Fees & Taxes
Fees and taxes are straightforward in Spain. It's very similar to buying back home in the UK. The general rule is to allow approximately 10% to 11% of the purchase price for all legal fees and costs associated with the purchase of a Spanish property. These fees are the same for any new property purchase in Spain. The 3 fees and taxes are as follows.
- 1. IVA 7%. This is always 7% and is a Government tax.
- 2. New property tax 1%.
- 3. Legal fees 3%. This can vary depending on who you use for legal advice. Your local lawyer will advise you of the details of these payments and when they should be made.
Mortgages
We have talked about the benefits of a Spanish mortgage in the Q & A section, but depending upon each set of personal and financial situations, it may be advantageous to have a UK based mortgage. In this instance we have links to a specialist mortgage broker who works within the Anson Bailey Group. They are a specialist brokerage and the adviser is FSA registered and has a particular leaning towards equity release for the purpose of property investment and the buy to let market. He will be happy to help assist you in your purchase and has worked with CR Gibbs in the UK before. Louis Colletta can be contacted on the following:
telephone/fax:
01142 361 409
mobile: 07801
786316
Or alternatively contact him via email on lou.colletta@talk21.com and he will return a reply as soon as possible. Louis is also acting as the sales contact within the UK for El Campico de Honor and therefore has a close working link to team in Spain and will be able to assist in many ways.