Buying a property in Spain can be a daunting prospect. Several years of warnings about the pitfalls of buying property in Spain, not to mention the ups and downs of the economy in recent years have left many cautious about investing in Spain. It is understandable to be cautious about buying a property in Spain, but if it is done the right way you can proceed with confidence.
The key to buying property in Spain with confidence is to instruct an independent Spanish lawyer at an early stage, and to research, research, research before arranging a viewing trip.
Find out more about conveyancing in Spain.
At E&G Solicitors in Spain we have been advising clients in relation to buying property in Spain for over 17 years. We have advised clients buying apartments, villas and land across Spain, from Barcelona to Ibiza and everywhere in between.
Our team of professionals is dedicated to making your experience of buying a property in Spain as stress free as possible. You can meet the team here.
Find out more about Spanish property law.
We have always been happy to provide our clients with as much information about buying property in Spain as possible. Over the years we have found that many potential purchasers share the same concerns and ask similar questions and so we have collated the knowledge gained from over 17 years of advising clients in relation to buying property in Spain and made it available on our website.
On our buying property in Spain pages you will find a wealth of information in relation to the process of buying property in Spain and the costs of buying property in Spain, we have also prepared a checklist to guide you throughout your property purchase in Spain. If that is not enough you can also download our free guide to buying property in Spain and watch our comprehensive video guides to buying property in Spain.
Find out more about repossessed property in Spain.
In relation to the purchase of Spanish property where either there is no structure built on the land, or the construction of any building has been completed (including all property other than property purchased off plan), we charge a fee of £2,250 plus VAT and disbursements for the purchase of any Spanish property up to a total purchase price of €250,000, where you are financing the purchase from funds that you already have, or funds that you are obtaining from a third party, but not secured against the Spanish property. Where you intend to finance the purchase of a Spanish property with a maximum purchase price of €250,000 by way of a loan secured against the property that you are purchasing, we charge a further £1,000 plus VAT and disbursements.
If you are purchasing an off plan property in Spain with a total purchase price of not more than €250,000, our fees increase to £2,750 plus VAT and disbursements and an additional £1,000 plus VAT and disbursements if you intend to finance the purchase by way of a loan secured against the property you are purchasing.
If the purchase price of the Spanish property that you are purchasing is in excess of €250,000, then in order to be able to provide you with a price quotation or a price estimate we will need to receive from you further information as to the type of property in question, the total purchase price of the property, the location of the property, and whether you are funding the purchase by way of a loan secured against the property. We will be happy to provide you with either a quotation or an estimate upon receipt of that information.
By way of example, if you are purchasing a property in a street in Spain, which is on a street with neighbouring properties, a pavement, lampposts, and mains electricity and water, with a purchase price of €500,000, our fees will be approximately £4,000 plus VAT and disbursements.
The typical expenses in relation to the purchase of a Spanish property with a purchase price of up to €250,000, other than any purchase tax, stamp duty, or value added tax payable, which will vary depending on the Spanish autonomous community in which the property is located, are as follows:
Spanish Notary's fee - approximately €950 to €1,000
Spanish property registry fee - approximately €500 to €550
Miscellaneous costs - approximately €300 to €400
An example would be a resale property located in Alicante with a purchase price of €100,000. The purchase tax would be €10,000.
Once we have received from you further information as to the propery that you intend to purchase, we will be able to provide you with a more precise estimate of the likely expenses.
A typical Spanish property purchase may take six to eight weeks to compelte from the time a propery has been identified, unless you are purchasing an off plan property, in which case the time to completion will depend upon the speed at which the property in built.
Either Josep Grau or Jonathan Eshkeri will have conduct of the matter. They may delegate elements of the matter to colleagues, who have considerable experience of Spanish property purchases.
If you have any questions or if you require assistance with buying a property in Spain, please do not hesitate to contact us. You can contact us by telephone at 020 3478 1420, by email at email@example.com or by completing our contact form.