The prospect of Brexit didn’t stop British couple the Balgobins from completing their Spanish purchase the day before the EU Referendum. And using Smart Currency Exchange helped them get a good deal on their currency transfer…
Peter and Rose Balgobin have no regrets about purchasing in the Costa Blanca just before the EU Referendum, a decision that potentially saved them thousands of pounds on the price of their apartment.
The Balgobins received the keys to their property on 22nd June, the day before the UK went to the polls to vote for Brexit. A month before, the couple had used Smart Currency Exchange to secure the necessary euros they would need to complete. Putting off their Spanish purchase until after the Referendum, when a vote to leave the EU caused the value of the pound to fall dramatically, potentially would have caused a significant hike in the Sterling cost of their €85,000 property (excluding fees and taxes).
“We weren’t put off buying in Spain by the Referendum,” said Rose. “In fact, we’re glad we bought when we did, as we got a far better exchange rate when we transferred euros to Spain. We used Smart Currency Exchange to do this, who were very helpful and transferred our funds without a hitch. We were referred to Smart by the estate agent we purchased through, and I’d recommend them.”
The Balgobins’ two-bedroom apartment, which came furnished, is in Los Altos near Torrevieja. On the first floor, it includes a balcony and solarium, and comes with access to a communal pool. They first visited the property in May 2016, during a stay in Torrevieja, an area they had become familiar with after numerous holidays there.
“We came out for a week after researching property on the internet and making contact with our estate agent,” continued Rose. “We viewed five properties with them, one being the one we bought. Before we flew back to the UK, we’d had our offer accepted and paid a €2,500 deposit. We also opened a bank account, got our NIE number and got in touch with Smart Currency Exchange.”
The Balgobins will visit their Spanish holiday home as much as work commitments allow. “But we really look forward to using it to escape the miserable UK winters,” added Rose. “And I expect my grown-up children will enjoy using it too.”
Laura Richards, specialist at Spain Property Guide, said: “As things stand, none of the rules or rights applicable to British buyers in Spain, or the wider EU, have changed since the Referendum – and they won’t until Brexit formally occurs, which is at least two years away. So far, the only real effect for UK buyers has been the weaker pound, but already we are seeing signs of the volatility beginning to fade. Even once the UK leaves the EU, we are confident Theresa May’s Government will negotiate favourable terms for British homeowners and residents in Spain and other popular EU destinations.”
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If you are considering an overseas property purchase in 2016 or further in the future, whether for lifestyle or investment, opening a no-obligation account with FCA-authorised Smart Currency Exchange will enable you to benefit from their competitive exchange rates and specialist currency knowledge, ultimately saving you money and time. For more information, download Smart Currency Exchange’s free report or visit the Currency Zone.