Character 2 bedroom Villa for sale with countryside view in Lagos, Algarve

295,000 EUR 253,700 GBP 318,600 USD

Reference: 242651

Bedrooms: 2
Bathrooms: 1
Floor Size: 167 m2
Plot Size: 273 m2

Features

Outbuildings
Potential for Income
Countryside View
May Require Improvement

Details

This is a unique opportunity to acquire a typical village house, which is in need of renovation, built before 1951 and situated right in the centre of the village.

This property features a main dwelling with 4 divisions, as well as a kitchen with high ceilings that includes a storage area above which extends laterally through to the next room, large enough to stand up in and easy to create a mezzanine space that would become an interesting internal feature. There is an outdoor laundry area and a very pretty inner courtyard. This outside area is private and full of character, with ample room to instal a small swimming pool or water feature to enjoy those hot and sunny days.

The original barn itself was converted into a workshop on one level with access to a separate large room constructed in the style of a great hall with a WC, yet to be plumbed in, but it is more or less there.

The main house and the outbuilding have separate independent entrances, the main house is designated as habitation and the conversion has potential for a commercial licence. There is vehicle access to the rear of the property with room to park more than one car.

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Portugal Property Buying Guide

1. Signing a Letter of Intent

On finding a property you wish to purchase, your agent will draw up a 'Letter of Intent, this will be signed by both parties, vendor and buyer. Copies of this will be given to the legal representatives of both parties and will be used in preparing the Promissory Contract. Included in this letter will be the price, what is included in the sale, furnishings etc. and any conditions of the sale plus the dates for both exchange and completion.

2. Exchange of Promissary Contract (Contrato Promessa de Compra e Venda)

The buyers lawyers are responsible for drawing up the promissory contract (Contrato Promessa de Compra e Venda) and as part of the process they will have carried out the legal searches and made sure that there are no charges, e.g. utilities, property tax etc. against the property. The contract will contain details of both parties and include clear title of ownership, when payments are due to be made, the completion date and an inventory, if required. The Promissory Contract is legally binding and will generally be signed by both parties and witnessed by a notary/lawyer. The contract will include penalty clauses in case either party does not fulfill the terms of the contract. A 10%, non-refundable deposit is required at this point, this will be paid to the vendor, through the lawyer's client account. Once the contract has been signed, if the vendor pulls out of the contract, they will be obliged to pay back double the deposit to the purchaser. If the purchaser pulls out, they will lose their deposit.

3. On Completion

The amount of time between signing the Promissary Contract and Completion will vary and will have been agreed in the contract. Before Completion your lawyer will need to arrange with a fiscal representative for you to obtain a Portuguese Fiscal Number. The official Deed of Transfer of ownership (the Escritura) will be signed by you (or someone representing you with your Power of Attorney), this is signed at the Notary and they will retain the document. The Deed will be read aloud by the Notary before all participants sign it. Your lawyer will need to check to ensure that you understand what is being said if you do not understand Portugese. The Escritura, once it has been signed, will officially give you ownership of the property, but will still need to be registered in your name on the Land Registry (Registo Predial) by your lawyer. Your lawyer should obtain a copy of this for your records. Once you have completed, the new utility contracts can be transferred into your name by your lawyer.