catch with this deal??

[Anonymous]

hi everyone we are looking to buy a property in spain and I was directed here as the best forum to help. we were recently in fuengirolla on holiday and looked round a few propertys, one of them was up for sale at 115,000 euros. we flew home on the 13th of sept and I looked on the website solvia and the property is now on with a special offer along with a lot of others, but basically the deal is if you take a 40/60 mortgage with Sabadell the price is 84,900 (it says not including tax??) if you take 60% financing its 96,000 80%= 105,000 and if you buy outright 115,000. this offer is on until November so its 30,000 cheaper if we take a mortgage with this bank, I think they own the propertys and sell through solvia, anyone heard of deals like this?

[Anonymous]

a friend said also add on roughly 10% of price for fees soliciters etc is that about right? anyone recommend a good guide for buying in spain please.

[marios]

Don’t know if this is up too date.

http://www.sotogrande-spain.com/about_taxes_and_fees.htm

[Anonymous]

Hi Pacodave,

Yes you are right, Solvia is the Estate Agency of Sabadell Bank and they sell their repossesed properties.

They do not include Tax, (as usually in purchases it is on the buyer) and you have to notice about 12% of the purchase price between tax, Notary, Registry and Solicitor.

Anyway, in Solvia I think they have a good web in English, and if you ring them they speak it fluently( they are focusing sales abroad), so do not hesitate to call and ask all your questions. And remember to ask them about the “ownership community” and if there is any debt because usually the banks don’t pay the community fees for years and you don’t notice until you are in the process of buying,

If you want more information about the process, visit : http://www.spanishlawintheuk.co.uk/category/purchase/ or http://www.spanishpropertiesintheuk.co.uk/moving/page/3/

And information about repossesed properties http://www.spanishpropertiesintheuk.co.uk/why-a-pre-purchase-service/

Bear in mind that you can complete the whole process of the purchase from UK. If you need more information let me know.

I hope it helps

[Fuengi (Andrew)]

@pacodave wrote:

hi everyone we are looking to buy a property in spain and I was directed here as the best forum to help. we were recently in fuengirolla on holiday and looked round a few propertys, one of them was up for sale at 115,000 euros. we flew home on the 13th of sept and I looked on the website solvia and the property is now on with a special offer along with a lot of others, but basically the deal is if you take a 40/60 mortgage with Sabadell the price is 84,900 (it says not including tax??) if you take 60% financing its 96,000 80%= 105,000 and if you buy outright 115,000. this offer is on until November so its 30,000 cheaper if we take a mortgage with this bank, I think they own the propertys and sell through solvia, anyone heard of deals like this?

curious, do you have details/link to the property?

[Anonymous]

thanks for the replies everyone, can I obtain NIE from the uk dalorgar or do I need to get one in spain? they properties are on the solvia website fuengi, your not going to gazump me are you 😆 the one we looked at is in los pacos, we normally stay torreblanca end, are you near there fuengi?

[Anonymous]

Don’t forget to add on the cost of life insurance, as well as all the other taxes.

D

[Anonymous]

Hi Pacodave,

Yes, you can obtain A NIE from UK, but obviously it involves some cost, around £450 each, but if you made the whole process (NIE and purchase) through the same lawyer, part of the cost (£175+VAT of the Power of attorney) is included in the purchase service, at least that’s the way we do it.

But if you are going to spain i Suggest you to deal with it there, it is not too difficult, and the cost of doing it from UK is increased due to the person involved as it is an international matter( Notary, Solicitor, Spanish lawyer, Foreign&Commonwealth Office and Courier).

Daryl, life insurance is not mandatory, and it depends of the bank, the amount in your mortgage and your ability to deal with the bank. Also, which other taxes do you mean?
Thanks

[Chopera]

@pacodave wrote:

hi everyone we are looking to buy a property in spain and I was directed here as the best forum to help. we were recently in fuengirolla on holiday and looked round a few propertys, one of them was up for sale at 115,000 euros. we flew home on the 13th of sept and I looked on the website solvia and the property is now on with a special offer along with a lot of others, but basically the deal is if you take a 40/60 mortgage with Sabadell the price is 84,900 (it says not including tax??) if you take 60% financing its 96,000 80%= 105,000 and if you buy outright 115,000. this offer is on until November so its 30,000 cheaper if we take a mortgage with this bank, I think they own the propertys and sell through solvia, anyone heard of deals like this?

Yes I’ve seen Solvia doing a lot of deals like this. Interestingly the best offer is for the 40/60% mortgage rather than buying outright. They want the buyer to take out a mortgage, but at a low LTV.

[Anonymous]

@dalorgar wrote:

Daryl, life insurance is not mandatory, and it depends of the bank, the amount in your mortgage and your ability to deal with the bank.

Good luck with getting a mortgage from Sabadel without life insurance. Sure, it’s not mandatory, but if the bank won’t lend without it, what does that matter? I had this discussion with them earlier this year. Actually, it wasn’t really a discussion; more of a single syllable from them. 😆

D

[Anonymous]

thanks again for the replies, me and my wife have life insurance in uk, or do I have to take life insurance out in spain with the bank?
cheers

[GarySFBCN]

@pacodave wrote:

thanks again for the replies, me and my wife have life insurance in uk, or do I have to take life insurance out in spain with the bank? cheers

I’m not sure how things are done now, but last year when we got a mortgage with Sabadell, they insisted that we purchase insurance through them, and by doing so, they cut the mortgage interest a bit. We didn’t see any way around it.

[Anonymous]

Hi,
Yes, when the Bank requires the insurance and there is no possible negotiation, it must be an through them, so they earn money from everywhere.

[Author]

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