Buying in Spain

Your Step-Buy-Step Guide To Buying Quality Spanish Property – Plus Some Answers to Frequently Asked Questions.

We only represent properties that reach our own high standards both in quality and style. As you would expect, all new properties come with a 10-year building guarantee (the same as the NHBC in the UK).

FAQs

What Kind Of People Buy Property On The Spanish Mediterranean?

People of all ages, from all over the world – including the Spanish! It must be something to do with sub-tropical climate and being able to enjoy a healthier, more outdoor style of life. And with over 300 sunshine days a year, a whole host of outdoor activities beckon year-round.

Can The Property Be For Permanent Residence, Or Just For Holidays?

There are no barriers to stop you living permanently in your new Spanish home, or renting it out for investment purposes, or simply owning it as a holiday home for family and friends. More and more people however, are buying now while prices are relatively stable, with a view to permanent residence at some time in the future.

What Finances Can Be Arranged?

We can assist you with getting a mortgage (subject to status), setting up your Spanish bank account and our associate company, Currencies Direct can provide you with special bank-busting currency transfer deals when buying as a TPS Client.

An After-Sales Service – Does Such A Thing Truly Exist?

We don't take the money and run – our After-Sales is second to none! Working closely with our Property Management department, we can now provide an even more comprehensive service and are only ever a phone call away. From odd jobs to complete reformations, from electrics to general construction, we can recommend reliable local craftspeople skilled in just about every trade you would ever need.

Deciding To Buy

Legal Representation

During your purchasing trip you will be introduced to a solicitor who will act on your behalf, including accompanying you to the Notary's office on completion of your purchase. The Title Deeds will be translated into English so that you may fully understand them prior to signing.

Example Of Stage Payments

When you have signed the Reservation Contract you will be asked to pay a deposit of 3,000 €uros or 10% of the purchase price.

Within 4–6 weeks, 50% of the purchase price becomes due (less the deposit already paid). Some builders require a payment of 25% of the purchase price when the construction stage reaches roof height (of course, this only applies to new property!).

The balance of the purchase price becomes payable on completion, in exchange for the Title Deeds (Escritura) to your property.

Banking

During your purchasing trip you will also be introduced to a highly recommended bank (if required) where we will assist you in opening your Spanish bank account. Mortgages can also be arranged at better than UK rates.

Standard Additional Costs

It is necessary to allow 10% of the purchase price of NEW property to cover additional costs such as IVA (VAT), Notary fees, registration fees and water and electric contracts (Spanish banks will also charge a mortgage set-up fee).

Currency Transfers

Our associate companies Currencies Direct and Halewood International both offer UK bank-busting deals on currency transfers, with spot rate deals and favourable forward fixed rates for periods of up to 18 months.

Running Costs

This will of course vary according to the type of property you buy, the area in which it is situated and the intended use – permanent residence, holiday home and/or letting. However, £650-700 should adequately cover the cost of electricity, water, property tax and community fees. Community fees cover the costs of cleaning and maintaining communal areas; gardens and swimming pools, roads and street-lighting etc. These costs are shared between the number of owners in your community, and are determined at regular community meetings.

Guarantees

All new properties in Spain carry a 10 year structural guarantee equivalent to the NHBC in the UK and is a requirement for all member countries of the European Community.

Furniture

We can also assist you with setting up your new home. We can arrange furniture packs at a considerable discount (ideal for holiday/rental properties). Furniture, electrical goods, white goods, bedding, curtains, crockery & cutlery – in fact everything needed to fully furnish a home. The cost for outfitting a 2 bed property can be as low as £3000!

Further Information

Call us any time during office hours and we will be delighted to assist you in any way we can, or e-mail us at any time.

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