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Finding a reputable estate agent and bringing money into the UK

Property Law

Antonio Flores Vila

14th of December 2000

Q. I have recently inherited a property in Spain from my Aunt which I intend to sell, once transferred into my name.How do I find a reputable estate agent (I cannot travel to Spain myself), and what are the implications of bringing the money back into the UK?

I do have a Spanish bank account, but ideally I would like the money (or most of it) in the UK.

Rachel Barradell

    A. I suggest you first engage a lawyer in order for him to recommend you a reputable estate agent. Lawyers may be good or bad, as in any profession, but they are registered and have to comply with strict professional regulations and therefore are more bound to do things in a more correct way. There are excellent and trustworthy agents, but as their payment structure is commission based they will try to make any potential deal go through, even though it may be not as convenient for you as for him.

    Let us know in which area is your property located and we can suggest a few agents . Also let us know if you are currently engaging the services of a lawyer to process the inheritance. As far as payment is concerned, the proceeds of the sale can be deposited in a Spanish bank account and then wired over to the UK. I suggest, however, in your case, that the sale is done against payment in Sterling Pounds, as in that case you will avoid losing on exchanging currencies. Bear in mind that a great number of purchasers will be UK based, and therefore it will be easier for them. For this you need to open a Sterling bank account. Alternatively, you may want payment to be in a bankers draft which is then posted to the UK. This system is feasible but I would not take the risk. You aslo can request a fraction of the payment to be in pesetas.

    A lawyer with a power of attorney to sell and with written instructions as to the price, dates and miscellaneous terms and conditions of the sale should ensure a smooth and safe transaction.

    Let us know if you need more help.

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