Buying in Spain with no mortgage required

[Anonymous]

Hi

I am of Spanish origin but have lived in the UK for 12 years, I am currently thinking of selling my property in the UK and going back to my home town in Torremolinos or anywhere near by such as Benalmadena or Marbella. With this in mind and as I never had the joy of purchasing a property in Spain, I would apreciate it if anyone knows the typical additional costs of buying a studio of 120000 euros when no mortage is required.

Thanks in advanced

Jose

[Inez]

Hola Juanito, this will depend if you engage a lawyer or not. Lawers charge between 1 and 1.5% plus 16% iva – you may get to haggle them down. Thne there is your purchase tax of 7% of the purchase price. Then notary fees, cost for the escritura. Usually a rule of thumb is add 10% of the purchase price for purchase costs.

For someone buying cash there is a private bank who grant the mortgage whilst investing your money elsewhere. Sounds good and a few people I know lucky in the situation to do so also can legally avoid inheritence tax and that type of thing.

PM me if you wan tthe info and good luck with the move.

[Anonymous]

Gracias Inez

[katy]

You are on dangerous ground re. “private banks that invest your money”. Anyone thinking of doing something similar check out
http://www.costa-action.co.uk

[Anonymous]

Thanks Katy

I think I will spend some time in this forum before making any moves, I have to admit, I didnt realise the severity of the corruption taking place in Spain, specially Costa del Sol. Just read some more articles regarding developers building without authorised planning permission in place and people loosing thousand of pounds paid in deposit, etc. I knew there was a reason why I have stayed in this country for so long 😀

Thanks again Katy for the warning

[Anonymous]

Even with todays snow Juanito? 😉

[Anonymous]

people loosing thousand of pounds paid in deposit

Has anyone lost thier deposit yet?

Regards

Paul

[Anonymous]

http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2006/08/26/wscam26.xml

here is the article Paul, I am ashamed of course that Costa Del Sol, being my part of the world seems more like Costa del Crime. I have been reading many articles like the one on the link over the last few hours. I am seriously considering moving back home but the news makes me doubt whether I am making the right choice. I am a native speaker and still hold a Spanish passport so with this in mind and the fact that I am now aware of what is going on out there, I would like to think that perhaps I would be able to identify when I am being taken for a ride. Nevertheless, I still feel slightly apprehensive about the move. I have somehow become a bit anglicised and find confort in what I know, like the expression goes, better the devil you know!!!!

Jose

[Anonymous]

Juanito,
I have many Spanish friends and they are rightly pround of being Spanish they along with non Spanish who love the Country, its people are dismayed about what is going on.

There are dishonest people in all over the world. The problem is that the Spanish Goverment and other institutions e.g coligio de abagados, do not seam to take any action.

This will the long term prospects of Spain in all sector and affect the economic and the social fabric of society.

[Anonymous]

Hi Juanito

Thanks for the link.

Depressing reading indeed.

While they may see it as little comfort for those in the predicament they still haven’t lost their money.

For what’s it’s worth the consensus of opinion on this forum regarding the “illegal” developments regularly discussed here is that there will be no demolitions of occupied developments with the original developer fined for any problems. So hopefully everything will turn out ok.

I don’t know whether this has helped you with your decision but we love Spain, buying a place there was the best thing we every did (ask my four year old 😀 ).

Regards

Paul

[Author]

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