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Can I get a mortgage?
Yes, or even a re-mortgage to realise capital from the existing equity in your U.K. property. Please see our mortgages section under " Information ". |
How much will it cost me to buy a property in Spain ?
When buying a property in Spain, you should allow up to 10 % of the purchase price to over your legal fees, expenses and taxes. The final cost may be slightly less. |
Where are the room sizes ?
Generally speaking you won't find room sizes with Spanish property details, - in fact you won't often find information anywhere near as detailed as you might be used to in the U.K. - spanish estate agents just don't use them. You may however, find the total constructed area of the building and / or plot is stated. |
Can I get a photo of the Village House ?
Photos are always supplied with property details where available. Unfortunately due to the physical location of village houses, agents often cannot get far away enough from the building to take a picture. |
Will my purchase be subject to contract ?
No, property purchases in Spain are not normally subject to contract. |
What do I actually have to do to buy a property in Spain ?
Please visit our Purchase section in " Information " for full details. |
Should I use a lawyer in England or Spain ?
This is really your decision. There are lawyers in England who do understand spanish law and can act for you. We usually recommend using a local lawyer in Spain, he will know the area, the officials, and local people, as well as general information on road building, development belts etc . Furthermore, as searches have to be done manually in Spain, the lawyer in England will often end up instructing a lawyer in Spain to do them anyway. You will also find that many spanish lawyers are not too bad at speaking English ! |
What happens if I cannot be in Spain on the completion date for my purchase ?
If you are not able to appear before the Notary in person for the signing of the Escritura ( title deed ), you will need to authorise someone, such as your lawyer, to appear for you by means of a Power of Attorney. This is a standard procedure for many foreign buyers. |
Do I have to be here for each stage of the legal process ?
No. You can instruct your lawyer to act on your behalf at each stage, even for the final completion. |
The vendor of the business won't show me any accounts...
When buying a business in Spain, don't expect to see a shining and factual set of accounts. The vendor may choose not to show you any at all. |
The Landlord charged me when I sold the business
When taking on a lease, make sure your lawyer explains any future transfer clauses. Landlords are usually entitled to a " commission " when you sell. |
What's the weather like in the winter ?
Much, much warmer than Northern Europe with a lot less rainfall. With over 320 days of sunshine every year, you can find yourself using the BBQ for Christmas dinner. |
| The colleges are A.P.I. and G.I.P.E. They are both bodies that regulate the industry, looking after the buyer, the seller and the agent. Should any problems occur, they can be addressed through these bodies. All members must have studied real estate and passed exams - successful candidates are issued with a unique college number, which demonstrates their legal status. |
| Ask your agent for his GIPE or API number. It should also be on the wall of his office. Furthermore you can check with GIPE or API in Malaga, as to whether that person is qualified or not. |
| Of course, both in the UK and SPAIN ! |
Do this...
...decide what kind of property you want and what you want it for. Will you be living there permanently, temporarily, or buying to let out.
...decide where you want to be, and make sure the location suits your purposes. ( If you're buying to let out, remember 90% of the holiday let market are studios and 1 bed apts in areas with good facilities - bars, restaurants, shops, beaches, communications, etc.)
...make sure you use, and take advice from reputable real estate agents and lawyers.
...ask about the costs involved, if you're renovating an old property or building a new one, contact builders, and the Water and Electric companies for quotes and connection charges. ( You may be unpleasantly surprised ! ) |
Don't do this...
...keep waiting. Once you have made up your mind to buy, take positive action, go to Spain, view properties, and if you find one you like, secure it with a deposit. Don't wait for the price rises to price you out of the market, and remember, in such an international area as the Costa Del Sol, your dream property may well be marketed all over Europe. ...listen to, or take advice from amateurs, or illegal / unqualified persons or companies.
...believe everything you read in books. What do you know about the author, is he qualified to comment or advise.
...imagine that because your spanish isn't too good, or you are unaware of certain rules, that the laws don't apply to you. They do.
...take short cuts, or try to make smart moves. Trying to save a few hunded pounds on a multi-thousand pound investment, often ends in tears. |
| This is a planned community which meets governmental standards for the use of the land involved and with regard to providing services and quality control regarding the construction of roads and walkways, sewage and drainage, water and electricity installations etc. |
What are 'community fees', payable for urbanizacion homeowners ?
The community of homeowners is a legal entity comprised exclusively of the owners of the apartments, villas etc on the urbanizacion. The purpose of the community is to own and maintain the common elements of the estate and homeowners share the expenses of the community. A budget for the annual community expenses is presented at an annual general meeting of co-proprietors and the owners or their representatives must approve such budget by a majority vote at the meeting. Expenses vary according to services required and include salaries and social security for those employed by the community ( gardeners, pool attendants, hall porters etc ), repairs, refuse collection, electricity for the lighting of common areas, administration fees. The president of the community must by law be an owner and serves without salary. The amount of community fee varies according to area, types of building etc. |
What's the benefit of buying a new property ?
New properties have a 10-year guarantee very similar to the NHBC guarantee in the UK. Although this type of guarantee has been compulsory in many Northern European counties for many years, it only became compulsory in Spain within the last 2 years. |
Is there a building guarantee with a new property ?
Yes, a compulsory 10-year guarantee. |
Will I have to pay any taxes in Spain if I only own a holiday home there ?
Unfortunately, yes. You are deemed to be a non-resident in Spain if you spend less than 183 days there in a year. As a non-resident you will be liable for taxes. The Wealth Tax (Patrimonio) is a very small annual tax charged on the value of your assets in Spain. If you let out your property as a holiday home, Income Tax ( Impuestos Sobre la Renta ) on that income will be charged at about 25 %. |
Do I need a fiscal representative ?
Unfortunately, yes. You are deemed to be a non-resident in Spain if you spend less than 183 days there in a year. As a non-resident you will be liable for taxes. The Wealth Tax (Patrimonio) is a very small annual tax charged on the value of your assets in Spain. If you let out your property as a holiday home, Income Tax ( Impuestos Sobre la Renta ) on that income will be charged at about 25 %. |
How can I minimise my liability to Spanish death duties ?
As a non-resident of Spain it is worth considering owning the property in joint names where appropriate and passing your respective shares in the property to, for example, your children. If you pass your share to your spouse you will in effect by paying double Spanish death duties as there may be duties payable on your death and then in turn on your spouse's death, not only on your spouse's share, but the share inherited from you. Each beneficiary has his or her own tax allowance and accordingly the more beneficiaries there are, the more allowances can be set against the value of the estate.
As a Spanish resident, where the worldwide assets are liable to Spanish death duties, the value of the estate can be minimised through careful tax planning and appropriate professional advice should be taken. |
IMPORTANT TERMS IN SPANISH - TRANSLATED |
| ESCRITURA |
Deeds |
| REGISTRO DE LA PROPIEDAD |
Property Register |
| NOTA SIMPLE |
Land Registry Extract |
| NOTARIA |
Notary |
| ABOGADO |
Lawyer |
| ARQUITECTO |
Architect |
| CUOTA |
Apportionment |
| IMPUESTOS |
Taxes |
| PROPIETARIO |
Owner |
| COMUNIDAD DE PROPIETARIOS |
Owners Community |
| COMPRAR |
Buy |
| VENDER |
Sell |
| TESTAMENTO |
Last Will |
| PISO |
Apartment |
| CASA |
House |
| DEUDAS |
Debts |
| CARGAS |
Charges |
| EMBARGO |
Embargo |
| TRANSFERENCIA |
Transfer |
| INSCRIPTIÓN |
Registration |
| CONSTRUCTOR |
Constructor |
| IMPORTANT - Please be advised that legal and or technical information in this website is subject to changes in European, National and Local Spanish laws. Such changes may occur without notification to us. We therefore must accept no liability or responsibility for the information contained herein, and strongly advise you to contact your own lawyers and accountants for the most up to date and relevant legal advice, in all such matters, without question. |
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