This guide - How to buy a property in Spain - sets out essential information for British nationals wanting to buy a property in Spain and is produced by the Foreign & Commonwealth Office. At Spanish Property Overseas we work closely with highly professional people who can guarantee that all documents are in order and the property is debt free. They will accompany you at the public notary to ensure that everything runs smoothly and trouble free.
You will need to allow 8 -10% for transfer tax if purchasing a resale property. Or 10% IVA when buying a New property.
As well as purchase tax, allow another 3-5% to cover searches, land registry, notary fees and your Solicitor.
Applying or obtaining a Spanish mortgage is no different to applying for a mortgage in the UK, with similar terms and conditions. A Spanish bank will normally lend up to 70% of the purchase price (excluding purchase costs and tax’s). Higher loan to value mortgages are available for residents in Spain and for some repossession properties.
Proof of income and affordability is key to getting mortgage approval. We would encourage anyone needing a mortgage to purchase a property to obtain a decision in principle.
This is a relatively simple process, requiring some basic information and providing documents which prove a good credit history, earnings and affordability.
There are a number of ways to reduce or avoid the need pay inheritance tax with careful tax planning.
We work with specialists who can structure the ownership of your Spanish property to significantly limit yourself and your Beneficiaries from Spanish Tax liabilities.
Getting a great rate and paying NO commission or charges can significantly reduce the cost of your property purchase. The savings can be as much as 2-5% of the purchase costs!
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