This article is the fourth in a series that you can read all about here.
Meet David. He’s a marketing superhero by day, who enjoys baking, hiking, and all things cultural. By night, he has a penchant for making tequila-fuelled poor life choices. Forever alone, David lives with his two feline terrorists, Astro & Cosmo – a true crazy cat lady in the making.
When I last wrote about the situation of buying property in Malta, I had all but given up hope on it all and was just about ready to pack my bags for the UK.
I mean, let’s face it – if I’m going to pay an arm and a leg in rent, I’d rather be doing it in London than Msida.
Fortunately for me, life has a way of having everything fall into place at the last minute – and, to the amazement of everyone around me – I managed to find a ready-built apartment in Msida, being sold furnished, going at just €170,000 (peanuts, amirite?)
It was a case of bankruptcy – my heart goes out to the seller, but at the same time, I can’t help doing the happy dance everytime I think about the fact that I’m getting TWO DOUBLE BEDROOMS (property gold!) and a JACUZZI in my bathroom.
Pictured above – literally me come February 2020
If you’re getting disheartened as I was – keep at it. You’ll find what you’re looking for, if you’re patient enough (and have a borderline obsessive mother who takes to a project like fish to the sea).
So, I found my property, and the hard part’s done, right? Right?
So very, very, very wrong. I’ve learnt so much about the art of adulting in the last two weeks, I’m considering starting a study unit at University. I mean I can prepare complex integrated marketing plans in a heartbeat – but put me in front of a notary and I freak the fuck out.
In a nutshell – here’s everything I’ve learnt (so far).
1. Have a team behind you who you trust with your life.
Within 48 hours, I had seen the property, signed the konvenju and spoken to a bank about a loan.
Granted, I used the same notary and architect my parents did, and it was a surprisingly painless process, in which I felt perfectly supported throughout.
2. Signing legal documents is scary AF.
Picture it: Sliema, 2019.
Eight people are gathered around a notary’s table as she reads out complex legalese – in Maltese (people who know me are probably laughing their assess off at the prospect of me attempting to understand legal jargon in Maltese).
It goes into the most miniscule details over penalties that can be incurred should either party fail to deliver.
The feeling of nausea as you sign is quite indescribable.
3. The process of getting a bank loan is very, very complex
I applied for a bank loan with a different bank than the one I use for my day-to-day transactions, so I had to submit about 47 different bank statements.
I then had to submit copies of proof of the ground rent being paid.
Then a notarised document that the deposit being paid by my parents (thanks ma and pa!) as a donation.
Then a document from my CEO confirming my employment status (guess you’re stuck with me now, huh?).
And about a hundred other documents before they can even begin processing my application.
Don’t even talk to me about when my sanction letter is going to see the light of day.
4. The list of documentation you need to prepare is never-ending
Life insurance. Home loan insurance. Architect’s letters. Energy certificates. Ground rent receipts. The list goes on and on.
5. It’s basically a waiting game.
Once my sanction letter is issued, my notary begins her process of doing research on the property to ensure all is in order before I sign the final deed in January. I have five months of anxiety ahead of me, stressing that something’s going to go wrong.
Don’t get me wrong – they’re going to be the most exciting five months of my life, as I plan how I’m going to make the place mine.
I can honestly say this has been the most educational and enriching experience of my life (so far), and as much stress and anxiety as it’s causing me, it’s been such an amazing learning curve.
I suppose I’ve been spoilt – having the right people backing me and advising has been an absolute godsend, and it’s been (surprisingly) a much easier process than I had imagined.
If you’re looking for a property, don’t be disheartened by the market or the prospect of everything you need to get in order. Trust me, everything falls into place.