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Buying Off Plan Property Spain

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Buying Property Spain
Buying Spanish real estate

Spanish Property for Sale

Buying  property in Spain....

is very straight forward if you do your homework and are prepared to listen to sensible advice.

To reserve a property in Spain, you will need to make a monetary payment as an offer of goodwill to the owner if you want them to take the property off the market. 

This payment should be lodged with YOUR LAWYER in an escrow account. You will then have approximately 10 days to pay the 10% deposit in the same manner for resale properties and 30 days to pay 30% deposit for off plan properties. 

At this point the pre-purchase contracts will drawn up and signed by both yourselves and the vendor. If you require a mortgage, please advise us of this as some properties will not be suitable for you. A cash buyer will always have the upper hand and be in a better situation to negotiate. 

The same rules apply in Spain as in your own country, so look before you leap. Most projects run very smoothly and on budget, although not always on time ( well it is Spain isn’t it) and the majority of owners are very happy with the end product. 

New legislation demands that all promoters have bank guarantees and insurance prior to building licenses being issued. This new policy has made it far safer for investors to buy property off-plan and generate the maximum of percentage profits during the build time. 

Since Spain entered the EEC, the local infrastructure has improved on a yearly basis. Trains run to the second, travel time between resorts and villages as been cut in half. 

The Costa del Sol is no longer a bargain hunters’ dream, but it does still offer value for money, a great way of life in a beautiful, modern country with some of the best medical facilities in Europe.

Add to this, inexpensive day to day living, a couple of hours from your home country and the sun shining over 300 days a year. Just a few reasons why people continue buying property in Spain.

Buying a property on the Costa del Sol, Costa Calida or Costa de Almeria should be very straightforward. For peace of mind it is always wise to use an experienced company with excellent Spanish/English speaking colleagues, who are able to assist you throughout the purchase and who can recommend reputable and efficient legal professionals locally.

Please note that many town halls are currently running behind schedule and the signing off proceedure in some areas can take a couple of months after all of the building work has been completed. For investors this is often a benefit, however we do understand that owners wishing to use the property themselves may find this an inconvenience

Reserving an off plan Property
Having found the property you wish to buy, a holding deposit of 3000 Euros upwards depending on the total sales price, will be required to secure the property, and it will then be taken off the market. The terms and conditions of the remaining balance i.e. stage payments, will be laid down in a Contract, to be agreed and signed by both the parties concerned. This Contract should also contain all the relevant details of the transaction i.e. what is included in the purchase, time scale etc. Within 4 to 6 weeks a further deposit will be required in agreement with the developer/ seller. this would typically be between 30 and 50% of the total sales price
Costs incurred when purchasing a Property
When purchasing a property in Spain, the purchaser must allow an additional 9%-12% to cover additional expenses. These costs are made up as follows:

IVA (VAT)   7% of the declared value of the property - new or resale
Registry Fees   £200-£250 approx
Transfer Tax   0.5% of the declared value of the property
Notary Fees   £350 approx
Solicitors Fees   1-1.5% of the property value approx
Water Contract & Electricity   £350 approx

Moving In
We will help you to open a bank account and arrange for your standing orders to cover annual expenses. We will also assist you with signing contracts for electricity, water, gas and satellite television etc. If you are not planning to be a permanent resident in Spain you must appoint a fiscal representative, this can be your solicitor.

Annual Running Costs

Contribucion Territorial Urbane (Council Tax equivalent)   £200 per annum
Community Charge (varies according to which complex)    £200 per annum (approx)
Electricity   2 months - £25 + usage
Water   2 months - £25 + usage
Gas   25 kg cylinder £5
Home & Contents Insurance   £100 per annum approx
Fiscal Representative   £75

Permanent Residence
For those thinking of moving to Spain on a permanent basis, we can help you with the relevant information you require.

Renting your Property
Rental returns on properties are excellent particularly in high season. Our colleagues in Spain can advise you on all aspects or renting your property.

For those using their properties for holidays and who are non-resident, the Spanish Health Service is freely available to all British subjects under a reciprocal agreement with the European Union. (Form E111 is required). For permanent residents of state retirement age the Spanish Health Service is also freely available (additional forms available from DHSS prior to moving to Spain). For all other permanent residents Private Health Care Insurance is required. Spanish healthcare provision is excellent, Clinics and Emergency Rooms can be found in all cities, towns and large villages.
Arrangements can easily be made to have your pension paid directly to you in Spain.

Spanish Solicitors
It is always essential to use a Spanish solicitor, as they are experts in the Spanish legal system. Solicitors will check the title of the property; that the seller actually owns the property, that there are no charges, liens or debts on the property, and that appropriate building licenses and permissions have been obtained. They will check the terms and conditions of the Contract and translate all documents into English. They will then draw up the Title into your name and organize the Notary.

The Notary Public
The Notary Public is a lawyer appointed by the Government to ensure that the exchange of the Title is properly carried out and understood by both parties. He is impartial and offers no advice. He will check that the seller is legally entitled to sell and after the Transfer Tax is paid, will register the change of ownership in the local Land Registry Office. After the signing, the Notary witnesses the payment for the property and this fact is noted in the Deeds (Escritura).

Freehold Title Deeds
All properties in Spain are Freehold. 'Escritura' - This is a formal public version of the private Contract and contains the same relevant details. At the appropriate time we will accompany you to the Public Notary to sign this title (You can appoint your solicitor to have Power of Attorney and sign in your absence).

The Land Registry Office
This is a public records office where all the Escrituras relating to property transactions are registered after the transfer taxes have been paid. The records are available for public inspection and it is therefore a simple matter to verify a clear and unencumbered title.

Guarantees on New Properties
In accordance with the law, the developer and the architect are legally responsible for any structural defects during the first ten years.

It is essential for anyone buying a property in Spain to instruct a local solicitor to draw up a Spanish Will.

The Spanish education system is excellent. Most villages in the area have newly equipped or newly built primary schools (from EU funding) - and senior schools can be found in all the larger towns. Universities are at Murcia, Cartagena, Almeria and Alicante, Malaga

Cost of Living
You will find the cost of food to be a great deal less in Spain; the Costa del Sol, Costa Calida and Costa de Almeria are agricultural regions, fruit and vegetables are very cheap and are in plentiful supply, especially at the local markets. The coastline is famous for its daily catches of fish and seafood and seafood restaurants surround all the local harbours. Eating out is not expensive and most people eat out several times a week. Petrol, clothes and household goods are also less expensive than comparables in the U.K. and bargains can be had at all the local markets.

It is now relatively easy to bring your dogs and cats with you to Spain. You will need to speak to your Vet about a Pet Passport, and make sure you apply in plenty of time, as you will need a certain amount of time to comply with the timescale for immunisation.

Mortgages and Finance for your Spanish Property
Obtaining finance for your property in Spain has never been easier and there are a number of mortgage options open to you

  1. ·Re-mortgage your present property in the United Kingdom and provide up to 100 per cent finance for your Spanish property.
  2. ·Arrange a mortgage of up to 60% of the value of the Spanish property via a Spanish bank.
  3. ·Re-mortgage your present property to provide a deposit and expenses together with a Spanish mortgage for the rest.

Obviously, purchasing an overseas property is a huge step and it is advisable to decide how the project will be financed prior to your visit, although our financial advisers in Spain will be on hand to discuss your specific requirements and determine the most appropriate financial package for you. The market is very buoyant, so ensure that when you find the property of your dreams you have available funds to secure it immediately.

Buying Euros
The  fluctuating value of the Euro could have dramatic effects on the final cost of your new property. Foreign Exchange specialists can eliminate this problem occurring by reserving Euros for the future at an agreed exchange rate today. You only need to pay a small initial deposit (normally 10% of the total value required) to reserve your Euros. The balance of 90% is paid at an agreed future date. We would recommend that you buy Euros in this way.

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