Payment structure for a new property

A deposit of £2000 will be required to secure a reservation on a property. Staged payments normally deal with the balance of the purchase. After 30 days a payment of between 30% and 50% will be paid. The outstanding balance will be settled on completion once you have inspected your property

Can prices increase before I get to Spain?

Our prices are updated on a regular basis. However, to avoid large price increases we suggest that soon after you have decided to buy, you arrange an inspection trip. This puts you in the right place at the right time to secure a property.

Will I receive a Guarantee with my property?

Yes, all properties receive a 10 year structural guarantee. With resale properties it will depend on the age of the property. .For example, if the property is only 2 years old, there would be 8 years left of the structural guarantee. This would be transferred to you.

How safe is my money

You can request bank guarantees to insure your payments. This insurance costs between 1% and 2% of payments insured. You do not need to cover the total purchase price of the property, only the payments made up to the point of completion

 

How long will I have to wait for my property?

It depends if you buy a new or a re-sale property. You will have to wait between 6 and 18 months for a new property. If you cannot wait, a re-sale may be more convenient. Generally, new builds are cheaper, have a longer guarantee and you can spread payments over a longer period.

 

What additional costs can I expect to pay when buying a property in Spain?

To cover all the additional costs of buying a property in Spain we suggest you add 10% to the purchase price of the property. This is to cover 7% IVA (tax) and 3% for legal fees, notary fees, stamp duty and the connection of water and electricity.

 

Could I buy my property cheaper elsewhere?

The Developer sets the prices not the agent, so we can guarantee that you cannot buy the same property cheaper elsewhere. If you compare prices you should check to see if all the additional costs are included and remember to check the rate of exchange if prices are quoted in Sterling.

What are my annual running costs?

£800 and £1000 is more than sufficient to run the average 2-3 bed property. This includes:

Water & Electricity (standing charges)
Fiscal Representation (a professional who can arrange your taxes for you if you are a non-resident)
Local rates and Taxes
Community Fees
Insurance
Wealth Tax

Can I obtain a Spanish Mortgage?

It is possible for a non-resident to obtain up to 80% of the property price with a Spanish mortgage. All you need is:

A copy of your P60 (latest accounts if you are self-employed), and your last 3 wage slips for proof of income.
The bank can usually tell you within three days whether the application has been accepted and you will get your mortgage on the completion of your property.

NIE Number

An application form for the personal identification number is another document you will sign on purchase and is similar to a National Insurance.

This is compulsory if you wish to purchase a property in Spain and for various other circumstances such as buying a car.
Local Registering

If you decide to live in Spain, at some stage you will need to take your passport and the deeds of your property to the local Town Hall (or local Police Station). This allows them to make an accurate population count and to cater for local infrastructure requirements.
Education

There are many mainstream Spanish schools throughout the Costa Blanca Costa Calida. These are attended by children of all nationalities so the teaching staff is well acquainted with teaching non-Spanish children.
Your child will attend the school in the nearest catchment area, as in the UK. The typical day begins at 9.00am and continues until 12.00pm. The school day then recommences after siesta from 3.00pm until 5.00pm.

Private Schools

You will find various private schools most of which are registered with the National Association of British Schools in Spain (NABS) to ensure that they are approved by British Inspectors
Bank Account

If you decide to purchase a property, we will open a Spanish bank account with you. This is usually a very quick process and only requires a copy of your passport and a few personal details.
Pension

To get your pension paid to you in Spain is quite straightforward. All you need to do is arrange to have your pension paid into your bank account in Spain instead of the U.K.

 

Medical Treatment

If you are employed in Spain and you are paying into the Spanish social security system, you and your family will receive free medical treatment. If you are not paying into the social security system and you intend to stay in Spain for longer than 6 months, it is advisable to take out medical insurance in Spain. You will find this is reasonably priced, depending on the type of cover you are looking for and your medical condition.

- The basic cover for a healthy person under 50 was less than €500 in 2003
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- The basic cover for a healthy person between 60 and 64 was less than €700 in 2003

If you intend to be in Spain for up to three months every now and then, a form E111, which can be obtained from your local post office, will be sufficient.
If you have reached the age of retirement, you can receive medical treatment to the same standard as you would in the UK

 

Vehicle Registration

You can bring a British car to Spain, but if you intend to become a permanent resident, you will need to re-register your car in Spain. You will have between 6 and 12 months to arrange this. You will have to make a few adjustments to your vehicle if you choose to keep it in Spain. For example, new Spanish number plates and newly positioned headlights
The Spanish version of the MOT is the “ITV”. A new car is exempt until it is 3 years old. It must be tested every 2 years for the first 10 years and every year thereafter.

How will I go about finding employment in Spain?

As unemployment is low in the region, there are plenty of jobs to go around. Jobs will be advertised in the local newspaper and you can apply in exactly the same way as you would in the U.K.

 

Could I set up my own business in Spain?

Yes. You will find that there is plenty of scope for new businesses in this region. As the population is growing so is the need for extra services. Again, no permit is required and you can register as a company or as a self employed individual. For this you will need an NIE number. Your solicitor will apply for this when you sign for your property. It is a fiscal number similar to the national insurance number in the U.K.

 

Do I need a work permit to work in Spain?

No, this is not a requirement because the U.K. is part of the European Union. You have the same rights to work in Spain as you do in the U.K.

 

Should I bring my furniture with me to Spain?

If you want to bring your furniture to Spain it is very easy to do. There are many removals companies operating a regular service between the U.K. and Spain.

However, many people choose to buy their furniture in Spain since it is in keeping with the Spanish style properties and perhaps better suited to the climate.

You will find a wide range of furniture shops with options on price and quality.

Some will be more appropriate for rental properties whereas others will cater for those equipping a permanent home.

Our after-sales team can advise you on the best shops to visit.

 

What is an Urbanization?

This is the Spanish word used to describe a neighborhood. These are usually situated outside the town with amenities to accommodate them close by.

Urbanizations are similar to suburban settlements in the UK. Some have communal pools others will not.

The main difference between Urbanizations and housing developments in the UK is that communal land such as green areas, private roads and the pool is owned by the community.

 

How do I go about learning the language?

Apart from language schools and courses in the UK, you will be presented with a number of options when arriving in Spain. These consist of intensive courses, weekly classes, private tuition and a range of free courses held at your local town hall.

Can I get English TV in Spain?

Yes you can. There are a number of companies offering Sky packages that include the main UK terrestrial channels.

You should shop around to find the right package. However, you will find that the prices are considerably cheaper than in the U.K.

What if I don’t like Spanish food?

You will find that apart from tapas, paella and certain other regional specialties, Spanish food can be similar to the food you eat in Britain. You can always get a pizza/pasta dish or steak, pork chops or seafood.
However, you will be spoilt for choice with the wide variety if international restaurants in Spain. For example you will find Belgian, Hungarian, French, Mexican, and Italian – not to forget Indian and Chinese cuisine.

The supermarkets also stock a wide variety of brands and products so you need not worry about leaving your favorite food behind

 

Will I be able to rent my property in Spain?

Yes. Many people choose to rent their property and there are a large number of agencies only too happy to help.

You have the option of renting to short term holiday makers, golfers or renting on a long term basis to people living and working in Spain.

How much could I expect earn through renting my property?

Most rental companies would say that the minimum rental income you could earn from your property is around £5000 per year.

However, a great deal more can be achieved if the property is rented out frequently. In the summer season, weekly rentals for a 2 bed property can average at £250 per week.

High season for golf rentals is autumn, winter and spring because it is cooler to play.

The amount earned from a property will itself depend on its location, the type of property, the number of bedrooms and whether it has access to a pool and other amenities.

 

Can I bring my pets to Spain?

Yes. In order to bring your pets into Spain it will need to have a microchip inserted and a health certificate from a registered vet. In addition, you will need a certificate to prove that your pet has been kept in an environment free of disease and a certificate to show to it has been vaccinated against rabies

I cannot speak Spanish - is there a language barrier?

No. You will find many ex-pats in the same position as you. A lot of Spanish do speak English and there are many other people available to lend a hand if you need help. Remember, your legal advisor can deal with any official business on your behalf.

I have lots of hobbies in the U.K. What is available to me in Spain?

There are plenty of clubs and societies in Spain so you will not be short of things to do.

You will find various theatres groups, dance groups, walking clubs, bridge clubs in addition to the whole range of sports such as tennis, bowling, golf and every other outdoor pursuit you can imagine.

 

How much will my community fees amount to?

Community fees for the year are relatively low. You will pay in the region of €220-300 per year. Charges can vary depending on what the community wishes to spend on money on. The important point is that you control your own environment and decide what to fund.