Spanish Property

AdrianC

Somebody at an exhibition told you about a glorious deal, where you would buy a property - but they'd pay for it for the first two years... and then it'd pay for itself! All you needed to do was give one of their people carte blanche to sign anything and everything on your behalf.

<scratches head>
No, looks like a wise move to me. I can't see what might possibly go wrong with that...

davidmcn

Apart from anything else - what evidence do you have of what the agent told you? And is it implausible that the deal might have changed between then and you concluding a contract?

sjcrompo

I have emails stating what the deal was going to be. It's the deal that the POA signed that was nothing like what I thought was being signed for on my behalf. This guy is quoted positively by a place in the sun in an interview. I had no reasontohave any suspicions.

I'm in the process of tieing up loose end to put me in a position to sell the damn thing.

Thanks

gingercordial

sjcrompo wrote: »

Hi

plus I was assured that the rental income would cover the mortgage payment.

sjcrompo wrote: »

Hi

put me in a position to sell the damn thing

Have you had any rental income from this property at all so far, whether or not this is more than the mortgage?

Are you going to be selling the property at a gain?

Rental income and capital gains from property located in Spain are both taxable in Spain under the UK-Spain tax treaty. Did you get advice on this before entering into what was supposed to include a lettings business in Spain? You should check your Spanish tax position carefully, as well as what reporting obligations there might be if you sell the property at a loss.