The Buying Process
Buying A House In Spain - Things To Know,
Here is some simple information to help you through buying a property in Spain and we will help you every step of the way.
Once we have helped you find your ideal property, to secure it, you will be asked to pay a deposit to reserve the property for you whilst the paperwork is being checked by your legal representitve/lawyer. The deposit is always refundable if there are legal issues which cannot be resolved before the time of purchase.
The Compra-Venta (purchase contract) will be drawn up by your legal representative/lawyer. and will show details of the property, the agreed price and a proposed completion date. Once you sign the contract and pay a deposit, the contract is legally binding for all parties.
There are many Abogados(Lawyers) in our area that have acted succesfully for our clients.We can give you a list and the choice is yours who you use.
Most will give a 15 min free time consultation.
We are happy to provide you with the list of local Lawyers who know the Local planning and Country Regulations.
- Should you require a mortgage to purchase or build the property, we can help you through the entire application as part of our service and can open a bank account and get mortgage quotes for you in advance of your purchase.
- We advise that you bring with you details of your income and financial status ,we will provide you with information of what the banks require to get a mortgage if you open a bank account and register with the bank for a financial approval in principle it saves time once you have found a suitable property.
N.I.E. Identification Cards / Numbers
You are required by law to obtain an identification number (N.I.E.), enabling you to open bank accounts, buy properties, take out insurance etc. Our office will help you with this.
It is necessary for you to open up a bank account in Spain in order to complete on a house purchase. Again, our office can help you with this as part of our service.
In terms of buying costs, the average is between 11 and 13% of the purchase price. The bulk of this is made up by an 8 to 10% transfer tax (depending on the region that you are buying in). The remaining 3% goes towards Notary, Land Registry and Legal Fees.
You must pay this tax before the Escritura (title deed) can be registered in your name this will be carried out as part of your lawyers work
Property Registry Fees
The registry fees are based on the registered value of the property again this work is carried out by your lawyer
Transfer of Title Deed
Full payment is required before the Escritura (title deed) can be transferred into your name. This is done at the Notary Officemwith your lawyer who will translate the Escitura(Deed) for you.
Taking Possession of the property
Handing over the property and the keys will normally take place once the full purchase price has been paid. This is normally done at the Notary Office with your lawyer.
Transfer of Services
Having completed the purchase, it is necessary to connect or transfer utility services. Both electricity and water meters need to be in your name,your Lawyer will ensure this is done and standing orders will be made to your bank account
This becomes your responsibility upon possession of the property and can be arranged with your lawyer or our office can assit also
Transferring Funds from UK to Spain
We recommend using the services of a currency exchange specialist as they offer a better exchange rate than the bank and have cheaper charges. Many of our clients use Currencies Direct .... Cambridge ....Currencies4U which is a local office in Pinoso
Their representitive will give you a personal service for transferring funds to and from Spain we can arrange a private meeting for you in our office where they can explain the process of the transfer of your funds.
The inheritance laws in Spain are different to the UK. To avoid being caught out we advise that you speak to your lawyer about drafting a Spanish Will.
- WE ARE HERE TO HELP YOU ALL THE WAY WHEN YOU ARE BUYING A PROPERTY