Buying Guide

We will always try our best to give you a friendly, personal and professional service, with no pressure or hard selling, making sure you will be buying the right property, covering your needs and making you feel secured; always supported by us, guiding you with our knowledge on the area, and offering the widest range of properties; from private sellers, developers and bank repossessions.

We would guide you through the whole buying process from beginning to end; putting you in touch with legal counsellor in your own language, banks , and after sales services ( from builders, management/rental companies, TLC, furniture…).

What is next step, once you have chosen your dream property?

DEPOSITS

All depends from who you buy the property from: Bank repossession; each bank has got completely different proceedings, but they will always ask for a first deposit to reserve that property. Resales; a deposit of around 5000,00€ would be required, the rest on completion; but again, always depending on the property price and how long take till completion. New built; First deposit of €5.000 on agreement of price, then a second deposit up to 10% within 21-28 days, and the rest on completion within 8/10 weeks. However on occasions, the completion can be within four weeks, in these circumstances your solicitor and the seller’s solicitor can negotiate the second deposit being paid at the time of completion.

TAXES

All the prices on our website are listed before taxes and legal costs. The following, is a guide to expenses for any purchase of Spanish property, you should add the following:

- ITP taxes: 8% only applying on resales and bank repossessions. When it would be directly from a builder, would apply a 10%.

- Land registry, notary costs 1% to 2%.

- Mortgage costs (including stamp duty) and set-up fees are approximately 1% to 2%.

- Solicitor/Legal fees, between 700,00€ to €1,500 + VAT (depending of assistance required). Clients need to take into account other expenses after completion: e.g. house insurance, community fees (when it is on a complex or urbanisation with communal areas), town hall taxes …

**Something to put attention on, is that there is a Minimum Market Value , which the Murcia Regional Inland Revenue can use to receive extra Property Tax.

This has only now come to light due to the extraordinary low prices. MMV, is the value that the Murcian regional government state that the property is worth, these values were done around two years ago so are always more than what you will buy the property for. You can appeal against paying this extra tax and so far the buyers have won the vast majority of cases, however this cannot be guarantee.

LEGAL REPRESENTATION

Whenever buying a property, we would always recommend independent legal representation. There are a number of local solicitors that speak many languages. If you do not want to keep flying back to Spain during the buying process we would recommend you grant your solicitor Power of Attorney. With POA, your solicitor can obtain your NIE number, open a bank account and also set up your utilities. The solicitor will only act, once they have been given approval by you. The costs of a solicitor varies between 1% – 1.5% of the purchase price.

NIE (National Insurance Number):  When buying a property in Spain, you will need the NIE number, and either ourselves or your solicitor would accompany you. If your solicitor would have the POA from you, he could do it on your behalf.

BANKS : You well need to open a Spanish Bank account when buying a property. We have negotiated free banking and other special offers which are exclusive to customers of SUNVILLAS MURCIA, with one of the biggest banks in Murcia. However you are always free to use which ever bank suits you best.

MORTGAGES

At this moment, Spanish banks would give you up to a maximum of 70% from the property price. So you will need to have in cash the rest of the 30% , plus the completion cost.

COMPLETION

It normally takes 5 – 8 weeks from the time of your deposit being paid to completion. Needs to be said, it could happened, with bank repossession, could take longer, up to 10 weeks.

LOOKING AFTER YOUR PROPERTY

Once you have your keys we can give you guidance on local key holders. Your keys holders will look after your property offer cleans, laundry services and general maintenance.

RENTING YOUR PROPERTY

We have as well 13 years back up of rental experience and we can give truly expert advice on how to maximize your property for renting.

RUNNING COSTS

The costs of running a property will always vary, depending of sizes, type, location…… To give you a better idea on costs, below is an approximate guide for an apartment. Please note that the community fees stated on our website are for guide purposes only, they could be more or less. You can find out the exact fees via your solicitor.

Apartment Monthly Running :

 -Community fees from  €60

 -Standard fix charges for Gas, Electric and Water Apartment Annual Costs €350

- Key holder fees €250

- Council Tax €200

- Insurance  €250

ANYTHING ELSE

Even though we have tried to answer the majority of the doubts you may get, there may be something we missed, if so, please, always feel free to give us a call on +34 661 207 385 or email to tina@sunvillasmurcia.com.