INFORMATION AND DOCUMENTS REQUIRED FOR BRITISH NATIONALS BUYING PROPERTY IN SPAIN

 

Passport and 4 Passport Photographs

 

Proof of UK Address i.e. Driving licence or Utility bills

 

UK Bank Account details:   

·        Account Number

·        Sort Code

·        Address of Bank

·        Telephone and Fax number of Bank

 

Securing the property of your choice:               

This will require a deposit to be paid.

The initial Deposit on New-Build would be a minimum 3,000 Euros. 

(At the exchange rate of 1 Euro = .87p this would be £2,610)

The Deposit on Re-sales could be up to 10% of the purchase price.

 

Spanish mortgages are available through reputable Banks up to 70% of the assessed value of the property and for periods of up to 15 years.

 

To obtain a mortgage the following documents are required:

·        Passport and N.I.E. number

·        The last 3 payslips or last 12 months accounts, if self-employed.

·        If a married couple, a copy of the marriage certificate.

       

TAXES PAYABLE AT THE TIME OF PURCHASING YOUR PROPERTY

 

Re-sales: Buyers of resale property are required to pay the impuesto de Transferenica de Propiedad - which is 7% of the declared purchase price as shown on the title-deeds.

 

New Property: Buyers of Off-Plan property in Spain are liable to pay IVA (VAT) at 7%.

 

The remaining 3% allows for the costs/fees for Land Registry, Stamp Duty and Notary Fees, etc.

 

NOTE:

Exchange Rates - Check with your Bank for the current exchange rate as this varies by the hour.

Prices - All Prices exclude Spanish VAT (IVA).

Payment Conditions - New Property and Re-Sale will require a deposit to be paid upon reservation.

 

As with all property transactions Flamenca Homes always recommends that a qualified solicitor is used for the conveyance.