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Do I pay the agent or the developer?
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All payments are made direct to the developer.
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Is it difficult to buy property in Spain?
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No, but it is advisable to use the services of an experienced and reputable UK property agent, such as Propertunities, who will guide you through all aspects of purchase and will recommend a good, independent Spanish lawyer.
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What are the benefits of buying a new, off-plan property?
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New properties come with a 10 year structural guarantee. The purchase price is fixed when you have paid your deposit and completed the contract, and with the constant rise in Spanish property prices, the value of the property will have risen considerably by the time you move in. Also a new house will of course have the latest property improvements, kitchen and bathroom fittings and tiles etc.
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What are the benefits of buying older property?
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You can move in to a re-sale property in a very short time. You can see at first hand exactly what you are buying However, older properties will not have the benefit of the Spanish equivalent of the NHBC ten year guarantee and you must satisfy yourself as to the quality of the property before purchase.
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When can I move in to my property?
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With new build properties, there is a completion date quoted on the contract. The developer, usually via your agent, will advise you of building progress and when the house is ready for handover. Your solicitor will assist with setting up water electricity contracts etc., which is included in their fees.
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What are the costs associated with buying a property in Spain?
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You should allow about an extra 10% of the purchase price to cover VAT and legal costs.
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Do I need a UK solicitor as well as a Spanish one?
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No. This would only serve to increase your legal fees. Propertunities will recommend a good lawyer who speaks English.
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Will I have to pay ‘Community Fees’?
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Yes. Developers make a small charge (around £200 per annum) for the upkeep of the development – eg, gardens, walkways, roads, community pools, lighting etc.
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Should I have a Spanish or UK mortgage?
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Either is acceptable. However, interest rates can be lower in Spain and by having a mortgage in Euros you will not be affected by currency fluctuations. With new build properties, banks will not lend on a property until it is finished, so in this case, a mortgage would only be granted to cover the amount of the last payment due on completion.
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How do I apply for a mortgage in Spain?
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As in other countries, Spanish banks need to be satisfied as to your income. They will usually ask for three months’ salary slips or bank statements and P60’s for every signatory to the loan. If you are self employed you will need to submit your most recent tax statement and audited accounts for the last two years.
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How does the cost of living in Spain compare to the UK?
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It is much cheaper! It is estimated that the cost of living in Spain is only about two thirds of the cost in UK. Water, electricity, cars petrol, food and drink are all much less expensive.
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Do I have to be a resident of Spain before I can buy a property there?
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No. Anyone who is a resident of a country belonging to the EU can buy property in Spain.
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How do I open a bank account in Spain?
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This is a straightforward process that is similar to opening an account in the UK. You will need two forms of identification, usually a driving licence with a photo, and passport.
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Does Spain have a national healthcare system?
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Yes. This is free for any EU citizen above retirement age. Younger people should take out private medical insurance. There are many private health companies, and the competitive situation results in reasonable costs.
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Can my UK State Pension be paid to my Spanish bank account?
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Yes.
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Can I take my car to Spain?
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Yes, if you have owned it for six months or more. If you are planning on keeping it there, you will need to get an export certificate from the DVLA and if you take up residency you will have to register the car in Spain and get Spanish number plates.
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What about the Spanish education system?
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It is excellent and free of charge. Younger children pick up the language quickly and do very well at Spanish schools. There are also fee-paying international schools in most areas.
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Can I take up employment in Spain?
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Yes, if you are from a country that is in the EU.
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Can I bring my pets with me to Spain?
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There is no problem, providing you have evidence of the relevant vaccinations. Don’t forget to apply for a pet passport if you want to bring your animals back to the UK.
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Will I need an ID card?
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Yes and this can easily be obtained from major police stations.
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Should I have a Spanish will?
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Yes. Recommended.
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