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El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche.

To get a house without a mortgage
16 September 2008 @ 08:51

Different solutions exposed by "El Economista" yesterday:

1.- Right of building/ Right of use of the land ( for those houses in need of refurbishments)

2.- Dwelling communities: Number of houses owned by a group of people under similar circumnstances: disabled, retired...

3.- Rentals with an option to buy

4.- Guaranteed rentals

We need to change the static and rigid concept of access to ownership. We also need adaptation to the times in that sense. The old formula of a mortgage loan on and for  full ownership rights can be retouched and modernised by, for example:

1.- Acquiring building rights ( and having a mortgage for that). Then, completing full ownership in some years´s time by part of the sales price.

2.- Acquiring shares of a dwelling community... can be transfered to people within same collective. Ownership on the whole community can be shared by actual users and a company... which means lower acquisition prices. Financing formulas are possible here too.

3.- Rentals with an option to buy:  To agree on special clauses on mortgages loans with the lender for cases such as pre-planned acquisition of full ownership when renting with an option to buy. A canon needs to be paid to the lender in exchange.

4.- Rentals submitted to arbitration ( to avoid slow, costful eviction judicial procedures) and with an Insurance for unpaid rents. Justin is offering something special on this soon!

Imagination and a good legal advisor can adapt the formulas to the personal and current legal and financial situation of potential house buyers. Let´s get updated!


By Maria L. de Castro

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