Need to sell your property in Spain but based in the UK? Where do you start?

Much information is available for purchaser’s of a foreign property (check out our own downloads area) but what about when it is time to sell up?

AIPP members Properties Overseas specialise in helping British owners of a foreign property when it comes to the lesser known process of selling a property abroad. Here they share with us a very typical story of some clients they helped move stress free.

Carol a resident in the UK purchased a property in Spain with her brother Chris, who lives in Ireland, over 15 years ago. The property had brought great pleasure for many of years. However, as time went by and they became older and less mobile, the visits became less frequent and eventually stopped entirely. Yet, running costs of the property, mortgage repayments, community fees and local taxes continued.

They needed to sell the property. However, neither Carol or Chris (now in their late 70’s) felt up to visiting Spain to arrange solicitors, estate agents etc. to deal with the sale. Mistakenly, they believed this was their only option. No trip was made and the financial burden drifted on.

As a result of a chance conversation many years after their last trip to Spain, Carol heard the property could be sold without either her or Chris travelling to Spain. She learnt that the sale could be organised from the UK and Ireland with the help of Properties Overseas, our company specialising in international homes. The company provides a full project management service that would guide and support C&C through the whole process. The company’s experience and its membership of AIPP (Association of International Property Professionals), gave them confidence to proceed.

It began with a consultation with Sue from Properties Overseas to establish the details of the property.

The conversation covered ownership, general condition, access, financial position such as any outstanding mortgage, debts and if they had any legal representation in place?

Carol & Chris decided to use Properties Overseas to project manage the sale, as neither wanted to travel and wanted to avoid the stress of organising everything.

Carol and Chris asked Sue to help find and appoint Spanish solicitors to represent them. They no longer had any links with legal firms in the country. Sue facilitated the Spanish power of attorney’s by engaging Notary Publics in UK and Ireland on the Carol and Chris’s behalf, while continually liaising with the legal team in Spain. The documentation was prepared and signed by the owners in the UK and Ireland respectively. The originals were then sent to the solicitors in Spain so that they were able to act on behalf of the owners without them being present in Spain. The ability to do this without travelling was a huge relief to them.

Properties Overseas organised a check list of documents needed from the Carol & Chris. Sue gathered the information from them, prepared a file and reviewed the content before it was sent to the solicitors.

Sue tracked the progress of the transaction. She was on hand to explain the process to Carol & Chris, help answer questions or send information as and when needed.

Properties Overseas had developed relationships with estate agents and property consultants over many years. A well established agent, with extensive knowledge of the area and market where the property was located, was appointed. After an initial visit by the agent and Properties Overseas to ascertain the condition of the house, the owners were advised that to optimise the sale proceeds, it needed some TLC and remedial repairs. From a range of options, it was agreed that a full clean and some painting was needed. Also, to help with the marketing, a home staging service that would generally smarten up the property, was suggested. With the help of Properties Overseas the scope and final price for the work was negotiated.

Properties Overseas liaised with the agent and helped guide Carol & Chris through the marketing options. The price was decided and a full marketing service agreed. Prior to the estate agents contract being signed, it was reviewed by the Spanish solicitors to safeguard the owners’ interests.

With remedial repairs and home staging completed, pictures and a video showing the property in a new light gave Carol & Chris confidence of a good outcome.

The property was marketed successfully. It was sold within a week of being put on the market and achieved the full asking price. The agent then organised the renewal of the habitation and energy certificates and re-connection of water and electricity. Utilities must be in place before the sale can be completed.

Properties Overseas objective was to take the stress away from the owners and work with the fellow professionals involved to ensure a good and successful outcome. The end result for the owners was relief from the escalating financial burden which was draining their personal funds. No longer having the obligations of owing an unwanted property , brought peace of mind. Of course, the receipt of the financial proceeds from the sale bolstered their finances.

Chris and Carol’s situation is not uncommon. If left to rumble on the, problems can be transferred to the children or other relatives should ill health incapacitate the owners; just at a time when they feel their priorities need to be elsewhere.

Properties Overseas’ project management service provided a valuable link between all the parties involved in the sale. They were able to explain the Spanish processes to the owners’ including why they needed to provide the information requested by the agent and lawyers. Properties Overseas were able to negotiate on aspects such as homestaging to ensure that only the necessary work was commissioned. Liaising with the estate agent, Spanish solicitor’s and owners smoothed the way at times when uncertainty emerged. Properties Overseas understand that it is important to keep owners informed and brief them on progress, as well as signposting what would be needed of them.

This transaction had a further complication of dealing with lawyers in Spain, UK & Ireland. It brought many challenges of communication and co-ordination. The project management service shielded the owners from many of these as Properties Overseas worked on their behalf to ensure they could focus on just the things they needed to do.

Without this support the owners would have had extreme challenges in being able to sell the property. Uncertainty on how to start and concern about the liabilities they may have accumulated may have prevented them from acting at all.

Our Professional Network in Spain, UK & Ireland

• Notary Public
• Solicitors
• Estate Agents
• Home Staging Consultants
• Currency Specialists
• https://propertiesoverseas.co.uk/