FAQ

The Annual running costs for a Spanish property is considerably lower than a comparable property in the U.K.
For example, the total running costs for an average sized 2 bed-2 bath low-rise apartment in a private community and a good location will be around £850 per annum … Naturally running costs vary dependant on property size and land involved but in general it is safely estimated to be around 40% of the U.K.  (€ to £ @ 1.25)

Electricity* (30€ per month x 12 *DoC) 360€
Water (30€ per month x 12 *DoC) 360€
Land Taxes (I.B.I.) per year 90€
Community Fees (Estimated 25€ per month x 12) 300€
Rubish Collection (“Basura”) per year 55€

TOTAL 1165€

Cost roughly per month = 97€
*Depending on Consumption

It is advised to appoint a Spanish Fiscal Representative to arrange all your relevant paperwork, insurance, wills, standing orders, pay taxes, rental agreements, declarations and any translation where needed.

When buying property in Spain you will require an NIE number (National Insurance Number). The laws have changed in recent months and you will need to go in person to the local townhall / council offices  to register for your NIE number. However either ourselves or your solicitor would accompany you. Once registered your solicitor can collect your NIE certificate on your behalf.

We will not sell a property without the clients appointing a solicitor.

Whenever buying a property we would always recommend independent legal representation. There are a number of local solicitors that speak many languages including English. If you do not want to keep flying back to Spain during the buying process we would recommend you grant your solicitor “Power of Attorney” with POA your solicitor can get you your NIE number, open a bank account and also set up your utilities.

The solicitor will only action anything once they have written approval by you. The costs of a solicitor varies between 1% – 2% of the purchase price.

You well need to open a Spanish Bank account when buying a property to set up direct debts and for general day to day finances. We have dealings with many local and national banks that we can help you join — However you are always free to use which ever bank suits you best.

Yes – like everything in the credit world of today, the better and cleaner credit rating you have the better. Mortgages are readily available up to 70% loan to value. General example below taken from the halifax Espana website (Summer 2012).

Great range of Spanish mortgage deals
Lloyds Bank International S.A.U. which is a Spanish bank and a subsidiary of Lloyds TSB Bank plc, has a range of variable rate, fixed rate, interest only and tracker rate products. Plus a competitive switching mortgage offer for those who wish to transfer their mortgage from an existing Spanish lender… We offer 25 year terms, up to the age of 70, and we could lend up to 60% of the valuation of the property.
(http://www.halifax.co.uk/mortgages/buying-in-Spain.asp)

E.E.C. nationals need to obtain a E-121 form before leaving permanently for Spain to allow them to transfer their national rights to equivalent rights under the Spanish social security system. With this form and a residence permit “Residencia” they can use the social security system in the same way as the Spanish and have their existing years of pension contributions count towards a Spanish pension. Members of private pension schemes are not entitled to use the Spanish social security system and are advised to join one of the many Spanish private health insurance schemes such as Adeslas Insurers or search around – there are many more like IMG, ALC and Expatriate Healthcare offer schemes similar to Bupa’s Sanitas plan. But major providers with Europe-wide schemes, such as Axa PPP, are rated to be as competitive, and may offer additional benefits.

Spain like many other European countries have been hot hard –  is a third world country and place silly offers … We recommend that you view properties and find one that you like prior to asking this question. Selling prices vary considerably and if a property is offered at an exceptionally good price with a number of  interested parties it may be advisable to forego a negotiation and reserve it directly. Most Costa Blanca properties eventually sell at or near their true market price.

The answer is almost always yes, and it can go up to your neighbours wall. You will need an architects project and a building license but your builder will usually arrange this for you… Please do not just add a swimming pool, as you will need to get permissions from the local authority, failing to do so – you’ll be asked to remove or fill in the pool.