Buying a Property in Spain

Helpful Information

How much do I need as a deposit if I find a property I like?

You are typically required to offer a holding fee to the vendor of around 3,000 euros in order to secure the property and remove it from the market. You will then conduct all the necessary searches and arrange financing if required before paying the full 10% deposit (this includes your initial deposit) due at the 'exchange of contracts, with the balance of the purchase price due on the day of completion.

How long does the purchase process take?

This is mostly dependent on you the buyer - but can vary from 3 weeks to 3 months or longer, as long as seller and purchaser agree on the time frame there are no limitations, your contract will specify the agreed timings and all parties work to achieve completion by the agreed date.

Can I get a mortgage in Spain?

The short answer may well be yes but like Lenders in the Uk all Spanish Banks have their own criteria. Spanish mortgage lenders typically don't like to lend more than 60% to 70% of the value of the property to foreign buyers. In the past they considered foreign mortgage applicants to be a little more awkward because their risk profile is harder to gauge than that of Spanish clients. Nevertheless this is steadily changing as Spanish mortgage lenders realise how important foreign buyers are to the property market in Spain. With so many potential lenders it is difficult if not impossible for foreigners to find the best deal on the market without help, we deal with many of the leading Spanish Banks and some excellent Mortgage Brokers in order to help you secure the best deal available for you

Will I require a solicitor?

Once you find a property you like we will assist you with finding a solictor that can handle the legal aspects of the purchase process. We will also assist you in finding a surveyor and purchasing title deeds insurance to make your purchase totally secure from potential land grab issues.

What costs are associated with the purchase process?

You should allow an additional 9-10% of the property purchase price to cover purchase tax, legal fees and mortgage arrangement fees where applicable.

For more questions and ideas on how we can help take a look at our About Us page or telephone us in Spain on 0034 647006806 or in the UK on 0872 4260892 or just send us an email.