Finance

Before Departure

  3000 € approx             Required as a Deposit for any property purchased.

You may find it difficult to obtain cash from a UK credit card from a Spanish bank. We advise that you bring with you either travelers cheques or cash

   100 €            To open a Spanish bank account

   300 €            To allow for survey fees if a Spanish Mortgage is required

Further payments will be due about a month after the initial contract. This varies according to the type of the property and also upon your own requirements.

Balance

Paid at the Notary on completion together with all fees including Mains connections, mortgage fees, etc.

Exchange Rates

We must remind you that all purchase price are in Euros. Therefore, the cost of your property will change with the foreign exchange rates. We can recommend a recognized broker who will assist you with exchanging your £‘s to Euros at the best possible rate.

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 are changed yearly if the rate varies.

Legal Expense

PURCHASE TAX 7 % For all properties

SOLICITORS FEES We recommend a local Spanish (speaks English) solicitor who’s charges are approx 850 Euros. However, you are not tied to our solicitor, but be aware, prices do vary considerably

NOTARY FEES Including Land Registry Fees and Local Searches, Electric and water connections

MORTGAGE FEES Will be approx 1 1/2 %

Other costs to consider are the following:

Phone connections

All lights inside the property as these are rarely included

Furniture, when not included

White goods, when not included

Additional security for the property

Wills

We strongly advise that property owners in Spain make a separate Will to the one they have in the UK. A UK Will only applies 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 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, 2 Wills are required (one for each of the owners)

The approximate cost is 150 Euros

Spanish tax info website

Spanish Tax Info
Spanish tax info specialising in the provision of Spanish tax information, wealth tax in Spain, Spanish income tax, inheritance tax, double taxation Spain and capital gains tax in Spain.