A place in the sun is a dream for many. How wonderful to have a home abroad to use whenever you like and rent it out to other vacationers to help cover the cost of your mortgage! If this seems like an unachievable goal, an affordable and practical solution that is becoming increasingly popular is to buy a holiday home in Spain with friends or family. Sharing the responsibility and costs with trusted, like-minded people can be much easier than going it alone and it also provides a wider range of homes within your budget that you may not otherwise be able to afford.

But is it a good idea, you’re wondering? Well yes, if you do it properly. The key to making a success is to treat it like a business arrangement from the get-go – no matter how close you are with your friends or family members, it’s important to be sensible by setting out clear rules, being honest and open about expectations, and putting everything in writing to protect the rights and investment of all parties involved. By preparing for all eventualities (no matter how unlikely they may seem) there’s less change of falling out and fracturing a valuable friendship.

Joint mortgages, expenses and responsibilities

Joint mortgages are available from most lenders on the high street, so that shouldn’t’ pose a problem if all parties have a healthy credit score and the available funds for a deposit. Many lenders, but not all, require a joint bank account for shared mortgages and expenses, so you may have to set one up before payments are arranged. This also places the burden of responsibility on everyone involved, rather than just one party dealing with payments from their own personal bank account.

To protect everyone’s interests, you should consult a solicitor and request a Declaration of Trust or some similar type of legal agreement between all parties. This type of document will set out the terms of ownership and the way in which everything is shared, including legal fees, bills, taxes, maintenance costs, etc. It just ensures that everyone knows what’s what and that you are all treated fairly. At this point, you should also make a will, or alter your existing one to include the holiday home. Whilst this is not something that any of us care to think about, it’s very important when large investments such as property are involved.

To handle rentals and deal with cleaning, changeovers, maintenance and repairs, bills, taxes, and such like, it would be wise to use a management company. Believe it or not, it’s the little things than can cause issues between joint owners, so it’s best to appoint a third party to take care of everything on your behalf. It’s also less for you to deal with, so you can focus on just enjoying your holiday home in Spain and know that all the menial, time-consuming tasks are taken care of by a professional.

Be sure to keep records of all official documentation – ideally, both parties should have copies. This also helps to avoid disputes and it makes like much easier if you decide to sell the home or shared ownership is later inherited by your children.

Buying a holiday home in Spain

At Clyde Property Overseas, we have the pleasure of helping many UK residents find the perfect holiday home in Spain. It’s difficult to know where to begin when you’ve set your sights on buying a home abroad, but it’s much easier with the right help and advice. Our friendly team of experienced and dedicated advisors, based here in the UK and in Spain, can guide you through the maze of buying a holiday home in Spain – from clarifying your objectives and accompanying you on viewings throughout the country, through to sale completion and beyond, including guidance on renting out your holiday home and the additional taxes and maintenance costs you will be required to pay.

When you have found your dream home in the sun, it’s time to get down to the serious business of completing the purchase! This is where it really does help to have Clyde Property working alongside you because it’s vital that you obtain the right advice and understand specific laws and processes in Spain. We work with a fantastic team of the very best professional advisers, including solicitors, architects, and surveyors, ensuring your move is as smooth as possible.

One of our trusted advisors is solicitor Ignacio Chanza who owns a legal firm in Valencia and has been practising the legal profession since 1998. After becoming a fully qualified Scottish solicitor in 2012, Ignacio now heads the only Spanish law department in Scotland at James and George Collie, Aberdeen, and was appointed Honorary Consul of Spain for the North of Scotland in 2012.


For more information on buying a home in Spain, visit our website or call our overseas property expert Carol Thomson on 0141 576 1777. We also have weekly Drop-in Sessions in our Clarkston and Edinburgh branches, where you can have an informal chat with Spanish lawyer Dr. Caterine E. A. Ward (LLM, PhD) about buying a property in Spain.


Clyde Property is a leading independent, multiple award winning estate and letting agent with 30 years’ experience in selling and letting property in Scotland. Just call your local Clyde Property branch today, for friendly, impartial advice on finding your next dream home.