Buying Process |
- Your guide to buying a Spanish home on the Costa del Sol. |
MORTGAGES
Should you require some degree of finance for your property purchase – we can offer you the following options:
SPANISH MORTGAGE
We work closely with Spanish mortgage brokers, having independent contacts with several of the larger Spanish banks. A mortgage is easily obtainable, usually up to approximately 70% of the purchase price. Subject to financial circumstances, finance can be obtained up to the age of 75 years.
UK MORTGAGE
We are associated with a UK mortgage and financial advisor who is able to offer an equity release scheme on your UK property – up to 75% of the property value. Alternatively, you may wish to consider re-mortgaging your existing UK property to release funds which will then enable you to proceed with the purchase of your Spanish property.
We would be very happy to assist in obtaining further information for you regarding financing your purchase.
Once you have chosen your property, your lawyer will carry out the relevant searches at the Land Registry and Town Hall, to ensure that there are no undisclosed charges and encumbrances. Only when he is satisfied will he arrange for you to sign the purchase contract. On the date of completion, both parties or their lawyers, appear before a Spanish notary, who draws up the Transfer Deed. If you are unable to be present at the signing of the "Escritura" (title deeds) you would need to appoint someone for example a lawyer, to appear on your behalf by means of a Power of Attorney. The Transfer Deed is signed and the balance of the purchase amount is paid over. This document is then registered at the Land Registry and you will be issued in due course with the Title Deeds or your property.
Total expenses incurred in your purchase should not exceed 10% of the purchase price - broken down as follows:
- Transfer Tax or VAT is 7%
- Lawyers fees are approximately 1% - we strongly recommend that you use a lawyer for what will be one of the biggest purchases of your life
- Notary and Land Registry fees are also approximately 1%
- There may be some sundry expenses such as property searches and bank charges
