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Spanish Property Purchase Guide: Step by Step |
Property search: |
Once you have
completed our online Property
Search Form, you will be contacted by us to clarify
the information and provide any further necessary details. We will
also ensure that we fully understand your requirements, i.e. Holiday
Home, Buy to Let or Permanent Relocation.
When you arrive in Spain, you will be shown only the properties
with features suitable to your intended lifestyle as well as your
budget. We pride ourselves upon listening to our clients.
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Prior to your visit: |
When suitable
properties have been short-listed for viewing, and you have subsequently
booked your flights, we will call you to discuss your visit. We
will also discuss finances and deposits, and again re-check on the
type of property you are looking for.
Suitable accommodation can be arranged by us for the duration of
your stay. However, most people prefer to organise accommodation
themselves in order to take advantage of the special deals available
from the low-cost airlines/packages.
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At the airport: |
We will meet
you at the airport and upon arrival, you will be taken to your accommodation
and left to freshen up after your flight. We will then arrange to
meet you for a coffee and a chat to discuss your itinerary.
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Our search begins: |
We will guide
you, but also be guided by you. We firmly believe there is a right
area and a right property for everyone. It's just a matter of finding
it! You will be shown around the new or resale properties from your
shortlist, and any other properties that have become available,
which match your criteria.
Moving to Spain is a complete lifestyle change and we can assist
with all the necessary information that you will need.
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Purchase: |
Should a suitable
property be found, you will be offered to sign a contract either
directly with the builder or through a local solicitor. At this
stage a deposit will be required and future payment
options discussed.
A Spanish bank account will also need to be opened.
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Return to the UK: |
Remember, we
are only a phone call away or can be contacted by email. Please
do not hesitate to contact
us with any questions or queries relating to your property or
any part of the purchase procedure.
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Progress reports: |
We will maintain
regular contact with you and keep you updated on progress through
all the various phases.
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Completion: |
Unless power
of attorney has been given to your solicitor, you will have to return
to Spain to sign for the property on completion. At this stage,
we will organise your financial number or your NIE. This is required
for all financial transactions in Spain.
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The future: |
Once the sale
has been completed, we will still be available to help you with
any queries or questions you may have regarding your property. We
pride ourselves on our after sales commitment. Many of our clients
have become friends.
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Payment structure: |
Initial Funds
3000 Euros.
Required as a Deposit for any Spanish property purchased.
Please note, you may have difficulty in obtaining cash from a Spanish
bank with a UK credit card. We therefore advise that you bring with
you either traveller's cheques or cash.
A minimum 100 Euros are needed to open a Spanish bank account.
If a Spanish Mortgage is required, allow for 400 Euros to cover
survey fees.
Further payments will be due about a month after the initial contract.
This may vary according to the type of property and also upon your
own requirements.
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Balance: |
Paid at the
Notary on completion together with all fees including mains connections,
mortgage fees, etc. We must remind you that all purchase prices
are set in Euros. Therefore, the actual £ Sterling cost of
your property is subject to change with the foreign exchange rates.
We will be happy to recommend a legitimate broker who will assist
you with exchanging your £‘s to Euros at the best possible
rate.
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Mortgages: |
Spanish Mortgages
are readily available from all banks. The rates are linked to the
European base rate and so do not fluctuate as much as those in the
UK. The standard mortgage is usually fixed for the first year and
is changed yearly if the rate varies.
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Legal expenses: |
Remember to
add approximately 10% to the price of the property you have chosen
to allow for local fees and taxes.
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These include the following:
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Solicitor's Fees:
We can recommend a local Spanish, English speaking solicitor
whose fees are very reasonable. However, you are not tied to
our solicitor and fees can vary considerably.
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Notary Fees:
Including Land Registry Fees and Local Searches.
Electricity and water connections.
Other costs to consider are the following:
Phone connections
All lights inside the property as these are rarely included
Furniture, when not included
Additional security for the property
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Wills:
We strongly advise that property owners in Spain make a separate
Will to any previously made in the UK. A Will written in the
UK is only valid 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 you at 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, then 2 Wills are
required (one for each of the owners). The approximate cost
is 150 Euros.
Please be advised that this is only a very basic guide to buying
in Spain. We will explain the process in full when you arrive
in Spain. And don't worry! It isn't as long as it may first
appear.
We do not operate the “wine & dine, sign on the dotted
line” method as is used by some other companies within
the industry.
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