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Buying Guide

Additional Expenses

Listed prices are subject to taxes & legal costs. You can typically expect to pay the following additional expenses on any Spanish property purchase;

Land registry & notary costs 1%-2%
Mortgage fees & set up fees, approx. 1%-2%
Solicitor & legal fees, approx. 1%-1.5%
Stamp duty 2% - On new developer properties or SAREB (Bank) properties, or
ITP 8% - On resales and bank repossessions, charged by the regional government, or
IVA (VAT) 10% - If the property is direct from the developer, taxed by the national government
You will also have other expenses on completion e.g. house insurance, community fees all of which we can arrange on your behalf.

Offers

The position is similar to the rest of Europe. You can try a low first offer, 30% below the asking price has been known. But be aware that the market is picking up and some owners were unfortunate enough to buy at the peak and are already making a huge loss on the sale.

Deposits

A property can be reserved with a €3,000-€10.000 deposit, depending on it´s value, this will ensures it is taken off the market. The deposit can be paid with a UK or Spanish debit or credit card or by bank transfer.

Completion

The standard time scale is 5 - 8 weeks from the time of your deposit being paid to completion, but in some cases it can be quicker.

NIE

When buying property in Spain you will need an NIE number (equivalent to a UK National Insurance Number). Your solicitor can assist you with this and the certificate can be obtained very quickly.

Legal Representaion

Whenever buying a property we would always recommend independent legal representation. There are a number of local solicitors who speak English. We have a selection of professionals whom we can recommend to you. You should also consider granting your solicitor Power of Attorney. This will assist with the set-up of utility contracts and other matters in addition to completing the sale, should you be unavailable to do so.

Mortgages

We have exclusive access to the best mortgages available on the market. Non Spanish residents are eligible for a mortgage up to 80% of the value of the property sale. The banks will generally grant a 100% mortgage for new build properties. To apply for a mortgage loan you will need to supply your passport & proof of income. We will give you details of which specific documents are required.

Looking After Your Property

Our sister company The House Manager can, if required, can look after your property once the sale is completed. The House Manager offers bespoke solutions for your property management requirements.

Running Costs

The costs of running a property will vary from one property to another. You might be buying a studio apartment or 6 bedroom villa. You will need to take account of the following; community fees, gas, electricity, water, council tax, insurance and property management fees.

We hope that this guide gives you a summary of what you should consider when purchasing your Spanish property. For more detailed information please do not hesitate to contact us.