Please read this updated information for 2021
Since writing the original text things have certainly changed for buyers of Spanish Property. Not least and not limited to the major changes was Brexit. We are dealing with all the Brexit problems clients have in Spanish Solutions every day.
Just this past week:
One elderly client was refused entry to Spain and sent home. (she didn't know how serious the visa rules are); A client wasn't able to get their dog into the country because they had a passport written in the UK, not Europe; A client who wanted to achieve a non-lucrative visa was refused because they bought the house first, moved to Spain and applied to the embassy for the visa at that point. Their estate agent never told them the correct way to apply. Probably in fairness, she didn't know, but that does not help the disaster my client is going through. That is why you must, absolutely must, buy from an agent who knows what they are doing.
There is no obligation, so why not get in touch?
- 1.Buying in Spain – The first thing you need to do before you buy a property in Spain is to download Ian Comaskey´s Amazon No. 1 bestseller "How to buy Property in Spain". In Ian´s book, he says the first step is to define your needs. Buyers must decide what you are looking for and what your budget is. You need to be able to tell us why you're buying here, not for the sake of the sales agent but so you do not allow yourself to spend too much or to buy the wrong house in the wrong area. Do your research online, ask questions and write a list of must haves and have nots. An example is "we must have a third bedroom, we must not have a pool" etc.
- 2.First contact. Email a few estate agents in the area and see who gets back to you. Ask specific questions and see if the estate agent is actually listening to you. People choose to buy from Comaskey because we live here and what we tell you about property in Spain we know from experience. We know the schools, the medical system, how to open a business in Spain- everything. From the first contact, whether by email, telephone or personal visit, we will study your needs and look for appropriate properties, both new developments and resale.
- 3.Viewings. Once you are armed with your list of what you want, it's time to view property on the Costa Blanca! Most of our property buyers are walk-in clients. Our attitude is relaxed and potential buyers know immediately that the Comaskey salesperson is not working on a commission only basis so if we are advising you on a particular deal, it's because we believe it, not because we need you to buy. • We can arrange inspection trips to the Costa Blanca for those of you who are not familiar with the region. Unlike some estate agents we do not expect you to buy on an inspection trip- we want you to get a feel for the Costa Blanca and to start a relationship with our company. We will take you out showing you areas and properties, explaining thoroughly the buying process, taxes, costs etc in a straight talking manner. We are happy to spend time with you on second viewings and answering questions about the smallest unrelated matters.
- 4.Securing the Property. We will find you the perfect Spanish property to suit your requirements. It is all the same to us how long this takes, there is no hurry. We draw up an agreement and ask you to sign the purchase contract. Often buyers will speak to their lawyers at this stage to ensure that their deposit is protected in the unlikely event that something goes wrong. You sign the paperwork, pay the deposit (usually 3,000€ but can vary) and your hard work is done.
- 5.Get a Spanish solicitor. Your solicitor should give you a full breakdown of your legal obligations. We recommend you to visit the offices of Spanish Solutions CB however there is a large range of lawyers we recommend. We also work with Sun lawyers, Carrasco in Playa Flamenca and indeed we collaborate with most of the trusted legal firms in the area. Choosing the right solicitor is vital so that Spanish legal requirements are met, the property is registered in the vendor's name and that it is free of any mortgages, charges, or other liabilities (as in Spain these are inherited by the buyer, so must be cancelled). Your legal representatives will ensure you do not inherit a house with electricity bills, water or community fees owed. Online experts will tell you that you can do this yourself. Our advice is don't skimp on the last few euro and pay a professional legal firm to ensure everything is ready.
- 6.Work out your exact Costs.Although your legal representatives will do this for you, we think it is important that you know exactly what your property in Spain will cost you.
Here is a rough break down, but please check with your solicitor!!
- IVA (VAT) and ATP (purchase tax) on all property purchases are the same: 10% of the deeds price; if the buyer is a company, then tax is higher. Tax on land is 21%.
- Legal Fees vary, many companies charge a fixed fee and others from 1% to 2% approximately, again depending on the price of the property.
- Notary Fees are the charges that the Notary will make for the purchasing/selling process and paperwork including the printing and amending of the "Escritura" (Title Deeds) and the Notary witnessing the signing of it. The Land Registry will make a charge for the registering of the change of ownership details of the property. These two may total 1,500€ together You may also need a NIE number, Power of Attorney and should certainly consider making a Will in Spain to cover your new property.
- 7.Final signing. After all the legal work is processed, we get buyers and sellers together in the local Notary to complete the purchase (or solicitors may do this with Power of Attorney). You hand over the balance of the money in front of the solicitor, seller, possibly banks and certainly the Notary. In return, you get the key to your dream home in Spain… • We want you to return to the Comaskey office at La Zenia for a gift of a bottle of bubbles and assuming you are happy with our efforts, you can write us a short testimonial for the next buyers.
- 8.Aftersales. This is important to us because its important to you. Unlike some others we do not desert you at this point. We check that all is well and if there is anything else that we can help with. Perhaps you need a painter, plumber, or gardener- Great, just ask us. Are you thinking of renting your property in the sun in exchange for a nice return on your investment? We have the largest property management division on the Costa Blanca in our Zenia golf office. • We also ensure that you are informed (if not already aware) of the legal and tax obligations you have to follow after buying in Spain.
- 9.Relax and enjoy your home in the Spanish Sunshine. We guess you know how to do this and you do not need our help!! Knowing that you´ve followed the right steps makes that first cool drink you have on your very own balcony feel all that much sweeter. Get your sun screen on- chances are it's going to be hot today!!!