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Buying A Property in Spain

If you are interested in buying a property you have seen on this site you can either e-mail or telephone whereupon we will arrange a mutually convenient time for you to view the property, we will also negotiate with the vendor the purchase price on your behalf and if you do proceed with the purchase we will, if required, introduce you to a reputable solicitor who will deal with all the legal paperwork. We will be there for you every step of the way, before, during and after completion.

If as a purchaser you do not find what you are looking for at present please contact us using the e-mail facility stating exactly what property you require and we will endeavour to find it for you. We collaborate with other agents in the Murcia region, therefore saving you time and energy.

If you always thought that buying a Spanish property was beyond your reach, here at 2Let2Sell2Buy.Com we work alongside mortgage companies who will be only too pleased to demonstrate monthly payment plans which will show you just how affordable a property purchase in Spain can be.

You are under no obligation whatsoever to view any properties at all it's your decision, just let us know when you're good and ready. We would never dream of subjecting you to the hard-sell techniques so many operations use. We are just not like that, nor do we expect anyone to commit themselves to purchasing a property unless they feel it's absolutely right for them.

Inspection Trips

A property inspection trip, we personally feel, is the only way to view property and to take advantage of our knowledge of the surrounding area.

You will have a personal representative during your visit that will help and assist you in not only endeavoring to find one of our properties that best suits you and your budget but also about the area and living experience.

Viewing Trips Include:
2/3 day viewing trip (subject to availability)
Transfer to and from Murcia (San Javier) Airport
Collection and return each day from your Hotel
Legal assistance by an independent Solicitor/Abogados
Assistance to open a bank account
Evenings are free to spend relaxing and enjoying your surroundings
No pressure sales, we believe the area sells itself.

Viewing Trip Conditions (once dates have been confirmed):

  1. All we ask is that you book and pay for your own flight, we can then either recommend a hotel or book your hotel accommodation for you.
    Note: If you require us to book your hotel accommodation then please check with our office before booking flights to make sure the hotels have availability: +34 968 979 876 or +44 01223 968199.
  2. If you purchase one of our properties, we will refund you the cost of your flight and accommodation expenses upon completion up to the value of 300 euros.
  3. Our Viewing Trips are subsidised, and are only designed for clients who are in a position to purchase and are able to pay the required 3,000 € deposit. We would recommend, if finance is required to purchase one of our properties, this should be applied for before booking a viewing trip either in your home country or we can put you in touch with one of the local banks beforehand who will be happy to assist you in this straight forward process.
  4. The use of a subsidized viewing trip for any other purpose will result in the full costs of the visit being charged.
  5. Clients who book a viewing trip are sole clients of 2Let2Sell2Buy throughout their stay.

Viewing Independently:
If you are visiting the area yourself and would like to view property please take a moment to call in and see us, we can discuss your requirements and make the relevant appointments. The refund as per no.2 above will then apply.

NOTE: Viewing Trips are not available on properties marked below 75,000 €


Frequently Asked Questions

How does the buying process work?

The below is just a brief explanation, always seek legal advice for an expert opinion.

Bear in mind you should allow for an additional 10% to cover all legal, professional & tax expenses.

Off Plan:

  1. Reserve the property; pay the reservations deposit (normally around €3,000 - €6,000) this can be in any denomination.
  2. Employ the services of a solicitor who will check that all licenses, bank guarantees etc are in place.
  3. You will be advised by the builder when you will be required to sign a purchase contract and pay the full deposit (normally within 6 - 8 weeks of signing the reservation contract).
  4. Throughout the construction period you may be required to make staged payments, this varies from developer to developer.
  5. Several weeks before your property is due to be completed your builder will notify you of the completion date.
  6. You should have arranged your mortgage by now (if you need one).
  7. Arrange a mutually convenient dated to come out to take possession of your property, go to the notary’s office at the agreed time to sign the deed and pay with cash or banker’s draft.
  8. Arrange building/contents insurance.
  9. New build properties come with an independent 10 year guarantee (similar to the English NHBC Certificate).

Re-Sale Property:

  1. Once you have found the property you want, the agent will usually reserve the property for you for you for a couple of days enabling you get together the reservation fee.
  2. Engage the services of a lawyer they will obtain a copy of the nota simple (a copy from the Deed) which shows that the owner is the seller of the property and whether there are any outstanding debts etc.
  3. You will then be asked to pay a 10% deposit fee (non-refundable).
  4. Arrange a mortgage (if you require one).
  5. Sign a public or private contract (see below).
  6. Agree a mutually convenient time to attend the notary’s office, attend the notary’s office to sign the deeds and pay the balance with either cash or banker’s draft.
  7. Arrange for transfer of utilities into your name (your solicitor will do this for you).

A Private Contract (used as a pre-contract) is necessary in case the buyer needs time to obtain a mortgage or transfer funds to Spain; it sets out all the obligations of both parties including the legal description of the property, what is included in the sale, the agreed price, full identification of the buyer & seller. The buyer will pay the 10% deposit monies (known as Arras) and set a date for completion. If the buyer decides to break this contract he will loose the 10% deposit but if the seller decides not to sell he will have to pay the buyer double his deposit (always get your lawyer to check the contents before signing).

Public Contract (is signed in the presence of a Notary to obtain a legally binding contract)

What taxes are involved in the purchase?

Value Added Tax (IVA)
On all new & re-sale properties you have to pay a 8% transfer tax called 'Impuesto de Transmisiones Patrimoniales' most commonly called IVA on the value of the property written in the 'Escritura' (Deed).

Notary’s Fees
The Notary will check that all the documents are in order, that the parties to the contract are who they say they are, and who will witness the signing of the contract. He then registers the signed contract in the local Property Registry and makes the document public, the buyer appearing as the new legal owner. The fee for this will usually be under 1% (which will include the 0.5% Stamp Duty), but will be higher if there is a new mortgage to be registered at the same time. The Notary cannot give you advice; any questions you may have should be directed towards your solicitor who is there for that purpose.

Plus Valia
You will normally be expected to pay the Plus Valia. (This is a capital gains tax levied by the local town hall and will vary upon the locality and on how long ago the land was previously sold). This tax is normally the responsibility of the seller of the property, but (quite legally) can be passed to the buyer, this should be stated in the sales agreement, your solicitor can retain the amount back from the Vendor (if agreed). You or your lawyer must pay the amount to the local town hall within 30 days of completion.

Connection to Utilities
You should allow €150 each for the connection charges for the water and electricity.

Legal Fees
Prices very but it is essential to employ the services of a legal professional. Should you not wish to make a journey to Spain on the day of completion, then you can grant a Power Of Attorney so that your solicitor (or someone else acting on you behalf) can sign the necessary documents and make the necessary payments from your bank account. This will incur an extra fee.

Breakdown of Fees:
Supposing for example you buy a property for €150,000. The approximate costs will be:

Item Amount
Legal Fees (Solicitor) € 1200
Value Added Tax (IVA) € 12,000
Notary's Fees € 500
Land Registry € 500
Total € 14,200

Can I obtain a Spanish Mortgage?

Currently Spanish Mortgages have a lower interest rate than the rest of Europe. The bank normally requires your pay-slips, P60 (some may ask to see your bank statements) self employed accounts, copy of passport, copy of NIE and a copy of the Nota Simple (Deed) of the property you are wishing to purchase. You will usually be able to borrow up to 70% of the value of the property repayable over 10 - 30 years.

What is an NIE Number & do I need one?

It is an identification number 'numero de identificacion de extranjero' (similar to the UK National Insurance number) it is necessary to have this number when you purchase your property, it is a simple process, you need to present yourself to the nearest police station with a foreigners department, take your passport (plus copy) and fill in the appropriate form, wait a week or so then collect your new number.

What are the running costs?

Community Charges:
With most types of property you will have to pay a community charge to cover costs such as maintenance & cleaning of the community pool, garden areas etc. The amount will depend upon the number of properties and the services that the community committee agrees are required.

Rates (IBI):
Are based on the rateable value of your property (Valor Catastral) and are set by the local town hall, so vary from place to place, it is an annual tax usually payable in September each year, allow around €300 - €500.

Municipal Taxes (Basura):
Is the payment for rubbish removal. The rate is applied by the local Town Hall and payable every 2 months within your water bill (here in Mazarron), the charge varies but is approx €120 per annum.

Gas:
Not all of Spain has mains gas, bottled gas is readily available though at €11 a bottle.

Electricity:
This will depend upon your consumption (average €2 per day), your electricity bill is payable every 2 months.

Water:
This will depend upon your consumption but on average around €1 per day the bill is payable every 2 months.

Telephone:
This will depend upon consumption and which supplier you use; there is a standard charge of €15 the bill is payable every 2 months.

What Taxes are involved in the sale?

Capital Gains Tax (Impuesto sobre el Patrimonio):
Once the house is sold you will be liable to pay 18% on the net gain, this rate applies to both Resident and Non-Resident owners of Spanish property. A retention of 3% will be made by the buyer of the registered sale price and this amount will be paid to the Spanish Tax Agency (Hacienda) as a guarantee for tax payments, to avoid the non-resident seller 'forgetting' to pay the Capital Gains Tax. The capital gains tax can be reduced if you have made improvements to the property but you need to prove the expense with proper Vat receipts.

Note: As a resident there are some situations where payment of this tax can be avoided altogether these are:

1. Being over 65 and having lived in your residence for more than 3 years.
2. If you are selling your residence to buy another property in Spain of equal or greater value, but if you are buying a property with a lower value you will only get proportional relief from the tax.

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