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Guide to buying

Question

A deposit of £2000 will be required to secure a reservation on a property. Staged payments normally deal with the balance of the purchase. After 30 days a payment of between 30% and 50% will be paid. The outstanding balance will be settled on completion once you have inspected your property
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F.A.Q

Do I need a Lawyer?
You are advised to appoint a legal professional to represent you during your purchase, there are many English speaking lawyers here who specialise in Spanish law but neither use a lawyer recommened via the builders or promotors.

What additional costs are involved when I purchase my property?

In addition to the purchase price, you will be required to pay 7% of the value for transmission tax. This is the Spanish equivalent to Stamp duty in the UK and is paid directly to the Spanish government. On a new build property you will have to pay 7% IVA (VAT equivalent) and 1% transmission tax. The Notary and the Registry fees are also paid by the purchaser and these fees vary depending on the size and location of the property purchased. However, as a guide, If you allow 10% of the purchase price you should have sufficient funds to cover all associated costs.

How long does the purchase of a resale property take?

The sale procedure can be completed as quickly as 1 week or as long as 1 year, this all depends on you and the vendor, we will negotiate on your behalf to meet your needs. However, in normal circumstances from the point of reserving your property to completion is between 4 and 8 weeks.

Do I have to be present at the completion of my purchase?

If you Know you may not be available to attend the Notary’s office at the time of completion, you will need to arrange a valid Power of Attorney to be present on your behalf. The Power of Attorney can be given to your lawyer or indeed any adult you choose to represent you and sign on your behalf. Your lawyer will assist if needed with communications between yourself and the Notary. However, we do strongly recommend that you do attend in person if at all possible.

Will I have to pay local rates and taxes?

The annual costs of owning a home in Spain are generally much lower than those in the UK. You will receive annual bills for the collection of the rubbish, mains drainage and rates (IBI), and you will also be charged bi monthly for electricity and tri monthly for water.

Is it easy to get mortgages in Spain?

Spanish banks will generally lend between 70 to 80%of the property valuation for non residents. Interest rates at the moment are lower than in the UK and vary slightly from bank to bank. As in the UK, there are different mortgages available to suit different circumstances and to qualify you will need to meet the banks lending criteria.

Can I bring my pet to Spain?

Now that the UK has introduced the new pet passport scheme it is easier to bring your pet to Spain. However, you will need a certificate to prove your pet is healthy enough to travel and has had all the required vaccinations. For current procedures and requirements you should contact your local vet.

How will I communicate if I don’t speak Spanish?

Almoradi and the surrounding areas now has quite a large English speaking population. There are nowEnglish speaking doctors, dentists, lawyers, etc all within the area and shopping at the local supermarkets is as easy as shopping in the U.K.