Who can argue with one of the best climates in the world in a stable balance of sunshine, temperature, humidity, rainfall, etc. Some of the finest beaches surrounding the coast line conforming to EU standards, lush green countryside and cosmopolitan cities to explore, all this plus the added benefit of DAILY LOW COST SCHEDULE FLIGHTS from most UK REGIONAL AIRPORTS, what more does anyone want?.

Buying a property in SPAIN is little different to buying in the UK, providing you take professional advise from experienced agents and qualified legal advisors, just as you would in the UK, do not be one of the minority of looses who leave their brains on the tarmac in the UK by listening to “expiate experts” or “bar room lawyers”.

The English language is spoken extensively in SPAIN. There are companies that specialise in home removals from the UK to SPAIN. Specialist companies that will assist with financing, insurance, documentation as well as translation and medical services.

GENERAL FACTS.
The most important thing is to assess your budget. Set the limit of your purchasing power. Don’t look at properties out of your price range, it only brings disappointment to all in the end. In SPAIN, generally, the property price advertised does not include the IVA (VAT) which is currently 7% so you need to allow for this.

VIEWING THE AREA AND THE PROPERTIES.
It is essential, that you first view the different areas to find the right location to suit your needs and requirements. Most agent will listen to your needs and only show you what fits your requirements, remember the same rules apply in SPAIN as in the UK, LOCATION, LOCATION & LOCATION, so why waste time and money going around in circles when resident agents are on hand to help you.

RESERVATION DEPOSITS.
Having found a property that you wish to purchase you will need to leave a holding deposit, this amount varies between 3.000€ and 10% of the agreed purchase price. This deposit is normally non refundable unless there is a problem later found with the property or the legal documentation.

CONTRACTS.
It is necessary to agree a completion date, to determine the name or names of the purchasers and whether you wish to appear in person to sign the escritura (title deeds) or give power of attorney for someone else to sign on your behalf. The contract is normally in Spanish therefore you should have someone present to translate the contents for you. NEVER sign a contract that you cannot read or understand.

PAYMENT.
Full payment IS required before the title deed can be transferred into your name. If you are paying by mortgage you will need to be sure this is in place in advance of completion. If you are wanting a mortgage these are readily available to UK clients including mortgages from “The Halifax” & “Barclays” both of whom have offices in SPAIN.

SIGNING OF DEEDS.
This is done in front of the notary public at which time the balance of payment is made.

TAKING POSSESSION.
This is done after signing the deeds and paying the balance and full payment.

RATES & TAXES.
As with owning a property in the UK, there are certain payments which have to be made. You must obtain a fiscal registration number from the tax office for payment of taxes, this number may also be required when making expensive purchases, including your property. Local rates are payable to the town hall, if you are purchasing an apartment or a property on an urbanisation you will also need to pay the community fee towards the upkeep of the area and facilities.

NOTARY & LAND REGISTRY FEES.
These are a “one off” payment when purchasing your property, they are payable at the time of completing the escritura (title deeds).

RENTAL INCOME.
As you will own the freehold of the property you may use your home as you wish, when you wish. If your home is to be empty part of the year and you wish to rent out for the periods empty you are free to do so. We do recommend that you use a registered management company to do this for you for your own protect.

All the information given is for your guidance and assistance. We cannot stress enough that you should use a good registered agent as well as a legal representative or lawyer, both of whom will discuss with you in detail all the implications of purchasing and living happily in SPAIN.