Malta - British Expat Forum

I heard that in some places (most notably UK) a notary is not needed to buy property. Is him mandatory in Malta, or a transaction can be completed even without notary?
Thank you

AFAIK you have to use a notary, but you don't have to use a lawyer (although I would recommend you do)

I had read you think so, Mark , but failed to understand exactly what kind of protection a lawyer would give me. Have you heard of any case in which a lawyer helped or would have helped?
Thank you

a notary acts in the middle between the buyer and the seller - the lawyer acts for you. It helped in my case as the lawyer suggested some amendments to the contract - often if you have a lawyer it won't cost any more as the notary and lawyer will split the fee (which is 1% I believe)

pfranz wrote:I heard that in some places (most notably UK) a notary is not needed to buy property.

in the UK you use a solicitor

... but the solicitor is not mandatory, you can do by yourself as far as I know. May I ask what kind of amendments were suggested to you? I really can't figure out what could help/protect me.
Maybe something about possible hidden damages, like water leaking from hidden pipes/tubes?
Thanks as usual

TBH can't remember as was 10 years ago

pfranz wrote:... but the solicitor is not mandatory, you can do by yourself as far as I know. May I ask what kind of amendments were suggested to you? I really can't figure out what could help/protect me. Maybe something about possible hidden damages, like water leaking from hidden pipes/tubes? Thanks as usual

If you have a mortgage you want have a choice in the UK. It's to protect your interests which could be to advise against going through with the purchase.......

We discovered a problem to do with the lease and ground rent. This is not really a problem for us whilst we own the property, but it would be if we had tried to sell it.

This discovery gave us the choice of getting the problem sorted and completing the purchase, or deciding to pull out and go for something else.

We would not have discovered this had it not been for our Notary - personally I would use one or the other, especially as we were buying in, what to us at the time was, a foreign country.

I am planning to move from Spain to Malta and buy a house to live in permanently. From my, and other's, experiences in Spain I can not imagine buying a property without both notary and a good lawyer in order not to get fooled. Or is lying not legal in Malta?

Micke wrote:Or is lying not legal in Malta?

My advice. Spend some time in rental ( two years at least) before committing to purchase. A mistake can be very expensive and distressing. Always use professionals and research planning carefully. Malta/Gozo is a great place to live so I wish you well.

thank you, Chris, for the advice. Yes, I have read this advice a bit everywhere on the board and ofc it is sensible. I also understand that lying is "legal" in most places, as Malta, but maybe things are not as bad as in Spain? I am sure lots of people on the forums have experience of both Malta and Spain, (the Costas). It would be great to hear some opinions and comparaisons.

We will see, I have a lot of stuff, I am no longer 25 yo, I am always too optimistic and want things to happen yesterday, it would feel strange to rent. And if I would try to stock things meanwhile in Spain, I could just as well throw it all away, they would get lost or stolen....

Thank you for the wishes, I keep on reading here, despite some less positive things posted I get more and more enthousiastic about Malta

Micke,
Firstly may I recommend that you subscribe to the forum. If you have found the information which is available free to be of benefit then I promise you there is a great deal more advice on the subscriber boards and you will not regret the small investment.

It is possible to find rental property that is unfurnished so you could ship your possessions. Also, there are some properties for sale which the owners might rent out unfurnished for a period if they knew that you were looking for an eventual purchase.

The market is in a slump so don't be afraid to insist on your requirements when talking with agents. Estimates of empty property in Malta vary between 50,000 and 70,000 - enough empties to house 200,000 people with a population of only 400,000 who are already living somewhere. It's daft but true.

One catch (other members please confirm!) is the capital gains tax which is applied when selling a property within a short period. This could be costly if you made a mistake with your purchase.

Come for a holiday and test the water c.

chris green wrote: One catch (other members please confirm!) is the capital gains tax which is applied when selling a property within a short period. This could be costly if you made a mistake with your purchase. .

CGT is payable on a property sale unless its been your primary residence for atleast the last 3 years.

If owned for more than 5 years, you pay 12% of the sale price (so taxed even if sold at a loss).

If owned for less than 5 years, you can choose either 12% of the sale price, or 35% on the capital gains, after taking into account all improvements carried out (for which you have receipts for).

more info

http://www.ird.gov.mt/faq/cgt/cgtfaq_h.aspx