We at Country Fincas are more than happy to show you as many properties as necessary to ensure you find your dream home. Country Fincas can guide you through the buying process and offer advice and translation services to ensure everything goes smoothly.
NIE – You will require an NIE number (Nùmero de Identificaciòn de Extranjeros) This is an identification number for foreigners that allows you to purchase property, open a bank account and take insurance in Spain. Country Fincas can help you to obtain this.
Bank Account – You will need to open a Spanish bank account to facilitate your house purchase. Country Fincas can help you to open a bank account.
Legal Representation – We advise all our clients to take legal representation for their house purchase. We can recommend an English speaking asesoria who can act on your behalf for your property purchase if required.
Finance – Country Fincas can help you with a mortgage application if required. We can also recommend a local mortgage broker.
Deposit – To secure your dream property we will require a reservation deposit to remove the property from the sale market. This deposit (normally around 3,000€) will be held in our client account or can be paid directly to your legal representative. This deposit is refundable should there be any legality issues which cannot be resolved in time for the property purchase.
Contract – A contract will be drawn up by Country Fincas or your legal representative. This legally binding contract will be in both English and Spanish and will contain personal details of both buyer and seller, the agreed purchase price and agreed completion time.
Transfer of Funds – If you are transferring funds from the UK to Spain it is financially beneficial to use a currency exchange specialist. County Fincas can recommend one for you and put you in contact with a local agent.
Transfer of the Title Deeds – This is done at the Notary. The title deeds (escritura) are signed over once full payment is made for the property.
Taking Ownership – Once the deeds are signed and payment has been made you will be handed the keys for your new home.
Utilities – The utilities will need to be put into your name. Your legal representative will normally take care of this for you. It is advisable to set up a Direct debit to ensure that the utilities are paid on time.
Insurance – Once you own the property you will need to take out insurance on your new home. Country Fincas can assist you with this.
Wills – Spanish inheritance law is different to those in the UK. It is very important that you have a Spanish will. We can recommend a local asesoria who can help you with this.
Fees and Taxes for your property purchase
Property Transfer Tax – This is currently set at 10% in the Alicante Region and 8% in the Murcia Region of the registered declared value (amount declared on the deeds at the notary).
Registry Fees – This is based on the registered value of the property and is therefore variable (normally between 500€ and 1,000€).
Notary Fees – This is variable but is normally around 1% of the declared value of the property.
Legal representation – This is variable between 1,500€ and 2,000€ plus IVA.