Buying a property
Buying a property
Buying a property in Spain is not the same as buying a property in the UK. In fact there are differences to the purchase taxes and requirements depending on which part of Spain you are buying in.
For this reason it is imperative that you choose an agent who understands the differences and one that keeps up to date on the ever changing rules, regulations and tax changes.
E-Style Spain has been helping buyers with their property purchases for over 20 years. This wealth of experience means you can relax in the knowledge that you will receive the best advice possible throughout your buying process.
That's not to say buying a property on the Costa Blanca is difficult; far from it. You can quite easily choose the property you want, make an appointment with the Notary, hand over your money and sign the sales contract. However, this is a very risky thing to do as you would be totally unprepared and not covered for any undue circumstances.
As a rule of thumb one would expect to pay approximately 12% in addition to the properties advertised price if you are buying without a mortgage and 15% if you need finance. This covers the solicitor's fees, notary fees, land registry fees and the IVA or transfer tax. IVA is payable on a new property and Transfer Tax is payable on a resale property but the amount is the same.
What is the buying process?
Depending on your circumstances, the buying process is more or less the same. First you will have to select your property from the extensive range of excellent properties which are available from E-Style Spain.
There are some small differences to the process depending on which type of property you are buying and if you will need a mortgage to finance the purchase. Regardless of these factors, you will need to secure your purchase by signing a sales contract and paying a deposit. This will normally take place once you are fully informed of all the details about the costs and options that are available to you. Once you are happy the buying process starts.
The deposit that is required will typically be €3000 and then you might be required to pay stage payments or even make the initial deposit up to 10% of the property sale price. Stage payments are normal in the case of new build properties but not so much in the case of resale purchases.
You will also be recommended a lawyer. Think carefully about choosing a lawyer who is not local or does not know the specifics about purchasing in a specific region. As mentioned before, there are differences in the regulations and fees that will be applied depending on where you buy.
After the finances are in place and when the owners or the property are also ready, you will be informed of your completion date. With a resale this can be as quick as a week but in the case of a new build property this is more likely to be when the property has been constructed.