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We always strongly advise that anyone purchasing property or land in Spain employs the services of an English speaking Spanish lawyer known as an Abogado/a.

Your Abogado/a  will undertake all the necessary legal checks to ensure the vendor is the rightful seller and that the property is being sold free of all charges and other liabilities.

Sometimes it is not possible to be present in Spain on the day of completion so giving your lawyer power of attorney means they can sign the Title Deed on your behalf.

A lawyer can also help to prepare a Spanish Will and arrange the transfer of all utilities, e.g. water, electricity, rates, to your name once the purchase has completed.

Money matters

When purchasing a property in Spain you should allow for an approximate additional 10% of the purchase price to cover purchase tax, Abogado and land registry costs.

Bank accounts

Buying property in Spain will mean that you must open a Spanish Bank account, as most utility bills e.g. electricity, water and rates, are paid by direct debit from this account. Opening an account in Spain is much easier than the UK.  The only identification necessary is your passport. There are many banks to choose from, whose fees and charges differ but we can advise you on the best one to suit your needs and even open the account for you if you are not available. Most banks now a days also offer online banking, very important if you live in the UK for example.

Mortgages

Generally, as long as you can provide evidence of the means to repay the monthly instalments, obtaining a mortgage for 70% of the sale price is quite straightforward. The bank will firstly arrange a valuation of the property. Approximately 14 days later confirmation will be received.  The Bank Manager will then attend the Notary on the day of signing the Title Deed, to legalise the mortgage and to hand over payment to the appropriate party.

Tax responsibilities

Everyone who owns property, has other assets or earns an income from rentals, investments or employment in Spain is legally obliged to declare this to the Spanish tax authorities. In order to do this you must first be registered for tax purposes so it is most important that you have an NIE number.  Your Abogado/a can help to arrange this for you.