{"id":299,"date":"2018-01-08T08:02:43","date_gmt":"2018-01-08T08:02:43","guid":{"rendered":"https:\/\/inmoelmano.com\/en\/?page_id=299"},"modified":"2018-01-08T08:02:43","modified_gmt":"2018-01-08T08:02:43","slug":"buying-a-property-in-spain","status":"publish","type":"page","link":"https:\/\/inmoelmano.com\/en\/buying-a-property-in-spain\/","title":{"rendered":"Buying a property in Spain"},"content":{"rendered":"

Please note that the following is only a guide and offers no legal advice.\u00a0 It is not exhaustive and may well bring up more questions.\u00a0 If you would like more information please contact us.<\/em><\/strong><\/p>\n

The procedure to buying in Spain although not difficult is quite different to purchasing a property in the UK.\u00a0 It is certainly worth knowing how the system works before you start looking and also what additional costs are involved.<\/p>\n

Location<\/h2>\n

The first step is finding a location, unlike buying a property in your own country where generally you know the area you are purchasing in, finding a property in Spain requires a lot more research. \u00a0The internet is obviously a good source of information but it\u2019s certainly worth taking some time out to come to Spain and visit different areas.\u00a0 Spain is such a diverse and beautiful country, with its many Costas to more rural inland areas with mountains, lakes and vast planes.\u00a0 Often when we think of Spain, places like Benidorm spring to mind.\u00a0 It certainly has its own charms but for a permanent residence or a getaway holiday home, the busy areas along the coast are not what every one is looking for.<\/p>\n

Living in rural Spain offers a completely different lifestyle to that on the Costas. \u00a0This area known as the Atliplano de Granada offers a much slower pace of life and an opportunity to appreciate the real Spain.\u00a0 The area has lots to offer, for the more adventurous types the area is ideal for all outdoor activities, including mountain climbing, mountain biking and walking in the surrounding Sierras (Castril, Cazorla, la Sagra, Baza and Maria).\u00a0 The empty roads are excellent for road cycling or motor biking and the stunning scenery is perfect for painting or photography.\u00a0 There are also a number of lakes in the area and this offers the opportunity to swim, kayak or fish.<\/p>\n

If the most outdoor activity you want is to sit outside sipping a beer then the many restaurants and bars in the surrounding villages, Castril, Huescar, Galera, Orce, Castijellar, will certainly accommodate this strenuous pastime!<\/p>\n

Access to the Altiplano de Granada is also very good.\u00a0 The roads from Granada, Almeria, Murcia and Alicante are all excellent offering easy access to many airports with good links to the UK and also down to the coast.<\/p>\n

There are many things to consider when choosing your ideal location.\u00a0 Is it a permanent home or is it for holidays only?\u00a0 A main factor for many people is the access to airports and the coast etc.\u00a0 Do you need special medical facilities?\u00a0 If so, how far away are they? \u00a0If you have children you need to think about their educational needs. \u00a0Does it offer the kind of facilities \/ amenities \/ activities \/ lifestyle you are looking for?\u00a0 Is it for investment purposes and is there potential for capital growth?\u00a0 Can you afford a property in that area?\u00a0 These are just a few points to consider and it is worth making a criteria check list with your requirements allowing for some compromise and flexibility.<\/p>\n

What type of property?<\/h2>\n

Once you have located your ideal area, the next step is to find a property.\u00a0 Unless you have a good knowledge of Spanish it is worth using an Estate Agent that speaks the language.\u00a0 It can be very difficult finding a property without speaking Spanish and often when an English voice is heard, an inflated price is given!<\/p>\n

Allow plenty of time to view property.\u00a0 Areas are wide spread and it may only be possible to see 3 or 4 properties in one viewing, you may also find that your requirements change when you see what property is available.\u00a0 Because the property here is so different, there are rarely two properties the same.\u00a0 It is often difficult to pinpoint what type of property you are looking for.\u00a0 So it is certainly worth being open to looking at many different options.\u00a0 It can be so easy to get swept away by a location of a property but it might need more work than you anticipated, do you have enough in your budget to get the work done?\u00a0 Property for reform, be it a cave house, cortijo or village house, vary considerably in the amount of work that is required and it can be quite a formidable task.\u00a0 We can give advice on builders, plumbers, building merchants etc.<\/p>\n

Popular in this area are cave houses, they offer a unique living experience, many people love them and wouldn\u2019t live any where else but again they are not for everyone.\u00a0 And if you are unsure, it maybe worth spending a night or so in one to appreciate what living in a cave could be like (we can arrange this if required).\u00a0 Often the first sight of an unreformed cave is enough to put many people off, but they still remain affordable and if a newly reformed cave is not in your budget, it is certainly worth taking a look at a few to see what can be achieved.<\/p>\n

Unlike on the coast urbanisations are unusual this far inland but if a new property is what you are looking for then there are many available.\u00a0 The other option is to get one built this allows for more input, from deciding on the aspect to choosing the tiles in the en-suite bathroom.\u00a0 There are many plots available to build on but ensure that all permissions are obtainable.\u00a0 There are certain stipulations dependent on where and how the land is classed and this can affect the size and type of property you may want to build.\u00a0 Again we can help with building licenses and permissions if they are required.\u00a0\u00a0 We can also arrange the plans down to building the property for you.<\/p>\n

When searching for a property, consider the following:<\/p>\n

How much work do you want to do?\u00a0 Complete reform or partial reform?\u00a0 Rebuild or new build?\u00a0 Will you do the work yourself or are builders readily available?\u00a0 How rural do you want to be?\u00a0 Will neighbours nearby be a problem?\u00a0 Do you want to integrate with the Spanish?\u00a0 How important is access to amenities?\u00a0 Do you need medical care close by? \u00a0Do you want to walk into town?\u00a0 How much land do you want?\u00a0 Are schools nearby?\u00a0 Can you afford it and the cost of any work involved?\u00a0 Does it have water and electricity \u2013 if not is it a problem?\u00a0 (We can also help with the connection of services and help obtaining solar energy).<\/p>\n

Once you have found your perfect property – What’s next?<\/h2>\n
    \n
  • Contact your Abagado or Gestor.\u00a0 They will make any relevant checks on the property:\n
      \n
    • Who owns the property?<\/li>\n
    • What does the property consist of?<\/li>\n
    • Where are the boundaries etc?<\/li>\n
    • Is the property free of debts, mortgages etc?<\/li>\n
    • And anything else that is relevant to the purchase.<\/li>\n<\/ul>\n<\/li>\n
    • You will also need to obtain an NIE no. (N\u00famero de identificaci\u00f3n de extranjero). \u00a0Dependent on where you sign it may be required at the time of completion at the Notario. \u00a0\u00a0If not, it is needed within 30 days of signing for transfer taxes. \u00a0You can obtain this yourself by going to your nearest police station with a foreigners department (in this area Baza).\u00a0 You need to take a copy of your passport and fill in the appropriate form POSSIBLE LINK TO FORM.\u00a0 It should be ready within a week or so.\u00a0\u00a0 It can be a very time consuming and frustrating process and therefore it may be easier to pay your solicitor or gestor to obtain it for you.<\/li>\n
    • It is also a good idea to open a local Spanish bank account.\u00a0\u00a0 Ensure that you obtain your IBAN no. for this account as this will be required when transferring funds from the UK.\u00a0 There are a number of companies that offer this service, offering better rates of exchange and less or no commission.<\/li>\n
    • Once a price has been agreed and all the relevant checks have been made then a Contrato Privado or Private Contract is signed between the buyer and the seller.\u00a0 This normally gives a time frame, for example 90 days, and the seller and the buyer should be ready to complete within that time.<\/li>\n
    • Once the contract is signed a 10% deposit is required.\u00a0 This deposit is non-refundable if you decide not to go ahead with the purchase.\u00a0 If the seller pulls out they have to pay back double the deposit.<\/li>\n
    • Ensure that you transfer the remainder of the balance to your Spanish account in good time and in readiness for the completion date.<\/li>\n
    • When a completion date is set you need to arrange a cheque for the declared amount<\/strong> on the escritura and the balance is normally in cash.\u00a0 This is usually handed over to the seller prior to going into the notary.\n
        \n
      • The declared amount<\/strong> is the amount written on the escritura this is normally lower than the agreed asking price.\u00a0 When you buy a property in Spain a transfer tax (Impuesto de Transmisiones Patrimoniales) is paid and this is a percentage (7%) of the declared amount.\u00a0\u00a0 It is common for the declared price to be significantly lower than the asking price.\u00a0 Be warned as the tax authorities are clamping down on this.<\/li>\n
      • Although it may mean less initial tax, if you come to sell it in the future your capital gains tax liability would be higher.<\/li>\n<\/ul>\n<\/li>\n
      • If you are a non resident a letter from you bank with the declared value on it and stating your non resident status will also be required by the notario.<\/li>\n
      • At the notary, the new Escritura de Compraventa will be read through and checks made, any amendments noted and then the seller, buyer and the Notario will all sign the escritura.\u00a0 Ownership is then transferred to the buyer.<\/li>\n
      • Once the formalities with the Notario are complete, your lawyer should arrange to pay any taxes due. He should also send the signed and witnessed Escritura to the Land Registry and pay the appropriate fees.<\/li>\n
      • You should now have a set of keys and a new home in Spain!<\/li>\n<\/ul>\n

        What are the costs of buying a property in Spain?<\/h2>\n

        When you look for a property it is worth bearing in mind the additional costs involved and when you determine your budget ensure that it includes these extra costs.<\/p>\n

          \n
        • Your first fee will be that of your Spanish lawyer (abagado) or Gestor.\u00a0 They may either charge a fixed fee from around 600 euros upwards or possibly a percentage of the sale price.<\/li>\n
        • When you sign at the notary this also incurs a charge.\u00a0 The Notario is a Spanish public official and his job is to witness signatures and ensure that certain legal requirements have been met.\u00a0 He will also make both the seller and the buyer aware of their tax obligations.\u00a0 The Notario fee varies and is dependent on various things \u2013 size of land and house and also the price.\u00a0 Costs vary from around 300\u20ac to 600\u20ac.<\/li>\n
        • When you buy a property it will be registered in your name at the local Land Registry (Registro de la Propiedad). Approximately 300\u20ac to 600\u20ac.<\/li>\n
        • Estate agents commissions are normally included within the asking price \u2013 make sure you check they are otherwise it could be a nasty shock when you come to buy the property as it is normally the buyer who foots the bill.\u00a0 These commissions can vary considerably and may well be less when Spanish sell to Spanish; they know the system and language is not an issue.\u00a0 On average you are looking from around 3% upwards, in some areas like on the coast it could be as high as 15%.<\/li>\n
        • Connecting to services, water and mains electricity may incur additional costs charged by the supplier plus the cost of materials and labour of your builder.\u00a0 Be aware even if a property has electricity close by, it does not always mean it is readily available to your property.\u00a0 If a new transformer was required this could be in the thousands.<\/li>\n
        • Don\u2019t forget that once you own a property you will also have to pay insurance, local taxes etc.\u00a0 Also there is a yearly fee for water and rubbish collection.<\/li>\n<\/ul>\n

          A figure of around 9% – 11% should be kept for these additional costs and should cover all your legal fees, transfer tax (7% in Andalusia), notary fees, registro fees etc.\u00a0 It is probably a good idea to have a contingency budget set aside also, to cover any unexpected problems.<\/p>\n","protected":false},"excerpt":{"rendered":"

          Please note that the following is only a guide and offers no legal advice.\u00a0 It is not exhaustive and may well bring up more questions.\u00a0 If you would like more information please contact us. The procedure to buying in Spain although not difficult is quite different to purchasing a property in the UK.\u00a0 It is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-299","page","type-page","status-publish","hentry"],"yoast_head":"\nBuying a property in Spain - Gesti\u00f3n Inmobiliaria El Ma\u00f1o<\/title>\n<meta name=\"description\" content=\"Please note that the following is only a guide and offers no legal advice.\u00a0 It is not exhaustive and may well bring up more questions.\u00a0 If you would like\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/inmoelmano.com\/en\/buying-a-property-in-spain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buying a property in Spain - 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