Are you paying a Spanish mortgage on a property with no licence?

Do you have a Spanish Mortgage on a Property with no licence?

Valuators should have never given those properties the high value they did.

Finances Department in Spain, passed a regulation in 2003 which established these checks as minimums:

Article 7 Minimum Checks

1. To determine the value, it is necessary to know the characteristics and actual situation of the asset being valued , and the contents of the documents referred to in Article 8 of this Order shall be used.

2. Checks that the preceeding paragraph refers to, shall include at least the following:

a) Physical identification of the property, by its location and visual inspection by a competent technician, checking if its surface and other characteristics match the description recorded in the documentation used for valuation, as well as the existence of visible easements and its apparent state of construction or preservation.

b) State of occupancy of the property and use or exploitation to which it is intended.

c) In case of housing, public protection status or regime.

d) Architectural heritage protection system.

e) Adequacy of property to enforceable urban planning and, where applicable, the existence of the right to urban use which is being valued.

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