legalise the mortgage and hand over payment to the appropriate party.

TAX RESPONSIBILITIES

Everyone who owns property, has other assets or earns an income from rentals, investments or employment in Spain is legally obliged to declare this to the Spanish tax authorities. In order to do this you must first be registered for tax purposes so it is most important that you have an NIE number.

Frequently Asked Questions About Property Purchase In Spain

Q: Is it difficult to buy property in Spain?

A. No, but it is advisable to use the services of an experienced and reputable property agent, who will guide you through all aspects of purchase and will recommend a good, independent English-speaking Spanish lawyer.

Q: What are the costs associated with buying a property in Spain?

A. You should allow about an extra 10% of the purchase price to cover taxes and legal costs

Q: Can I bring my pet into Spain?

A. Pets may be taken to Spain, although you will need a health certificate from an authorised vet and a certificate of vaccination against rabies for dogs and cats. If the pet is going to live permanently in Spain then an export certificate will be required from the vet. If the animal is going to travel around with you or return to the UK it may be worth arranging a Pets Passport. The process to arrange this takes a minimum of 7 months – a reputable UK vet will have all the necessary details.

Q: Do I need residency to buy in Spain?

A. No, but it is necessary to be registered for tax by acquiring an NIE certificate before going to completion. We would be more than happy to help you organise this.

Q. Can I drive my UK registered car over there?

A. Yes, but only if you are spending less than 183 days in Spain each year but the police may require proof of this if you are stopped. It is possible to transfer a car to a Spanish plate, but the car must first pass the Spanish ITV (the equivalent of the British MOT) regardless of its age.

Q: How much can I borrow in relation to the value of the property I am purchasing?

A: It is generally the case that the banks will lend 70% of the purchase price of the property for a non-resident.

Q: I am buying a new build property in Spain that will not be completed for 18 months. Can I arrange a mortgage in Spain now?

A: The Spanish banks will only release mortgage funds when the property is completed. By releasing equity in your UK property, however, you can pay for your Spanish home as required, and then arrange a Spanish mortgage approximately one month before completion.

Q: Why should I use an agent instead of going directly to the developer when purchasing a new build?

A: The prices are fixed by the developers, and are exactly the same as what are offered by an agent. The benefits of using an agent are they are impartial to what they show you, and they offer a full after-sales service.

Q: We would like to buy a holiday home in Spain to let out – is this possible?

A: Yes, there is no problem purchasing a property to let out, even if a mortgage is required. We can advise you on Property Management companies in the area.

The Buying Process In 10 Easy Steps...

1. Find the right property
2. Obtain an NIE certificate, which you will need to purchase any property in Spain.
3. Agree the purchase price
4. Pay a reservation fee to secure the property
5. Employ the services of an English-speaking Spanish lawyer
6. Open a Spanish bank account
7. Arrange a mortgage with the chosen Spanish bank (if required)
8. Agree a completion date with the vendor
9. Pay a 10% deposit upon signing a private contract with the vendor
10. Make travel arrangements to be in Spain for the day of completion OR give power of attorney to the Spanish lawyer
11. On the day of completion - sign the title deed in front of a Notary, paying the remaining balance of the agreed asking price OR if your lawyer has power of attorney wait for the call to confirm the property is now yours


Always make sure you have your finances in place before proceeding.

Home, Leisure & Property Fair 2012

Recieved this email today advertising a Home, Leisure & Property Fair which is going to be held at The Parador Hotel in Mojacar. If you are interested in participating contact them on the numbers below.

HOME, LEISURE & PROPERTY FAIR 2012 at The PARADOR, Mojacar

The aim of the exhibition is to showcase businesses, shops and services in this area to residents and visitors alike. The exhibition will be divided into two separate sections. On the ground floor we will have the Property Hall, giving an ideal opportunity for prospective buyers, sellers and renters to get an overall view of what is happening in the area and assess which companies will give them the best service for their individual requirements. On the first floor, we have the Home & Leisure Hall with a diverse cross-section of local businesses.

We are looking for shops, health & beauty salons, insurance companies, solicitors, banks, mortgage advisors, car hire companies, electricians, plumbers, builders, gardeners and any maintenance companies, to display their goods and services. This is a superb opportunity for anyone who wants the opportunity to speak face to face with potential clients rather than the usual “faceless” advertising. The incredibly low cost of this exhibition is less than 1 weeks half page advertising in a local free paper.

We anticipate receiving over 1000 visitors across the two days, and the exhibition is backed by a strong advertising campaign in the Ultimate Guide magazine, local press, and on both Spectrum and Spanish radio, plus a high visibility banner on the main entrance to the Parador in the month leading up to the exhibition.

There is also a stage area for demonstrations of various local products and services, every hour throughout the exhibition. If your company has a product or service that they want to shout about we can offer a 15 minute presentation spot on the stage to demonstrate exactly what they do. Anything that is of interest to local people from nail, hair, makeup demonstrations, to vets letting you know how to look after your pets, to window companies telling you the best product to keep your house warm in winter and cool in summer, air con suppliers, computer engineers, translators, even bodegas with wine tasting. There will also be a draw on both days with a first prize of a 2 day break to any Parador in Spain. Let’s make this an event that people want to visit to learn more about not only visiting Spain but living and working here. Contact Gary on 647412070 or Tim on 664040928 to book your spot. Don’t miss out!  Only 125€ for 2 days

The Guns Of Navarone

Last weekend I visited the Guns of Navarone up at Cabo Tiñoso after hearing about it on the following website: www.terreros.eu

The two giant 38.1 centimetre guns attract a small, but enthusiastic, stream of visitors anxious to see such an impressive part of Cartagenas military history.

During the early part of the 20th century a system of coastal defences was constructed to protect the vital harbour of Cartagena. This included forts, guns, fire control systems, searchlights and many other elements.

The system included four of the largest artillery pieces ever made - huge 38.1 Vickers guns with a range of some 20 miles. These guns remain in place, two at the Castillitos battery, at Cabo Tiñoso, near Puerto de Mazarron, two at the Cenizas battery, near La Manga Club.

The popular legend has grown up that "the Guns of Navarone" film was made here. There is no truth in this.

The road up to the guns is narrow and twisting and great caution should be exercised. The road turns up into the hills behind Campilo de Adentro, which is to the right on the E16 road leading from Puerto de Mazarron and La Azohia to Cartagena. This area is part of an important regional park and many rare birds and plants are found here.

I highly recommend a visit to the Guns. More information on this article can be found on the following website:  http://www.discoveringcartagena.com/guns.htm

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