# Questions about Bank/ Lisbon/Lawyer



## kingrulzuk (Jan 19, 2010)

Hi all
I’m trying to find some answers too few of the questions.

My brother-in-law is thinking of buying a small flat in Portugal, he has a £20000 in his saving account and he will take a mortgage in Portugal if he can.

So the questions are:
1.	In Lisbon: Massama, Queluz, Cacem, Sintra, Almada, Seixal, Barreiro or Montijo areas any good?
2.	Which bank is good for British people to open an account and get a mortgage?
3.	Where can we find a good English speaking lawyer in Lisbon?
4.	Any other advice?


Thank you very much


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## fizzyfish (Apr 12, 2016)

Hi

I did the same thing, but in Porto. However my lawyer was based in Lisbon. NMA Associados - I dealt with the partner Andre Nunes Melo. Was less expensive that the equivalent in the UK.

I used Millenium BCP - they have a branch in London that I walked into and set up the account. They were also very helpful with a mortgage (until the actual day of completion, when some form wasn't filled in, but I think that was a person in their Porto office, not the UK.)- 1.99% over 30 years.

Both in English - I speak very basic Portuguese, but I proof read everything as much as I could too though.

My advice for someone doing it all would be make sure you have everything lined up ready to go. You may also need to find a notary to notorise the Power of Attorney that enables the lawyer to actually buy the house in your name (if you're not going to be there at the signing yourself). 
Read up on the costs, including all professional fees, taxes and "other" bank charges like compulsory insurances. Also factor in exhcnage rates - they're not good at the moment, do you want to wait until after June's referendum vote to see what happens then? I exchanged just after the high of 1.44 Euro to the pound, but had I waited (or been delayed) a month, it would have been 1.30. 

On a mortgage amount of 76,800Euro - I paid fees (EUR) of around 1.2k to bank (fee for mortgage, valuation and tax), solicitor fees of around 1k, IMT of 1.3k, stamp duty of 900, land registry of 500, and then around 1-2k of "other" for things like setting up utilities (as I got the lawyer to do it, cheaper but harder work to do it yourself from abroad). 

Also the one thing that I perhaps should have realised is that the bank will always value your property lower than market price. Therefore if as in my case you wanted a higher mortgage amount, but the bank would only lend 70% of their very conservative valuation, I ended up paying more in deposit than I'd wanted.

Happy to expand more if you have any more questions.


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## kingrulzuk (Jan 19, 2010)

fizzyfish said:


> Hi
> 
> I did the same thing, but in Porto. However my lawyer was based in Lisbon. NMA Associados - I dealt with the partner Andre Nunes Melo. Was less expensive that the equivalent in the UK.
> 
> ...




Hi there

I must say very good info, I spoke to my brother-in-law and he said he just want to buy a small flat worth around 40000euros. So he has £20000 saving so that will be the deposited and all he will need another just under 20000euros as mortgage.
He is thinking of buying the flat next year and he will be going to Portugal this September to look around.

I will check NMA Associados if I can find them online.

Thank you for all your info


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## kingrulzuk (Jan 19, 2010)

Massama, Queluz, Cacem, Sintra, Almada, Seixal, Barreiro or Montijo is this areas any good?


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## MrBife (Jul 26, 2009)

kingrulzuk said:


> Massama, Queluz, Cacem, Sintra, Almada, Seixal, Barreiro or Montijo is this areas any good?


Good areas for what ? If you want to maximise on rentals then you need to buy in the 'historic centre' of Lisbon. Preferably with a river view. These are Alfama, Castelo, Mouraria, Bairro Alto, Chiado e Bica and Baixa.

You would really struggle to find a lawyer in Lisbon that didn't speak English

Best to spend some time there and have a good look around as clearly you haven't so far.


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## kingrulzuk (Jan 19, 2010)

MrBife said:


> Good areas for what ? If you want to maximise on rentals then you need to buy in the 'historic centre' of Lisbon. Preferably with a river view. These are Alfama, Castelo, Mouraria, Bairro Alto, Chiado e Bica and Baixa.
> 
> You would really struggle to find a lawyer in Lisbon that didn't speak English
> 
> Best to spend some time there and have a good look around as clearly you haven't so far.


Just looking to buy as a holiday home for the family and not for rental, I asked the areas above coz the flats for sale in those areas are cheaper for some reason.
But will check the areas as you suggested.
Now all I need to know which is the good bank for British expat who will need a mortgage?

Thank you


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