I bet you are delighted with your new terrace, or that garage conversion or the kitchen extension.
So much extra space to the property makes it a better home, better investment and obviously more appealing should you decide to sell.
Many property owners invest in improvements to their home. We all know about planning permission and making sure we get a building license from your local Ayuntamiento. ( Town Hall)
After all, the dust has been swept away and the new soft furnishings installed the job is a done deal, yes..???Not quite.
If you have increased the footprint of your house or added an extra bedroom or bathroom, you may need to consider the ESCRITURA.
The escritura is the Deeds for the property. The document you signed the day you bought and it was then filed in the land registry.
If you come to sell your property and the property description is different from the one you bought you will need to update your Escritura.
The 3 bedroom, 2 bathroom villa that is now 5 bedrooms and an enlarged terrace will not be reflected in your original Escritura. At the point of sale, the new owners will want the actual property reflected in the escritura. It’s not unreasonable, you would too, right?
If you followed the correct route and had all your building licenses there should not be a problem. Properties who have been reformed for over 5 years will also have a smooth changeover. Objections to works without a license must be filed within 5 years.
Where you may hit a wall is in the fact that it can take up to three months to get an escritura updated and that can really kill a sale if it is only discovered when your buyer is raring to go. Difficulties with paperwork are one of the biggest reasons people pull out of a purchase.
Nobody wants to lose a sale at the last minute because of something they could have prevented.
With the changes in Law and the need for First Occupation Licences for Holiday Rental Properties etc, buyers are now making sure all paperwork is in order. The mistakes of the past have been highlighted and people are far more aware of the pitfalls of buying a property where the paperwork does not add up.
If you have changed your home to the extent that it no longer reflects what is detailed on the deeds, you need to do something about it.
The property will require an updated escritura. Doing this will not only speed up the selling process if and when you decide to sell,it will also smooth things over in the case of an inheritance. An incorrect or out of date escritura will cause all sorts of delays during probate.
It’s far easier to follow the process when you are not under pressure for time.
For free and friendly advice on how to update your Escritura contact LCPSpain.com
At Legal Costa Properties we specialize in all things legal regarding your property in Spain.
We can arrange to have your property right up to date and ready to go when the time comes to pass the title deed on.
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LCPSpain.com is a registered company within the FUNGROUP S.L