Buying a house partially in sterling – what proof is needed


This topic contains 5 replies, has 5 voices, and was last updated by Profile photo of Dave Dave 4 months, 3 weeks ago.

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  • #191063
    Profile photo of stevee

    Does anyone have any experience of buying a property in Spain in sterling?

    I am buying from a British seller and we have agreed that some of the purchase will be done in the UK in sterling. I was hoping to do this via a transfer rather than a bankers draft as I will be in Spain when the purchase takes place and I can do it there and then.

    My Spanish lawyer says the notary will need a “transfer document” that will show the full account details of both sender and receiver (Bank name and address, IBAN, SWIFT as well as sort code and account number) but my bank, Santander UK, says that I can simply do the transfer using faster payments and I won’t have this kind of evidence.

    Has anyone done this? What did you do? Is taking a bankers draft with me actually the simplest way?



  • #191071
    Profile photo of Mark Stücklin
    Mark Stücklin

    Hi Stevee, I can see how the notary might have doubts about doing a transfer during the meeting. They like to see official proof of payment, like a transfer certificate with all the details.

    To my mind taking a UK bankers draft with you would be the simplest way. Does it have a cost?

  • #191074
    Profile photo of stevee

    Thanks Mark.

    I’ve asked at my bank and there doesn’t seem to be such a thing as a transfer certificate. The best they can do is to provide written confirmation to my registered address i.e. by post, so that’s not much help.

    I’m beginning to think that a bankers draft is the only way, I can’t believe there’s not a better way though.

  • #191130
    Profile photo of mh

    Is it possible that the Notary can spread the “transfer process” over a few hours or over a few days (rather than the usual one meeting) i.e. complete and sign the paper work, take possession of the keys and any other assets, and then sit on everything until the buyer provides proof that the money has been transferred?

    Obviously, buyer and seller would have to agree this amended process (ideally in writing) but it would allow for same day bank transfer (and avoid rip off costs by the banks). All then depends on the honesty of the Notary but, then his or her income depends on their honesty, so all should be well (especially since the buyer gets to appoint the Notary).

    Yes? Or no?

  • #191132

    Steve, your lawyer is correct. It has to do with the anti money laundering law.

    The buyer must proof that the funds left his account and was transferred to your account. The seller must proof that the funds was received and came from the buyer.

  • #191139
    Profile photo of Dave

    Santander UK will not provide a transfer slip. They told me there is no such thing!

    However, if you ask them, they will send you (only by snail mail) their copy from your account transactions which shows the transfer. Mine arrived in four days, but they say up to ten working days. Not such a good service!

    My abogado said that is sufficient proof on money laundering. A screen grab of the relevant transaction would not be acceptable to the notary. Must be an official bank paper! I was paying all to a Spanish seller. I transferred the funds on line to the abogado’s holding account and her POA from me allowed her to deal at the notary with her own banker’s draft, for which there was no fee!

    • This reply was modified 4 months, 3 weeks ago by Profile photo of Dave Dave.

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