advise on costs of buying a property.

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    • #52684

      Can anyone tell me what costs (all) i should incur when purchasing a property in Spain?

      The house was 146,000 euros based on a mortgage of 46,000 euros (we paid the rest in cash).

      I have asked for a run down from my solicitor many times but got no joy.


    • #69739

      You can work on between 10 and 12% of the purchase price, but there are varying factors as you say you have a mortgage, the bank would charge an opening commission of 1 to 1.5%, lawyer about the same amount, then you would have purchase tax and this is 7% dependant on the amount actually declared. Also notary fees and miscellaneous.

      You will need a break down form the lawyer but you should not have paid more than 14,600 by the looks of it.

      One of the lawyers on this forum would be able to help more but will probably need a bit more information

    • #69742


      Ours was a new apartment so we paid

      7% IVA
      1% Stamp duty
      1% Lawyers fees
      16% IVA ( on lawyers fees)
      Notary aprox. 700 Euro
      Register aprox. 600 Euro

      Just under 10% of the purchase price Fussy

      If it’s an old property I think the IVA is differant.



    • #69749


      I want to thank everyone who replied to my request. You have been really helpful.

      Once again, thankyou 😉

    • #69752


      In response to your query costs can be divided between the purchase deed and mortgage deed:

      Purchase deed
      7% IVA or 7% transfer tax (depending on whether the property is new or resale)
      1% Stamp Duty (if the property is new, although certain variations to this can apply due to differing rules from autonomous community to community). If the property is a re-sale this does not apply.
      Notary fees: circa 600 euros
      Registry fees: circa 300 euros
      Gestor fees: circa 300 euros (this varies from case to case as in some instances a lawyer will carry out this work as part of their fee – registering the deed and paying taxes that is. However, if a mortgage is involved the bank will organise this and charge you for that service).

      Mortgage deed
      Tax roughly equates to 1.8% of the principal loan amount. (Again variations can apply in specific cases).
      Notary fees: circa 500 euros (based on a low value)
      Registry fees: circa 300 euros
      Gestor fees: See above.

      Opening Fee: Often charged by banks although this can be negotiated. Typically in my experience lenders charge 1%.

      Miscellaneous: Valuation fee, any fee charged by the lawyer for utilities etc.

      Legal fees: These vary from a fixed fee to as much as 1.5% or more (some seem to be able to still charge this). VAT is presently payable at 16%.

      Hope this assists.

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