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Black Money/Completion

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  • #16
    I looked into a mortgage with Banco Halifax Hispania and was informed that they will only provide a mortgage for the full contract price,
    in the form of a bank transfer,so no Black money could exchange hands in that case.

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    • #17
      black money

      Strange a relative of mine recently had mortgage from Halifax Es and as well as the bank draft, black money was handed over in the little room at the notary?

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      • #18


        Steve is absolutely correct and it is impossible to make an argument against his advice.

        However, my experience was that not only did the seller of the resale I purchased 3 years ago want a proportion in cash but the person buying my property insisted that he wanted to pay an amount in cash.

        I will say that when I purchased my original property back in 1988/9 there was no mention of a cash portion!

        It is up to each person to make up their own mind and whatever you decide just remember that you are not the only person to have made that decision and then get on and enjoy your new property.

        I think someone once said "When in Rome" or was it "When in Torrevieja!

        Regards

        Bob

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        • #19
          The thing that most amuses me about all this is that the solicitor in Spain has no say in sticking to the law in spain, the builders call the shots whereas the opposite is true in England. Just try to do something unlawful with your solicitor's approval and they would cut you loose without a backward glance in case they were uncovered and got disbarred in the process.

          Perhaps there is a lot to be said for our english legal system after all.

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          • #20
            Thanks to all of you who have replied this has given me lots to think about over the past few days. I have emailed our solicitors and told them we want to pay the whole amount by bankers draft. We will feel much safer doing that. However I do take the point some of you have raised regarding builders forcing people to pay the cash. When it comes to it we will have to see what happens, but I will let everyone know after we complete. It seems that in a few weeks we will finally own a little piece of Spain. I can tell you that although we have had some worries regarding crime and have vowed never to deal with Atlas again due to all the problems, we are really looking forward to enjoying ourselves and cracking open a bottle to celebrate. I would also like to thank everyone from the new site and the old site for all their help because without it I dont know where we would have turned. Keep up the good advice because I'm sure we will still need plenty of it in the future. x

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            • #21
              Well Jacpops,

              If Atlas are still doing the same handpover you will be cracking their bottle of bubbly as they provide one in the welcome pack!

              Ours is still sitting in the fridge in our apartment. We decided to wait until everything was complete on site and the builders had moved off before we crack a bottle of bubbly. In fact we are going over next week to pick up our deeds so that might be a good time to celebrate owning a little bit of spain.

              Good Luck and I hope everything goes well for you!

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              • #22
                I would just like to say that when we bought our property we knew very lttle compared to what we now know.
                We were very lucky neither the builder(promotor) or the solicitors suggested ant Black Money transaction. We were also lucky with not being charged large amounts for the water and electricity used while on Builders Supply.

                Sue

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                • #23
                  black money/completion/undervaluation

                  I am getting a bit confused here about whether black money and underdeclaration are 2 very distinct things.
                  Our builder is Eurohouse/San Antonio and we completed at the beginning of feb.
                  We were never asked to pay any cash - all was paid by bank transfer.

                  However, the liquidation cert undervalued the property by 25% on the purchase price. I requested this be shown as 100% which I know would require me to pay more IVA, but would avoid monstrous CGT on a profit which we haven't in fact made. I received a resounding NO!!

                  But my point is - even though we paid nothing in cash we are still undervalued.
                  I would be interested to ask folk who have paid cash, what their liquidation cert (and thus deeds) show as the value. if this is about 75% of their purchase price then they are in the same boat as all other purchasers. But if it is even less than this then they are obviously further penalised and liable for even more CGT.


                  Liz

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                  • #24
                    Lizzy,

                    Was the bank transfer made to the actual builder, or to a solicitor to pay the builder on your behalf?

                    If it was to the builder direct that would seem odd, as there is an electronic audit trail that proves the amount you paid for the house, therefore providing evidence that the property has been under-declared. If the payment went to a solicitor, thay may have then separated the cash element for onward payment to the builder.

                    Chris.

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                    • #25

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                      • #26
                        Black money

                        Lizzie like you I paid the final payment in full to my solicitor via bankers draft. He had power of attorney so I was in the UK when completion took place. I later found out he opened a bank account in my name and 25% went in and out on the same day, at least like you I can prove I provided my solicitor with the full amount.

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                        • #27
                          Hi Finpat

                          As in Lizzy's case I will be completing on a property built/promoted by San Antonio/Eurohouse - in Almoradi.
                          What is "transmission" tax.........the IVA?

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                          • #28
                            I stand by everything I said ESPECIALLY if you read any paper this week re DVA - 15 arrested so far - 250,000,000 euros found in laundered money.

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