Buying a property through Altavista is as straightforward as can be. But it's good to know what’s coming, especially as things work a little differently in Spain than in the UK, Ireland or other countries.
We'll be there for help and support all the way through the process to help make everything hassle-free, and can also assist you in obtaining a mortgage for your new home.
The three simple steps to buying your Spanish home
1. Choose a property and put down a deposit
Your lawyer will hold the deposit for you, which is normally about €6,000. He will also undertake “due diligence” (legal checks) on the property, and your money will only be passed to the vendor once completed and at your instruction. (We can recommend English-speaking lawyers for you who specialise in property conveyancing if you don’t have one.)
2. Sort out the mortgage
At this point there’s normally a “private purchase contract”, which covers any payment made to the vendor that’s outside of the amount of the mortgage (again, unless you’re buying with an Altavista 100% mortgage, or outright). You’ll do this within two weeks of paying the reservation deposit, and everything can be handled by your lawyer; you just need to give him power of attorney.
3. Receive your title deed and keys
Your lawyer (with power of attorney) will sign for your title deeds at a notary, which he’ll then forward to the Land Registry to be recorded in your name. (He’ll first make sure there are no outstanding charges on your property.) Finally, he’ll help you in getting your utilities connected up and – if you’ve bought on a development – with formally meeting your community of owners.
It's now simply a case of receiving your keys!
What are the buying costs?
Reckon on 10-12% of the purchase price. Here’s roughly how the fees break down:
* Legal (around 1%)
* Notary & Land Registry (1%)
* Stamp duty: only for new properties (1%)
* IVA (VAT) on new properties (8%), Transfer Tax on resales (7-8%)
* Mortgage commission: Varies (if you buy with a mortgage, there may be some additional notary/registry fees and stamp duty)
Contact Alta Vista Spain today and find your dream property on the Costa del Sol.
