The Key Steps Involved in Purchasing Gibraltar property
Whether you are on the lookout for relatively affordable homes or instead the ultimate in luxury penthouses in Gibraltar, it’s important to be able to grasp the distinctive characteristics of the British Overseas Territory’s property market, and the implications this may have for how you buy property here.
Below are a few of the most important stages of investing in properties in this long-sought-after part of the world. However, we would always urge you not to make buying decisions solely on the basis of blog posts like these, and to always ask for independent legal advice before putting pen to paper on any documentation.
The initial all-important financial decisions
Ideally, you will have already chosen a bank or building society to use by the time you find a Gibraltar property that you are interested in purchasing. You should also already have a good idea of the amount and type of mortgage that best suits your requirements.
If you are uncertain about any of the above aspects, it’s a good idea to arrange a meeting with a financial consultant who will be able to advise you on the money dimension of becoming a Gibraltar property owner or point you in the direction of the most reputable lenders.
The payment of the deposit
The standard procedure for house buyers in Gibraltar is to pay a 2% holding deposit to either the estate agent or developer. The deposit serves the purpose of taking the property off the market, with the 2% later being deducted from the purchase price.
The appointment of a solicitor
Naturally, purchasers of expensive luxury penthouses in Gibraltar may be especially anxious to make a good-value choice as far as their solicitor is concerned.
However, a good solicitor does ultimately cost money, and a good solicitor is precisely what you will require if you are to complete a quick and safe purchase of your desired Gibraltar property, rather than miss out.
Property purchases do fall through for all manner of reasons, so it’s worth asking any solicitor that you are considering what they would do with regard to charging you if your attempted purchase did fall through for a reason that was not your fault. It may be that they would only charge a nominal amount if you are able to find an alternative Gibraltar property.
Would you appreciate further tailored guidance with regard to your own search and prospective purchase of Gibraltar property? If so, don’t hesitate to contact our highly professional and discreet team here at 1704 Luxury Real Estate today, by calling 00 350 200 41717.
