General Logistics Queries

[Mono]

Afternoon all,

New to this forum - thanks in advance for having me!

Toying with the idea of buying somewhere small over the next few months - not to rent out - just somewhere to visit throughout the year hopefully for the next 40+ years. I've got a few queries that I thought someone might just know the answer to - very grateful for any guidance on the following:

- I can see that the headline property tax is 8% of the purchase price but I had heard somewhere that this was reduced to 5% if the purchase price was less than EUR 200k - I've been on the administrative authority websites but can't find anything official about this reduced rate. Does anyone know if the reduced rate is indeed available or whether this sounds like nonsense.
- Are there such things as mortgage brokers as in the UK or is it best visiting branches with island presences (Bankia, Caixa etc) in person to get the initial application done?
- Does anyone have any experience of shipping stuff from the UK to Menorca in terms of reliability and price?
- Does anyone have any experience of fx products tied to mortgages? I.e. I'm looking to get a EUR mortgage but all of my income is in GBP so I was wondering whether anyone else had this issue and what they had done in the way of purchasing an fx product to mitigate any volatility.
- Are there any decent antique/second hand shops/markets on the island?

Thanks in advance!

[SusieH]

Welcome to the site

Reading your post i know practically all of your questions will be answered by our lovely members once they've read it, so keep tuned

[Shuggie]

Probably most of your questions could be answered by speaking with a reputable estate agent. I used Bonnin Sanso when I bought in 2014 and in particular Emma Conquest who works for them, she is extremely helpful and speaks perfect English.

There are a few local companies that do regular trips from the island to the U.K./ return. Rates are reasonable and service is door to door.

I use Transferwise for all currency transfers and find them to be the most competitive.

There are three second hand furniture shops around Mahon. Some of the stuff is real tat but occasionally the odd gem turns up. The is also an antiques shop, Alcolea & Krauss on the poligono in Mahon, but make sure you pick the winning lottery numbers before you visit that one.

[RetiringEarly]

Hi and welcome. I bought my apartment for €135K in 2016 and paid 8% tax.

[davethebirder]

If you are after a mortgage, we were advised back in 2006 to go to a local bank. The Spanish solicitors etc. did not do the searches and surveys you expect in the UK when buying property. If the local banks were to lend you money on a property, they ensure their investment is sound. I do not think this has changed over the last few years. But watch out for the B word.

Dave

[Mono]

Thanks all for your replies.

Dave - what’s the B word?!

[davethebirder]

Thanks all for your replies.

Dave - what’s the B word?!

It is the word that mustn't be talked about on this forum, but they mention it a lot in Westminster

Dave

[Slartibartfast]

The B word is welcome which ever side you are on

[trevx]

For second hand furniture try Mestral on the Ciutadella poligono (industrial estate): big warehouse/ showroom and they always seem to have loads of furniture etc at good prices- I'd check there if I was lucky enough to be buying a property in Menorca:) There may be one in Mao too and there's also the Age Concern shop in Mao.
Good luck