I’ve inherited some property in Spain and I need some advice.
Posted: 15 May 2008 04:03 PM  
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Hi,

I’ve recently inherited half of my great uncle’s estate. He lived with his boyfriend for 30 years and when my uncle died, two years ago, the estate went to the boyfirend. Now the boyfriend has passed away and the estate has been dvivided between the boyfriend’s neice and me. I’ve spoken to the neice, through an interpretor, and she reckons that the death duties will come to around 3,000 euros. I’ve done a bit of research and I can’t see how she came up with such a low figure. The estate consists of a three bedroom house in Alicante, some land, the contents of the house and about 1000 euros in a couple of bank accounts. Now if we assume for arguments sake that the estate is worth 200,000 euros then the death duties would be about 35,000 euros. She wants me to come over to Spain in July to sign the relevant paperwork. I’ve asked her if she could get the house and contents valued but she’s been avoiding the issue. I don’t see how I can sign anything when we don’t know how much the state is worth. Surely you have to know the value of the state before you can calculate the death dutioes? Also my uncle had quite a few antigues, mainly porcelain figures, and the neice has said that there aren’t any antique dealers in Alicante so it will be difficult to sell them or get a valuation. Is this correct?

Any help you can give me would be greatly appreciated.

Thanks,

DLH

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Posted: 16 May 2008 01:21 AM  
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yes you right not to sing any think yet
you need to see the place and fine out for you self what going on
if you need any help please call on us here
jurdy

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Posted: 16 May 2008 11:02 AM  
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I think you need very good professional advice urgently - you could do more research by getting the book:

YOu and the Law in Spain by David Searl

But basically to get you started…........all categories of inheritors are placed in groups - a nephew is in Group 3 but first problem you are inheriting from a non relative so you may not be seen as a nephew (because you are not of the deceased) so you will probably be put in Group 4

That is for people with the least allowances ie you will pay the most tax! There are many factors including which region (it varies across Spanish regions) etc.

Also the taxes have to be paid before the assets can be realised - ie you pay before the house etc can be sold!

On the antiques (also see my post to your other post) if their quality is good you may need to consider shipping them to London as their value may not be recognised in Spain. Get some photos/details and contact the big boys in London (Christies/Bonhams)

Good luck - to be honest I think you are going to need it! Pls keep us posted.

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Best Choice Villas sl
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Selling legal property on the Costa Blanca

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Posted: 16 May 2008 11:06 AM  
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PS Yes you are right you will have to have an official valuation - a tasacion. If you dont the hacienda (Spanish tax man) will set a valuation although this should be based on the properties valor catastral (rateable value) back to the antiques if they dont recognise the value you could save some money!

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Rob
Best Choice Villas sl
http://www.bcvillas.com
Selling legal property on the Costa Blanca

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Posted: 16 May 2008 12:53 PM  
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DLH - 15 May 2008 04:03 PM

Hi, Do not sign anything until you have spokent to a solicitor chosen by yourself. Come out to spain. at the airport in england buy a good book on purchasing property in spain . their are some good books in most airport bookshops. they will contain a chapter on inheritance. read it on the plance. when you get to spain find yourself a solicitor . your minimum knoledge after reading the books will be suficient to make sure that the solicitor you have chosend knows his job or not.

REMEMBER NOTHING IN WRITING UNTIL YOU KNOW WHAT YOUR ARE DOING.

I’ve recently inherited half of my great uncle’s estate. He lived with his boyfriend for 30 years and when my uncle died, two years ago, the estate went to the boyfirend. Now the boyfriend has passed away and the estate has been dvivided between the boyfriend’s neice and me. I’ve spoken to the neice, through an interpretor, and she reckons that the death duties will come to around 3,000 euros. I’ve done a bit of research and I can’t see how she came up with such a low figure. The estate consists of a three bedroom house in Alicante, some land, the contents of the house and about 1000 euros in a couple of bank accounts. Now if we assume for arguments sake that the estate is worth 200,000 euros then the death duties would be about 35,000 euros. She wants me to come over to Spain in July to sign the relevant paperwork. I’ve asked her if she could get the house and contents valued but she’s been avoiding the issue. I don’t see how I can sign anything when we don’t know how much the state is worth. Surely you have to know the value of the state before you can calculate the death dutioes? Also my uncle had quite a few antigues, mainly porcelain figures, and the neice has said that there aren’t any antique dealers in Alicante so it will be difficult to sell them or get a valuation. Is this correct?

Any help you can give me would be greatly appreciated.

Thanks,

DLH

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Posted: 16 May 2008 03:01 PM  
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Joined  2008-05-15

Thanks for the advice. To be honest with you I might not bother with the whole thing. It looks like I’ll have to pay 25,000 euros upfront without knowing whether or not I can sell the house and that is a lot of money to gamble with. I really don’t want to get into debt with the propsect of not getting my 25,000 euros back.  I’m assuming that if I don’t go to Spain and have the house signed over to me I won’t be liable for death duties. I understand that if I don’t sign the papers within six months the property will revert to the neice.

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Posted: 16 May 2008 05:27 PM  
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Get that professional advice - you dont want to miss a windfall - where is the house ?? Some things are still selling - 25k for half a house may still be the bargain of a lifetime and what about the antiques??

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Rob
Best Choice Villas sl
http://www.bcvillas.com
Selling legal property on the Costa Blanca

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Posted: 19 May 2008 10:24 AM  
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It’s in Alicante. I’ve definitely decided to drop it though…I just don’t need the stress and worry.

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