How to buy Property in Spain

Villas, Apartments, Townhouses and traditional Spanish houses

Our Buyers Guide - Helpful Information

1) Why choose to take advantage of The Spanish Property Network's viewing trip options?

Our viewing trips come with no obligations or pressure to buy but can save you a great deal of time in gaining an understanding of the towns and locations that are available and the types of properties that would best suit your requirements. Initially you may choose to view a wide cross-section of properties in different areas allowing you to get a real feel for the region, hopefully homing in on a town or area that suits you. The main advantage of our viewing trips is that you are guaranteed as much attention as you require from our team during the time you are here and also the freedom to explore on your own if you should desire. It will also allow you to discuss in great detail all of the aspects of the buying process and to ensure that if you find a property that suits you that it is a sound investment.

2) Can I get a mortgage in Spain?

It is relatively simple to get a mortgage (for up to 70% of the value of the property) for any Spanish property purchase. Spanish banks offers a much lower interest rates than their British counterparts and most Spanish banks do not run sophisticated credit checks. As long as you have 30% of the property's value available from the UK then most lenders here are very flexible. It may be helpful if you let us know prior to beginning your property search about your likely mortgage requirements so that we can discuss the options available to you.

3) What is the interest rate likely to be for a Spanish mortgage?

Interest rates from Spanish Banks are generally much lower than in the UK. At the moment you can expect a standard rate of around 4.75% (without any of the tie-ins or introductory discounts that end up costing you more in the UK).

4) How much do I need as a deposit if I find a property I like whilst on a viewing trip?

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. This deposit can be returnable subject to you attaining the necessary mortgage to complete.
Once you have placed a deposit on the property of your choice you can return to the UK to raise the funds required. (Usually after this a 10% deposit is due at the 'exchange of contracts', with the balance due on the day of completion.)

5) How long does the purchase process take?

This is mostly dependent on you the buyer - but can vary from 2 weeks to 3 months for an existing property and up to 18 months for a property in ther process of being built on a new development.

6) What monthly outgoings do I have with a property I purchase?

The costs of running a second home in Spain are relatively low in comparision to the UK but you should consider the additional monthly outgoings (of course rental income can be used to off-set these costs).

Spanish council tax - £150 to £400 per annum
Swimming pool cleaning - £400 per annum (private pools only)
Utilities (water, gas, electricity) & Insurance - £300 to £600 per annum

7) Can I make an offer on a property I like?

If you are thinking of buying a property on a new development then developers often have little flexibility within their price structures, although they may be willing to make certain concessions. Private vendors however, are often open to offers depending on their situation. In any case it is certainly worth a try & we will put any offer forward in the same way as an estate agent would in the UK!

8) How will The Spanish Property Network be able to help me?

We can assist you at every stage of the buying process and aim to ensure above all that we meet three targets with every property purchased with us:

a) To offer you the widest choice of property on the Costa Blanca at the best price

b) To help you find a property that best suits all of your requirements

c) To ensure that the entire buying process is straighforward and tailored to you

To discuss your needs in more detail or to discuss any aspect of buying a property in Spain call call us on: 0034 647006806

9) Will I require a solictor?

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.

10) What costs are associated with the purchase process?

You should allow an additional 7 to 10% of the property purchase price to cover purchase tax, legal fees and mortgage arrangement fees where applicable.

If you have specific questions that you cannot find the answers to please call us on
0034 647006806 or send an email to info@thespanishpropertynetwork.com