Welcome to BuyAssociation.co.uk

General: Ignorance is bliss? - Stewart Andersen

“Oh dear, I never realised…”

Ignorance, so the old saying goes, is bliss. It certainly shouldn’t be when it comes to buying and selling property. Stewart Andersen says don’t find yourself complaining: “I wish I’d thought to ask…”

It doesn’t matter whether the house, villa or apartment is in the UK or abroad, ignorance is bad news and can cost you money. ‘Ignorance of the law is no excuse’ is also a saying that it’s worth heeding. It’s no use acting foolishly and then pleading, “But nobody told me… I didn’t know...”

I would certainly have to plead guilty to total ignorance when I bought a house in Spain many years ago but I was one of the lucky ones. I was steered through the whole process by an honest Spanish agent, I had a Notary who obviously recognised I was a total simpleton and who watched over the transaction like a hawk. My excuse is that it was sufficiently long ago that there weren’t the excellent sources of information that exist today like BuyAssociation and the Association of International Property Professionals that can help innocents abroad.

A holiday home

I’d been unwell and headed for Spain to get over it. I loved the country and decided to buy what I thought was going to be a holiday home. The day of the completion of the purchase, I went to a nearby bar with the estate agent and the Notary to have a celebratory drink. I was clutching the keys to the house and a set of plans. We sat down and ordered our drinks and this is where I demonstrated my ignorance. Unfolding the plans I asked who owned the piece of land next to my house.

My two companions looked at me in amazement. “But you do, amigo mio!” exclaimed the Notary. “Didn’t you know?”

I admitted I’d never thought about it and I asked them the size of the land. “1,000 square metres,” laughed my agent. “I think, my friend, that you should buy us another round of drinks!” I hadn’t asked questions during the purchase process because I didn’t want to seem stupid.

Purchase costs

Having returned to the UK, I continued working and then, one day, looking up at the drizzly grey sky, I thought of my little house sitting in the sun, and without a moment’s hesitation, went home and packed up. I moved lock, stock and barrel and stayed in Spain for 20 years.

We’ve all heard stories in the press and on TV about people who have lost money buying a home abroad. While there are some fairly basic rules to follow, there’s one thing to bear in mind when you are looking for a property. If the sale price is, for example, £200,000 (or euros etc), and you have £200,000 in the bank, that’s all well and good. But remember, it’s your responsibility to find out just what you are letting yourself in for, financially.

There are certain basic costs such as the Notary’s fees and agent’s commission, but on top of that there’s the cost of registering the property. You may well have to pay taxes to the Town Hall and the Land Registry and these could include a Transfer Tax. The solution to all this is to know your budget, stick to it and if in doubt, ask questions!

If I was buying a home today, I hope I'd be that lucky again. If not, I’d only have myself to blame!

Stewart Andersen

Stewart has worked on a variety of magazines for more than 20 years as a journalist and editor, usually specialising on property and travel, both in the UK and overseas. His first book ‘Wild Thyme in Ibiza’ was published recently and this year he launched Stewart Andersen’s Property & Travel Blog

More pages

Page 1: “Oh dear, I never realised…”

The best villa holidays from James Villas with our hand-picked villas and all the support you need in resort, we're the number one choice

Find your perfect holiday home - over 250,000 homes worldwide to chose from

Discounted Airport Parking - available across the UK

Marbella apartments with 110% finance 50 per cent discount from developer prices, 300m from the beach