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Frequently Asked Questions
Not surprisingly, buying a property in Spain
creates lots of questions for the purchaser. Here is a selection of the
most common questions and answers. If we have not covered your question
here, please contact us.
What financial and professional services will we require / do you
provide?
At Medsea our aim is to provide a comprehensive financial service to
assist you with the purchase of your Spanish home. As you would expect,
things work a little differently in Spain, but we are here to guide you
through your purchase and to ensure that you are completely satisfied at
each stage of the transaction.
How does the purchase process work?
The actual purchase will involve signing a contract to buy and giving
the builder (or seller if it is a second-hand property) a deposit. With
a new home purchase you will be expected to pay the builder 50% of the
property price within 4 weeks of signing the original contract. The
final 50% less your deposit will be paid on completion of the house.
With a second hand property there is no interim payment and the full
price less the deposit will be paid at an agreed completion date.
What additional costs are there?
We advise clients to budget for an additional 10% on top of the purchase
price. This is to cover 7% sales tax and a further 3% to cover legal
expenses.
Will I need a Spanish Bank Account?
When you have purchased we shall open a Spanish Bank Account for you.
This is required as you will need to transfer your funds to Spain to
complete the purchase. You will also need this account in order to set
up direct debits to pay your water and electricity accounts in the
future.
If I need a mortgage how do I arrange this?
Should you require a mortgage to help with your purchase we can provide
assistance. If you own a property in the UK it may be beneficial to take
some equity from this property by way of a mortgage or increasing your
existing mortgage if you already have one. This is a popular method of
raising funds and in most cases is the preferred option. We have a
representative based in the UK who can arrange this for you through a
variety of major UK lenders.
In addition, or as an alternative, you may decide that a Spanish
mortgage is best for you. Again we can help arrange this for you with
Banco De Valencia; a major Spanish Bank with whom we have had a long and
close working relationship. Should you decide on a Spanish mortgage you
will need to budget for additional expenses. We normally advise clients
to budget for an additional 3% expenses to cover the Bank's arrangement
fee, survey and legal costs.
Can you arrange an introduction to an English-speaking solicitor to
act on our behalf?
We can introduce you to an English-speaking solicitor who will ensure
all legal matters concerned with the purchase are dealt with effectively
and professionally. They will also discuss with you any matters
concerning local taxation, water and electricity contracts, Spanish
wills etc.
Do you provide a rental service?
You may decide to rent your property when not using it yourself. Medsea
does not deal in the rental market but we can introduce you to companies
who will give you advice and guidance.
Are all the properties freehold?
All the properties that we sell are freehold. We ensure that all the
deeds (escrituras) are checked by our legal representatives prior to
selling.
What is the healthcare system like in Spain?
In general terms, the Spanish healthcare system is excellent. There are
reciprocal arrangements for permanent residents and tourists travelling
to Spain. It is advisable to check with your own GP regarding your
specific situation.
If we are coming to live here with children, what is the Spanish
education system like?
Spain´s education system is of a very high standard in general. Other
than the free, state schools, there are many fee-paying international
and English speaking schools should you require them. |
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