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When buying property in Spain what is the difference between freehold and leasehold?
Freehold Vs. Leasehold When buying a property in Spain you have two options - to buy a Leasehold (Traspaso) or a Freehold property. The main difference between the two options is the initial investment required and the legal ownership of the property. When you buy a leasehold the initial cost will be much lower than buying a freehold but you will have to pay a monthly rent as long as the lease last. This rent will be fixed over the lease period and only upgraded with the official inflation each year. As to the legal ownership the buyer of a freehold will own the property whereas the buyer of a leasehold will be responsible for the maintenance and "running" the property, but when the leasehold finish he will not be the owner of the property (although some leasehold contracts gives an option to buy the establishment or lease it for another period at the end of the leasehold). Leasehold In general it can be recommended to start with leasing a property if you are planning on owning your first property in Spain - residential or for holiday lettings. The main advantages with a leasehold (apart from the lower initial investment) is that it is a fast and easy way to get started (it only takes a few days to arranges a leasehold contract) and that it is also easy to get out again as the buyer always has the right to sell the leasehold to a third party!. As you can always sell the leasehold it is a good and safe way to learn about the area and to decide upon buying a freehold or getting out of the market. If you decide to sell the leasehold the owner is entitled to a percentage of the sales price (normally between 5-10%) but you can sell the leasehold at whatever price you choose. There exists different forms of leasehold contracts but most properties are leased from 30 to 100 years on a renewable lease. When you sign the leasehold contract you will normally have to pay 2 months rent in deposit plus the first months rent. Thereafter the rent will be due to be paid monthly upfront. As you are not the owner of the property you should be careful about making major changes to the property structure without getting a written permission from the owner. Freehold If you decide upon buying a freehold property, you will have to sign a new title deed with the public notary, pay VAT on the purchase, register the purchase of the property, etc. The arrangement of buying a freehold property is both more expensive and takes a longer time to finish than a leasehold contract. The major advantage is that you will be the owner of the property. This means you don't have to pay a monthly rent (only the mortgage if needed) and you can even sell the leasehold to the property if you get tired of it or the area. If you have decided that buying or leasing a property is the best solution to enter the Spanish market you can find a few recommendations and things you should be aware of below. Recommendations First of all we can recommend to take your time and to look at several properties before deciding upon one. The prices can vary a lot from place to place and by looking at different options you will be able to compare prices, locations and quality between different properties. If you have found a property you like you should arrange for a second visit. At this stage it is also a good idea to spend some time in the area. Before you sign any contract there are still a number of important things to clear out. Although many contracts and guarantees on the property are transferred to the new owner, you still need to make sure that all the paperwork are up to date and in order, or the leasehold contract mention who is liable for any debt. When you buy an existing property you don't only inherit the permissions, guarantees etc., but also all outstanding debts and unpaid bills etc. When all the papers are in order you have to sign a purchase contract and the new title deed, if buying a freehold, that will transfer the property into your name. With a Leasehold, the owner of the property make all those changes needed to get leaseholders name on electric and water bills etc. Text taken from: http://www.eastcoast-estates.com/search/fullnews.php?id=32
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