When a suitable property is found, you will sign a contract either direct with the builder or through a solicitor. A deposit will be paid at this stage and future payments discussed.
At this point a Spanish bank account will need to be opened.
3000 € Required as a Deposit for any property purchased.
100 € To open a Spanish bank account
300-500 € To allow for survey fees if a Spanish Mortgage is required
Return to the UK
When you return to the UK, you will have queries that need answering. Remember we are only a phone call or email away.
We will keep you updated to how your property is progressing as this is often a worry for people who have bought new properties that are still being built or have not even been started.
Returning to Sign
You will be required to return to Spain to sign for the property on completion (unless power of attorney has been given to your solicitor.) Also, we will sort out your financial number, called an NIE. This is required for all financial transactions.
Not quite. We don't just dump you now the sale is complete. There will be numerous queries you will have that still need answering. This is the difference between a large, impersonal company and us.
Paid at the Notary on completion together with all fees.
We must remind you that all purchase prices are in Euros. Therefore, the cost of your property will change with the foreign exchange rates. We can recommend a recognised broker who will assist you with exchanging your £'s to Euros at the best possible rate.
Spanish Mortgages are available from banks. The rates are linked to the European base rate. The standard mortgage is usually fixed for the first year and are reviewed yearly or twice depending on type of mortgage.
Remember you must add approximately 10% to 12% to the price of the property you have chosen to allow for local taxes and fees. These include the following:
- PURCHASE TAX 10% for all properties
- SOLICITORS FEES We recommend a couple of local English speaking conveyancers who charges are around 550-600 euros for purchasing and between 760 - 1,300€ for selling. However, you are not tied to our people, but be aware, prices do vary considerably
- NOTARY FEES Including Land Registry Fees and Local Searches, Electric and water connections
- MORTGAGE FEES Will be approx 1 1/2 %
- Other costs to consider are the following:
- Phone connections
- If new build, all lights inside the property as these are rarely included
- Furniture, when not included
- White goods, when not included
- Additional security for the property
We strongly advise that property owners in Spain make a separate Will to the one they have in the UK. A UK Will only applies if it is officially translated and signed at the Notary. The Will must be read and signed in front of the Notary so it is advisable to have your solicitor prepare this for the same time as you sign for the property. This will save a second trip to the Notary. If the property is in joint ownership i.e. Husband and Wife, 2 Wills are required (one for each of the owners)
The approximate cost is 180 Euros
Please be advised that this is only a very basic guide to buying and in Spain and the rules change with the wind! You will be taken through the process in full when you arrive in Spain. Don't worry it isn't as long as it appears!