How can we be assured that our home is built to a high standard ?
You can place your confidence in us as all our builders and developers are selected with the utmost care and attention to detail. This is how we ensure, with absolute certainty, that the homes chosen by our clients are to the standard they expect. The 10 year guarantee on new properties gives you that required peace of mind.
Can my children be educated in Spain ?
The Spanish state education system is of a very high standard and is free of charge. Any qualifications obtained are internationally recognised. There are also several international schools in the coastal area.
Will I be allowed to work in Spain ?
Any member of the EU is allowed to work in Spain and any other EU country.
Can I take my cat or dog with me ?
As long as there is proof of all necessary inoculations and relevant microchips, dogs and cats will be allowed into Spain. The next step is to apply for a pet passport that will allow the animals to return to your country without going into quarantine.
Is there Health Care available ?
The Health Service in Spain is of a very high standard (recently ranked 6th in the world with the UK 24th ) and is freely available to retired EU residents. There are also various private medical health insurances available which are competitively priced compared to most other countries.
What is an N.I.E number?
Every person who wishes to purchase a property in Spain must have an N.I.E number. This will be arranged by your solicitor before you sign the title deeds. You will require four passport photos.
How do I apply for a mortgage in Spain ?
When applying for a mortgage, the bank will normally ask to see proof of income â€“ 2 P60s (for an employed person ), 6 months wage slips and 2 months bank statements. For married couples application may be measured on joint income so ensure you have details of your spouses income if he / she is working. Proof of identity will be required, passport or DVLC.
If you are self employed then the bank will normally accept 2 years audited accounts as proof of income, plus your last bank statement.
Generally the banks will lend up to 50-75% of the property valuation however it is possible to borrow up to 100% in some cases. All mortgages are subject to status. Upper age limit is usually 75 and repayment periods are between 5 and 30 years. In order to qualify for a mortgage, the repayments must not exceed 35%- 40% of your monthly income net of taxes. Please call us for a quote.
Transferring money from the UK to Spain is not as easy as transferring funds within the UK. You can of course do this through your own bank but we would recommend using Currency Matters to handle this process for you. Their use should ensure that funds are transferred promptly and at better rates than you would obtain from your high street bank.
If you have any other questions then please contact Spanishlife Properties and we will be delighted to help.
The Buying Process
Once you have chosen your dream home in the sun, the property is reserved for your solicitor to carry out the necessary searches. Next a suitable schedule will be arranged to ensure a trouble free purchase.
For your assistance the following is a brief summary of the buying process in Spain.
- Deposit paid to reserve the property (non refundable)
- Terms agreed with the developer
- Meeting with conveyancer or your solicitor
- Open your Spanish bank account
- Make stage payments ( via your bank or currency matters) as stipulated on the contract.
Transfer the final payment into your own Spanish bank account for payment on the completion date once your solicitors confirms everything in order and payment should be made. On the completion date the property will be signed over to you in the presence of the Public Notary.
Additional expenses connected with purchase.
- IVA, Spanish equivalent of Vat 7%
- Stamp duty ( New properties ) 1%
- Legal fees ( Spanish lawyer fees ) 1%
- Notaries fees 0.5 % (approx)
Land Registry and Gestoria fees 0.5% (approx )
- Total 10.0 %.
Connection charges for water and electricity on new properties are approximately £250. On average if you add about 10% to the purchase price of your property all costs will be covered.
This is just a guide to the buying process in Spain and does not replace the need for proper legal advice.
Annual running costs
We are frequently asked for information on the annual running costs of a property in Spain. Be assured that the costs are much lower than the UK.
Depending on its size and location, you would expect to pay approximately £800 – £1000 per annum as follows :
- Local rates & refuse collection £175
- Property tax £225
- Urbanisation community charges £250
- Charges for water & electricity £225
- Total annual charges £875
In addition, as you would in the Uk, you will need to budget for buildings and contents insurance.
For more information please contact us on 0141 889 6264 or email: email@example.com