BUYING PROCESS IN SPAIN
Find a property you really like!
Once you have found a place you like then the next step is reserve the property, if the property is on the economic side the reservation is normally around 3.000euros, new build properties may be slightly more and more expensive properties have a higher reservation fee. This amount for reservation is deducted from the final price of the property. You need a passport number and your full address plus email and telephone number to make a reservation contract.
Next step is to speak to a lawyer, you can skip this step and do the buying process yourself but we do recommend using a lawyer as they are charged less at the notary and registry office and they can also have power of attorney which means you can sign for them to sign in your place and in your name for the property at the notary. It is much easier and quicker to use a lawyer. We have trusted ones we recommend who can explain everything to you in detail in English.
Once the reservation contract is written up and you agree to the terms the next step is to wait! If you have given power of attorney to a lawyer then they will complete all paper work for you in your name, the 2 most important things required to purchase a property in Spain is an NIE number (a national identification number that is for life) and a Spanish bank account which again your lawyer will be able to obtain both in your name. Once you have both (NIE number and bank account in Spain) the signing of the deeds in to your name is quick and easy, there is normally 4-6 weeks written in to the contract to allow for any variables but if you wish to sign for the house sooner and everything is in order on both sides you can do. The rest of the money for purchase of the property tends to be transferred on the day of the signing of the deeds, but your lawyer may ask for it to be transferred to their account earlier for ease of transaction on the day of signing.
Also please bare in mind the added costs of buying a property in Spain. I.E. the purchase tax which is 10% of the property's value and administration fees, the total of both tends to end up around the 11-14% on top of the purchase price of the property.
A quick example:
Property purchased at 60.000euros + 10% purchase fee (Treasury) 6.000e + 2.000e for admin fees (lawyers service, NIE number, bank account, notary, registry an all related paper work) = 68.000euro final price. The more expensive the property the higher the fees are.
Last step is to collect the keys to your new home and enjoy your brand new Spanish casa!
- Income revenue
- Credit score /FICO report
With this we can figure out what the ratios of repayments would be for you, if you are happy with the figure, we can do a mortgage simulation. We would additionally need:
- Info on current property
- Passport copy (of both if property is to be in both names)
- Bank Extract
- If you have any children / Dependencies