13 May 2019 1:44 PM:

ads, thanks you forwarding on that link, I have read it and it has many good points.

What i do not seem to find any infomation on anywhere is the situation where a proeprty is fully legalized on rural land. We now unfortunately understand that the value by the bank will be much lower, but are there any other risks involved. If the property has all the correct legal documentation, is connected to utilites and has no issues from the town hall can there be any other problems I am missing that could cause future issues.

I realize this is not an ideal situation, far from it, but as it stands if the property is legal, and we can live in it we are happy to do so, I am just trying to check there are no other implications we are missing.

Kavanagh, I again thank you for your quick responses. However I do wonder what your purpose is here. I am writing on this forum as we clearly are in a far from ideal situation. We took independednt advice and where led to believe we had done everything right. From what we were told signing the 10% deposit on the contract was the norm and the bank had approved us for the money we wanted. Clearly if we knew the land would be valued so low we wouldnt have done this, but no one explained this and this is the situation we are in.

I assume you have some good knowledge to add, but can I ask that you refrain from making us feel like we have done somethign wrong and being overly negative about what has happened. We cant change the situation we are in, believe me I wish we could, so I am tryign to manage it the best I can and would appreciate any helpful advice we can get.

This is the whole story, I am not hiding anything.

Thread: Legal house on "suelo no urbanizable"

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13 May 2019 8:18 AM:

Kavanagh, thanks again for responding. The deposit we paid was according to all the advice we had read, it was only paid once we received confirmation all was legal. I have not seen anything online or heard anything from anyone on the situation where there is a legal property on rural land and hence we had no way of knowing the bank would undervalue this. I realize this should have been the responsibility of our lawyer but at this point it does not change the situation. I would love to hear any advice you have moving forward on potential issues with a legal property on Rural land???

Thread: Legal house on "suelo no urbanizable"

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12 May 2019 10:19 PM:

Thanks for your quick replies.

I am aware of the process to claim against the lawyer but at this stage am not sure we are there yet, we still have some time before closing to figure this out.

My issue at the moment is not that I feel we have been stitched up, more that we are in limbo, in that the property is legal   But the bank just undervalues it. Surely we can’t be the first to have this happen so I am more intrigued to know peoples experiences of having a legal property on land classed as rustic and any problems this may pose.

Our lawyer came recommended by friends (an uncomfortable situation now) and has not ties we are aware of to the vendor or selling agent.

Thanks again for the replies, we are looking for as much advice as we can.

 

 

Thread: Legal house on "suelo no urbanizable"

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12 May 2019 1:51 PM:

Hi There,

We recently found a property we want to purchase in the Els Poblets area near Denia. We agreed a good price and moved forward with a pre contract with the sellers. Our lawyer confirmed all the legal paperwork was correct and we paid a large 10% deposit.

We received the valuation this week and the bank valuation is much much lower than the sale price we agreed. The land apparently is classified as “suelo no urbanizable” and as such the bank will only value the land at a very low figure, €12 a m2.

We are upset at our lawyer as there was no advice given on this and also no clause in the contract for if we did not obtain a mortgage.

Therefore we either risk losing the deposit, which is a large amount of money for us, or we have to find the shortfall of the money to purchase the property, which is a huge amount of cash.

We understand that if we come to sell in the future this may cause problems for other people who need a mortgage, but we cant afford to lose the deposit and do plan to live in the house for a long time?

• Is this something that happens a lot?
• Are there any dangers of buying a house, which apparently is all legal, on rustic land?
• Any advice would be greatly appreciated, we are feeling very cheated at the moment by the “professionals” we trusted!

Thank you all for any help in advance.

 

Thread: Legal house on "suelo no urbanizable"

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