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ambegayo 22-01-2016 00:47

Legal advice
Has any member any advice on equity raised from your house, I am wanting a cheap place in Spain to see out most of the winter, we have a lovely motorhome but the daily mileage to get down to spain is getting harder as we get older, we have good value in property which we
don't see need to leave to all to our family. Any advice appreciated.

cabby 22-01-2016 00:56

With all due respect, you do not say what age group you are, to see if it would be worth while. Raising equity on your house sounds good but the amount they offer and some of the charges some make will be ridiculous.

With the cost of fees and maintenance on the Spanish property, if you are not letting will make it cheaper maybe to rent instead. Just a thought, then at least you could always use a different location each year.


tugboat 22-01-2016 09:19

I wouldn't want someone else having a financial interest in my property. Would downsizing your UK home be an option, to free up capital for a place abroad?

TheNomad 22-01-2016 10:17

DO NOT BUY. I will repeat: DO NOT BUY.

Just rent an apartment down in Spain each time you want to come down here.

The costs of having a place down here all year, just for you to use for say 3 months, would be really silly. Additionally, your tastes change and you may well want to stay somewhere else next year/in future years.

Winter rentals are very cheap, and you are not tying yourself down to a specific location forever.

With apartment rental, you have no maintenance issues, no utility bill issues, no local property tax issues, no local language admin issues, and you haven't tied up maybe £50,000/80,000 euros in a foreign country.

jo662 22-01-2016 13:35

An old workmate`s mother in law used a company to release some equity in her home.And after 5 years they
started charging her rent from there portion of the property.I would not do it,but if you do read all the
small print and get advice.
As has been well said downsizing is a much better

rayc 22-01-2016 14:44


Originally Posted by tugboat (Post 1862281)
I wouldn't want someone else having a financial interest in my property. Would downsizing your UK home be an option, to free up capital for a place abroad?

This to me seems the preferred option. I believe the OP lives in the same locality as me and there are options to do that whilst staying in the general area.

erneboy 22-01-2016 16:05

Having looked at this I agree that renting is the cheaper, better and more flexible option.

Sprinta 22-01-2016 16:40

I was chatting to a chap on a French aire last year and he was about to decamp to Portugal permanently and reckoned on an apartment @ c. 200 Euros a month would suit him fine - sounds cheap enough to me. Perhaps that's an option rather than buying and being stuck in one location, at least he can give up and move elsewhere

klyne 22-01-2016 21:04

We have an ex work colleague who has lived in Spain, full time, for about the last 5/7 years. They rent and every time they have moved property they have got a cheaper rent. If you only need it for 3/4 months of the year renting has got to be the best option. This option also gives you a lot of freedom if for some reason you have to give one winter a miss.


ambegayo 22-01-2016 21:10

Thanks for your replies, it was what I was expecting - we had discussed it last year and dismissed it, but you have all confirmed what I expected. Rip off for anyone who tangles with it. As rayc will have noticed we are off road at the moment due to an unfortunate argument with a post at Beaune CS in France on way home in October last year. Will be doing some accurate planning on mileage between stops to get down to Spain when van is repaired. Thanks again.

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