Finance

Whether for holiday or permanent residence you should first determine the amount of money you can realistically afford to spend on a property.

Should you require finance then there are many excellent UK and Spanish mortgage schemes available for financing Spanish properties.

Many purchasers prefer to arrange a mortgage through a Spanish bank. Subject to status, mortgages of up to 60% of valuation are normally available on most properties, with repayment terms of up to 15 years for non- residents and 20 years for residents.

Should you wish, sierravillas.com can assist you in arranging mortgage facilities in either the UK or Spain through one of the groups companies.

Viewing Trip

Once you are completely satisfied with your financial arrangements and are ready to choose your "Home in the Sun" it is recommended that you contact sierravillas.com to arrange a visit to Spain to view the properties that has been selected especially for you based on your requirements. ( See visit booking form )

Reserving and Buying a Property

Having chosen a property and agreed the terms and method of payment with the vendor a deposit of circa £2,000 is normally required to secure the property ( Reservation Contract )

This Reservation Contract acts as your official purchase confirmation and takes the property off the market and is normally valid for 30 days. This then gives your Spanish Lawyer ( Abogada ) sufficient time in which to carry out the necessary searches.

Once the 30 days have expired and all the searches have been carried out the Title Dead ( Escritura ) is signed in Spain by both parties and witnessed before a Notary ( Notario )

If it is not possible for you to attend, it is customary to grant your Spanish Lawyer power of attorney enabling him to sign on your behalf.

When the Title Dead is signed in front of the Notary either the balance of the purchase price is handed over or the vendor confirms that the money has already been paid. Proof of the payment is then incorporated into the Title Dead.

Land Registration

Following the witnessed signing of the Title Dead, this will be taken to the local land registry for registration and payment of the land registration fees.

The registration process can take several months and once completed your lawyer will have them collected, verified and forwarded to you.

Taxes

Once the purchase formalities with the Notary have been finalised your lawyer will also arrange, on your behalf, to pay any taxes due in relation to the purchase.

Purchase Costs

For the majority of property purchases in Spain you should allow a further 10% on top of the purchase price to cover legal costs, disbursements and purchase taxes.

These one off additional costs normally breakdown as follows:

      Lawyers fees 1. 00 %
      Notary fees 1. 00 %
      Land registry fees 0. 75 %
      IVA ( VAT) 7. 00 %