Hi,
I'm looking to buy an apartment in the Cala D'or area of Mallorca and having never bought property abroad would appreciate any advice. I've been researching for nearly a year so haven't just decided it's a good idea having just got off the plane! Where I am struggling is how to find a good English speaking lawyer for the purchase and ongoing fiscal matters (tax on renting etc.) - Any recommendations?
Similarly recommendations for mortgage brokers/banks?
If anyone has experience of renting out an apartment in mallorca I'd be interested to hear your experiences, I don't need the rental income but would like to be able to rent for some of the time. What would be realistic? Finally, I understand that I need to pay tax on the rental income but do I need to do anything else to rent "officially"?
Any help much appreciated.
Hi, we have owned an apartment in Cala D'or/ cala egos for over 3 years now and it has been the most rewarding times of our life. There is one big group of owners and bar and resturant owners who know each other and always have a good time especially out of season when it is quiet in the town and you can get to know the good resturants and bars who stay open for the winter.
On your first point i would stronly reccomend that you ignore any estate agent that tells you that you do not need a lawyer, it is possible to purchase without one but very risky, We used a Engilsh speaking company called, Despacho Morell, our contact is Marian who is American but she married a Majorcian. They are based in Palma but handle the whole island and are well known in Mallorca
tel 00 34 971 713548 e-mail juliomorell@wmega.es
Julio speaks perfect english and has helped many of our new friends purchase thier property. They handle all the required tax and wealth tax payments for you if you require.
When we first purchased we used the Dutche bank in Cala d'or because this was recommended by our agent, we asked for all correspondence to be sent in english and was assured that this would be ok. it wasn't and after 12 months of battles we finally gave up and after talking to local friends we changed to the Solbank in Cala d'or, it was the best move that we have done as they are excellant in every way and will set you up with a mortgage if required as well as give free advise on the property that you may be interested in.
Generally on renting out if you rent for more than 12 weeks a year then you are classed as a business and have to register with the tourist board to pay the relevant taxes, some people bother and some don't but if you get caught it can be a heavy fine so be warned, 2 bedroomed apartments rent out for £450 to £850 per week in season depending on the location, so there can be good money to be made. I am in Cala d'or each month so if you need any other info just shout, have you looked at any good places that interest you as i may know them, good or bad! good luck
Steve.
On your first point i would stronly reccomend that you ignore any estate agent that tells you that you do not need a lawyer, it is possible to purchase without one but very risky, We used a Engilsh speaking company called, Despacho Morell, our contact is Marian who is American but she married a Majorcian. They are based in Palma but handle the whole island and are well known in Mallorca
tel 00 34 971 713548 e-mail juliomorell@wmega.es
Julio speaks perfect english and has helped many of our new friends purchase thier property. They handle all the required tax and wealth tax payments for you if you require.
When we first purchased we used the Dutche bank in Cala d'or because this was recommended by our agent, we asked for all correspondence to be sent in english and was assured that this would be ok. it wasn't and after 12 months of battles we finally gave up and after talking to local friends we changed to the Solbank in Cala d'or, it was the best move that we have done as they are excellant in every way and will set you up with a mortgage if required as well as give free advise on the property that you may be interested in.
Generally on renting out if you rent for more than 12 weeks a year then you are classed as a business and have to register with the tourist board to pay the relevant taxes, some people bother and some don't but if you get caught it can be a heavy fine so be warned, 2 bedroomed apartments rent out for £450 to £850 per week in season depending on the location, so there can be good money to be made. I am in Cala d'or each month so if you need any other info just shout, have you looked at any good places that interest you as i may know them, good or bad! good luck
Steve.
Thanks for the advice, it's good to hear from someone who has had a good experience. I've sent you a PM.
Thanks
Thanks
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