Buying Property....

[lovethepinewalk]

Good Morning All,

We intend buying a property over the next year or so in PP as a pre cursor for our retirement, & then eventually to move over when that time comes...

Question I have for members re the above is.... Is there a Spanish equivalent of 'Stamp Duty', & also if there is at what price of property does it start at, + also is it on a sliding scale as you move up through the price zones?....

Any information would be much appreciated....

Thanks...

 

[PP76]

If I remember correctly we had to add 11% to cover taxes and other costs involved.
It may however have changed by now.

PP76

 

[lollipop]

Thats about the figure we worked too as well.

 

[Nick]

Not far off...................think ours was about 8% ??

Allow 10% and that should definitely be enough.

 

[Deanscroft]

As far as I am aware, as a non-resident, there is no `tax free allowance´before paying tax and tax is paid on the full declared value.

 

[pollensa]

I would allow about 10& to cover taxes, solicitor's fees etc.

There are also a selection of good books that cover Moving to Spain.

 

[majprop]

Hi Lovethepinewalk,

The taxes are:-
Conveyency tax or goverment tax 7%.
solicitor or lawyer 1% (in general).
Registry 1%.
Notary 1%. (does not always come to the full 1%)

These percentages are over the price declared on the public deed.

 

[lovethepinewalk]

Morning All,

Thank you very much for the replies.....

We can see that (at this moment in troubled financial times), that the added on rate is about 10% on average.....

Thanks very much once again....

 

[JMD40]

There are some truly excellent offers around at present but be sure to use a legal and correct estate agent who explains everything up front first and provides an english speaking lawyer. Good luck with your search.

 

[Deanscroft]

I have to disagree with JMD40. The estate agent works for the seller so any lawyer sourced through him may not be totally unbiased. Find your own lawyer and make sure he is different to the one used by the seller. There are alot of problems here with properties, extensions, swimming pools etc not having the correct planning permissions. You need a very independant lawyer and make sure he checks properly.

 

[cumberland8]

Very wise words by Deans.
The most important sentence is majprops `percentage declared on the Public deed.