Frequently Asked Questions
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There are undoubtedly many questions to be asked – we set out below just a selection that frequently crop up in discussion and hope they will be of assistance.
Q - Are there any hidden costs on top of the contract price?
A - Any contract will be fixed, in Euros, and will not change. However on completion you must remember that you will need to add 7% for IVA (Spanish equivalent of VAT) and 3% approx to cover all of your legal and notary fees. Your lawyer will of course give you a full breakdown of costs.
Q - What happens once I have paid my deposit?
A - The payment of a deposit will form part of the legal contract and will ensure that the agreed price of the property is fixed and will not be affected by any future price increases. Your contract will be direct with the builder/developer. Before paying such a deposit you will of course be advised by an English speaking lawyer, who will go through the contract and explain all legal requirements.
Q - Do I have to be in Spain for completion of the purchase?
A - Most clients would wish to be there for their own satisfaction to check decoration details, moving in of furniture etc however there is no legal requirement and you can easily sign over Power of Attorney to your Spanish lawyer, who will conduct everything for you.
Q - Do I need a Spanish Bank Account?
A - Yes – to pay your Electricity and water charges etc, by direct debit you will need a Spanish bank account. Our local representative can assist in taking you to a local bank and most Spanish banks have English speaking staff who will help you. You can of course access your account in the UK over the internet to arrange transfers, check balances and generally keep an eye on your account.
Q - What is the payment structure for buying a property in Spain?
A - Upon signing a contract you would be expected to pay approx £ 3,000 by personal cheque as a deposit with 40% of the purchase price becoming due within 30 days. The final 60% should be paid on completion. (There may be some variations on this depending upon the actual builder concerned).
Q - Do I have to pay for healthcare?
A - Healthcare is available Free to all EU residents. You will need to complete a Form E1-11, which you can obtain from most post offices. Anyone of retirement age benefits automatically from free healthcare, under reciprocal arrangements with the UK. If you prefer you can take out private healthcare in Spain which we understand is fairly reasonable in cost by comparison to UK rates.
Q - Can I get employment in Spain?
A - Anyone holding a full UK passport who becomes resident in Spain, has the right to work and are entitled to the same treatment and working conditions as native Spaniards. You will be required to obtain a NIF number (the Spanish equivalent of National Insurance) and your lawyer can arrange this on completion of your purchase.
Q - How do I become a Spanish Resident?
A - This is a very easy and simple process , which can be done at a local police station.
Q - Are there any hidden costs on top of the contract price?A - Any contract will be fixed, in Euros, and will not change. However on completion you must remember that you will need to add 7% for IVA (Spanish equivalent of VAT) and 3% approx to cover all of your legal and notary fees. Your lawyer will of course give you a full breakdown of costs.
Q - What happens once I have paid my deposit?
A - The payment of a deposit will form part of the legal contract and will ensure that the agreed price of the property is fixed and will not be affected by any future price increases. Your contract will be direct with the builder/developer. Before paying such a deposit you will of course be advised by an English speaking lawyer, who will go through the contract and explain all legal requirements.
Q - Do I have to be in Spain for completion of the purchase?
A - Most clients would wish to be there for their own satisfaction to check decoration details, moving in of furniture etc however there is no legal requirement and you can easily sign over Power of Attorney to your Spanish lawyer, who will conduct everything for you.
Q - Do I need a Spanish Bank Account?A - Yes – to pay your Electricity and water charges etc, by direct debit you will need a Spanish bank account. Our local representative can assist in taking you to a local bank and most Spanish banks have English speaking staff who will help you. You can of course access your account in the UK over the internet to arrange transfers, check balances and generally keep an eye on your account.
Q - What is the payment structure for buying a property in Spain?
A - Upon signing a contract you would be expected to pay approx £ 3,000 by personal cheque as a deposit with 40% of the purchase price becoming due within 30 days. The final 60% should be paid on completion. (There may be some variations on this depending upon the actual builder concerned).
Q - Do I have to pay for healthcare?
A - Healthcare is available Free to all EU residents. You will need to complete a Form E1-11, which you can obtain from most post offices. Anyone of retirement age benefits automatically from free healthcare, under reciprocal arrangements with the UK. If you prefer you can take out private healthcare in Spain which we understand is fairly reasonable in cost by comparison to UK rates.
Q - Can I get employment in Spain?
A - Anyone holding a full UK passport who becomes resident in Spain, has the right to work and are entitled to the same treatment and working conditions as native Spaniards. You will be required to obtain a NIF number (the Spanish equivalent of National Insurance) and your lawyer can arrange this on completion of your purchase.
Q - How do I become a Spanish Resident?
A - This is a very easy and simple process , which can be done at a local police station.