A Buyer who does not require a mortgage should allow approximately 12-13% of the agreed purchase price. If a mortgage is required please receive advice from your mortgage company for their additional charges.

The following is a breakdown of what these costs are:

1) Purchase tax on Residential Properties: If it is a Resale Property = 10% for transfer tax (“Impuesto sobre Transmisiones Patrimoniales”)If it is a New build =10% for IVA (“Impuesto sobre el valor añadido) ( = VAT) (Tax on the purchase of commercial property and plots is 21%)

2) Your Solicitors´ Fees: Between 1000€ - 1500€ is usual, or a fixed fee can be negotiated. A solicitor will charge you according to the service you require, and this may vary according to the complexity of the purchase. A solicitor can also act in your absence if you give them power of attorney.

3) Property Registry Fees: Expenses related to registering the sale with the land registry, calculate 1% of the purchase price in the deeds, though once again it depends upon the property and the area, and the fee could be lower.

4) Mortgage fees and related costs: If you buy with a mortgage then this will incur several additional costs, e.g. property valuation (approximately 500€), arrangement or opening fees, and mortgage registration fees. The fees vary according to the provider, and even according to the particular branch but the Buyer should allow approximately 1% of the value of the mortgage.

5) Banking costs: You will need to have a Spanish Bank account to pay the relevant cheques at the Notary, and to transfer money from the bank in your country. Bankers Draft Cheques can cost up to 500€.

6) Currency exchange costs and savings: We will recommend a reputable Currency Exchange Provider who can save you hundreds, if not thousands of Euros throughout the purchase process and your ongoing living expenses. Please ask for details.

7) Estate Agency fees: Paid by the Vendor