Jimmck

Hi All,

I had an experience this week where a client found their ideal property. He was over fron the UK but could not get the idea of buying in Euros into his head. He could only work in Sterling and every offer was in pounds not Euros. Once they had agreed the price, he wanted to to set the price in Sterling but we had to explain that with the fluctuation in exchange rates we had to come up with a fixed rate in Euros and he would have to either take pot luck with his currency or use a broker and fix the rate.

Due to the terrible state of the pound at present he said "why can't we do the deal in the UK in Sterling"?

We spoke to both solicitors and as the seller was UK based, as was the buyer, both solicitors said it was no problem. All they would have to do was make sure they had all the paperwoprk regarding the sterling transfer for the Notary. They did point out that the IVA would still have to be paid in Euros here in Spain but doing it this way the buyer was going to save quite a bit.

Has anybody actually done this and were there any problems?

As the pound is so low against the Euro this could solve quite a few problems when trying to sell if it is legitimate.

Obviously, as in this case, both buyer and seller have to be either UK based or have UK bank accounts.

Regards

Jim
Costasales.com

Resale Centre

But dont you think that this is going to become an even greater problem now as potential buyers that have been over before knowing that they could get more or less 150,000 euros for their 100,000 pounds, now they are going to be lucky getting 130,000 euros for their exchange from pounds?

I think this is another stumbling block for the estate agent in Spain, dont you?

Its ok going the other way for us guys going to the UK for holidays as we get more pounds for our euro, but the recent events are not exactly great news for us.

Lets just hope that the pound grows stronger in the next couple of months otherwise I can see another dark year coming up!

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ToniW

It would be interesting to find out if it is possible Jim, we have naturally understood as the property is in Spain it has to be purchased in euros. Anyone out there know the answer?

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