Frequently Asked Questions (FAQ)
HOW DO WE VIEW?Once you have seen our website it is highly likely that you will wish to get a feel of the superb opportunities here in Spain.
Either contact us via email, phone or fax & we can tailor make an inspection visit to take a look at our wide selection of properties with something to suit your every requirement for your dream home in the sun. As the property market is so buoyant, if you see the property of your dreams it will be necessary to have funds in place.
Re-sale properties require a 10% deposit and completion is a matter of weeks subject to negotiation with the vendors. It is not necessary to take banks drafts as other agents may tell you. Your deposit will be left with your appointed Spanish lawyer so is under your control.
FINANCIAL /LEGAL ADVICE
We offer our own financial advisor who can help with any queries you may have with regards to Spanish property law, taxes, mortgages etc.
We can also recommend English speaking Spanish solicitors who will deal with all the legal implications and act on your behalf. They will ensure that all the necessary searches are done, the property is free of charges and all the necessary planning and building permissions are in place.
Spanish mortgages are available subject to status, and non-residents can obtain up to 70% over a 10 to 15 year period.
We offer our own financial advisor who can help with any queries you may have with regards to Spanish property law, taxes, mortgages etc.
We can also recommend English speaking Spanish solicitors who will deal with all the legal implications and act on your behalf. They will ensure that all the necessary searches are done, the property is free of charges and all the necessary planning and building permissions are in place.
Spanish mortgages are available subject to status, and non-residents can obtain up to 70% over a 10 to 15 year period.
PAYMENT
For resale properties, the balance after deposit is normally required in approx. 4-8 weeks depending on the agreement with the vendors. For properties under construction at time of purchase, stage payments will be made up to completion. The normal payment schedule is a 3000 euro deposit, (payable by draft, cash, or credit card) followed by 50% within 4/6 weeks, and balance on completion/signing of deeds. However this varies greatly from developer to developer and can often be negotiated to better suit the client’s requirements. Please note that for resale properties, cheques will not be accepted due to the time factor for clearance.
For resale properties, the balance after deposit is normally required in approx. 4-8 weeks depending on the agreement with the vendors. For properties under construction at time of purchase, stage payments will be made up to completion. The normal payment schedule is a 3000 euro deposit, (payable by draft, cash, or credit card) followed by 50% within 4/6 weeks, and balance on completion/signing of deeds. However this varies greatly from developer to developer and can often be negotiated to better suit the client’s requirements. Please note that for resale properties, cheques will not be accepted due to the time factor for clearance.
CURRENCY EXCHANGE
When you have decided which property to buy, you will be given the price for that property in euros, and the price in sterling at that day’s exchange rate. However the property could cost more than you had planned should the Euro strengthen or become cheaper if sterling strengthens. Especially when working to a fixed budget, it may be worth considering fixing the exchange rate for all of your future stage payments. This can be done in various ways:
• Buy all of the currency now on a “spot contract”. You would hold the currency on deposit and send payments when they are due for your euro account. You would need to have all the funds available.
• Buy as much currency as you can afford now and reserve an exchange rate for the remaining payments – “forward buying”. This can be done through your bank where you “buy” the currency now but pay for it on a set date. There is no charge as this would only be applied should you not take the amount on the date you have booked it.
This exchange rate is not quite as good as a spot contract but does guarantee you know the price of the property.
• Use a specialist currency broker such as WorldWide Currency. We can arrange for a representative to contact you to discuss their services and charges etc.
CONTRACTS
Once you have selected your dream home in Spain, and the deposit is paid, a purchase contract will be drawn up (Contrato de Compra-Venta) between yourself and the builder/vendor. When the property is completed the official title deeds (Escritura) are drawn up by a Spanish public notary, and then signed by both parties. It is not necessary for you to be present as your solicitor will have power of attorney.
Once you have selected your dream home in Spain, and the deposit is paid, a purchase contract will be drawn up (Contrato de Compra-Venta) between yourself and the builder/vendor. When the property is completed the official title deeds (Escritura) are drawn up by a Spanish public notary, and then signed by both parties. It is not necessary for you to be present as your solicitor will have power of attorney.
ADDITIONAL COSTSThere are various taxes and costs once you have chosen your dream home.
• Purchase legal costs : These are one-off costs which average 10% of the basic price for your property. This will cover the I.V.A. (VAT), notary fees, NIE numbers, deed registration, water and electricity connection charges, plus-valia tax and 1st year legal representation.
• If you are requiring a mortgage there will be a setting up charge levied by the bank.• Annual running costs and taxes (approximate for guidance only) :
Standing charges for water and electricity - consumption of water and electricity is metered – normally these are paid directly from your bank account 150 euros
Local rates, rubbish collection and other taxes – For public lighting, police, education, street & beach cleaning etc 400 euros
Community charges – This is controlled by the community of owners of which you will normally be one. This is not applied should you have your own villa on a plot of land.
It pays for the upkeep of the communal swimming pool, gardens, passageways, lighting, lifts, security etc. 400 euros
House and contents insurance - 300 euros
Fiscal representation 170 euros
Property owners tax & Wealth tax – paid by non-residents and combines to 0.7% of the
declared purchase price.
RENTING OUT YOUR PROPERTY
If you have purchased your Spanish property with a view to investment, you may wish to rent out the property for additional income. With the year round sunshine and a wealth of attractions to entertain holidaymakers, there is always a demand for well maintained, quality homes. We can put you in touch with rental and management companies who specialize in this field.
If you have purchased your Spanish property with a view to investment, you may wish to rent out the property for additional income. With the year round sunshine and a wealth of attractions to entertain holidaymakers, there is always a demand for well maintained, quality homes. We can put you in touch with rental and management companies who specialize in this field.
IMPORTING YOUR PET
There are certain regulations to be adhered to before bringing your pet to Spain. A health certificate from your vet must be obtained not more than 15 days before you enter Spain. In addition you will need a certificate of vaccination against rabies, and you should check with your vet as to the timing of this vaccination. A certificate from your agriculture ministry is also required which states the area in which the animal is normally kept is free from animal diseases. These certificates must be stamped and legalized by the Spanish consulate for which a small fee is charged. It is recommended that on arrival in Spain you micro-chip your pet which gives your address in Spain. UK pet owners can take their pets back with them but the procedures should be started well in advance of your trip – again it is advised to consult your vet.
There are certain regulations to be adhered to before bringing your pet to Spain. A health certificate from your vet must be obtained not more than 15 days before you enter Spain. In addition you will need a certificate of vaccination against rabies, and you should check with your vet as to the timing of this vaccination. A certificate from your agriculture ministry is also required which states the area in which the animal is normally kept is free from animal diseases. These certificates must be stamped and legalized by the Spanish consulate for which a small fee is charged. It is recommended that on arrival in Spain you micro-chip your pet which gives your address in Spain. UK pet owners can take their pets back with them but the procedures should be started well in advance of your trip – again it is advised to consult your vet.
HEALTHCARE
Who is entitled?
People who are ordinarily resident in the UK.
However, please note that form E111 is no longer valid from 1st Jan 2006 and has been replaced with the EHIC,
which is valid for 3 to 5 years. The quickest and easiest way to get a European Health Insurance Card (credit card sized plastic document) is to apply online although it is possible to apply by phone.
Tel: 0845 606 2030
Email: www.dh.gov.uk/travellers
Pensioners over 65 can obtain form E121 from the DSS.
People who are working and paying social security in Spain are entitled to a similar medical cover as in the UK.
What is covered?
The treatments covered are those which are generally provided free in the UK, but not all GP, dental or ophthalmic treatment. You will also have to pay for your prescriptions unless a pensioner.Residents not entitled to the use of the healthcare system should arrange adequate medical insurance.
This can be obtained from a Spanish company or from an international insurer, and an average yearly
Who is entitled?
People who are ordinarily resident in the UK.
However, please note that form E111 is no longer valid from 1st Jan 2006 and has been replaced with the EHIC,
which is valid for 3 to 5 years. The quickest and easiest way to get a European Health Insurance Card (credit card sized plastic document) is to apply online although it is possible to apply by phone.
Tel: 0845 606 2030
Email: www.dh.gov.uk/travellers
Pensioners over 65 can obtain form E121 from the DSS.
People who are working and paying social security in Spain are entitled to a similar medical cover as in the UK.
What is covered?
The treatments covered are those which are generally provided free in the UK, but not all GP, dental or ophthalmic treatment. You will also have to pay for your prescriptions unless a pensioner.Residents not entitled to the use of the healthcare system should arrange adequate medical insurance.
This can be obtained from a Spanish company or from an international insurer, and an average yearly
policy will cost around 600 pounds. This will of course depend on age and any existing medical problems.
SCHOOLING
For families intending to make their home in Spain, state education is free but it is only conducted in Spanish. However, this does not seem to present a problem for young children who tend to pick up the language quickly. Attending a Spanish school is definitely one of the best ways of ensuring that both the child, and in most cases, the family, become integrated into the local Spanish community.
It is often a good idea for the family and especially the children to have some Spanish lessons prior to coming to Spain.
In Spain, children must attend the school closest to where they live, so if you decide to live an area full of British ex-pats, you’re likely to find plenty of British children in the local school.
In order to get your child into a Spanish school, you will need all the necessary paperwork, proof of residency (usually in the form of proof of address), the child’s full birth certificate, passport, photos, and immunization record etc. For specific information, it is best to contact the school direct, or the appropriate town hall.
If the child is older or in the middle of a GSCE or A level course, it may be advisable to consider an International School. Fees for day students are usually cheaper than in the U.K. and you will have the advantage of having your child privately educated. These schools also tend to offer qualifications better known to UK universities. Some schools offer a system of English and Spanish curricula which enables students to be qualified for either Spain or the UK.
For families intending to make their home in Spain, state education is free but it is only conducted in Spanish. However, this does not seem to present a problem for young children who tend to pick up the language quickly. Attending a Spanish school is definitely one of the best ways of ensuring that both the child, and in most cases, the family, become integrated into the local Spanish community.
It is often a good idea for the family and especially the children to have some Spanish lessons prior to coming to Spain.
In Spain, children must attend the school closest to where they live, so if you decide to live an area full of British ex-pats, you’re likely to find plenty of British children in the local school.
In order to get your child into a Spanish school, you will need all the necessary paperwork, proof of residency (usually in the form of proof of address), the child’s full birth certificate, passport, photos, and immunization record etc. For specific information, it is best to contact the school direct, or the appropriate town hall.
If the child is older or in the middle of a GSCE or A level course, it may be advisable to consider an International School. Fees for day students are usually cheaper than in the U.K. and you will have the advantage of having your child privately educated. These schools also tend to offer qualifications better known to UK universities. Some schools offer a system of English and Spanish curricula which enables students to be qualified for either Spain or the UK.