Buyers info

Guide to Property Purchase

Before you have decided on a property in Spain it is important to be fully aware of the legal process and costs involvered in your property purchase. The following is intended as a guide only and is in no way a substitute for professional advice

Appointing a Fiscal representative, solicitor

Whilst it is not a necessity to have a solicitor to purchase a house in Spain, it is highly recommended. They will be able to check out any outstanding debts which exist on the property as well as help with contracts and NIE numbers.. You are free to appoint a solicitor of your choice, or if you prefer we can recommend one.

NIE number (Número de Identificación de Extranjeros)

An N.I.E. number is essential for any major purchase in Spain i.e. House, Car etc. We can help you to complete a short form and go with you to the Police Station with your passports plus copies. This may take 7-10 days to come through but we can collect on you behalf if you have returned to the UK. It is recommended that you apply for your N.I.E. at the early stages of arrival.

Applying for a Bank Accounts

It is necessary to have a Spanish Bank Account and we can help you with this simple process

Applying for a mortgage in Spain is a straight forward process, as in the UK. You will need to prove that you have an income or sufficient funds to pay the mortgage. The level of mortgage offered is directly dependent on your financial status and the value of the property estimated by the Lenders.

There are generally 2 levels of mortgage offered, one for residents and one for non-residents. For non-residents the mortgage offered is generally around 60% of the declared value, for residents it is usually around 80% of the declared value of the property.

Purchasing a Property

Once you have decided on the property you wish to purchase and the terms and conditions have been negotiated with the vendor then a deposit of 10% of the purchase price is required to secure the property. The remaining 90% is payable on the signing of the title deeds before the Notary.

If you are purchasing a new construction then the constructor will ask for stage payments to be made on the property. Your appointed solicitor will then carry out all necessary searches on the property and other legal encumbrances. Once the searches on the property are satisfactorily completed and the deposit has been paid in accordance with the terms and conditions of the contract then the title deeds are signed by both the buyer and the seller before the Notary.