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Costs Associated with the Purchase of a New Home in Spain
Using a Buying Price of £65,000 |
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IVA 7% (Spanish VAT) is payable on the declared value of the property
Legal Fees
for making searches, preparations of the title deeds and translation before a Public Notary. Including VAT
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£4550 |
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| £130 |
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£350 |
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Stamp Duty
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Notary’s Fees
for preparing the Escritura (Title Deeds) registering title and stamp duty |
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| £350 |
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Connection Charges
for water, electricity, gas, drainage etc. |
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| £200 |
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Plus Valia-Capital Gains
levied by the Town Hall on the increase value of the land since last sold
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£70 |
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We can liaise with lawyers, banks and builders during the buying process and assist you in opening a bank account. In addition, we can advise you on organising removals, house insurance and purchase of vehicles etc.
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| £685 |
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| Example of Approximate Annual Costs of a £70,000 property |
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Urbanisation Fee
Controlled by the owners association committee. This pays for maintenance of the estate including public lighting, common areas and security. The fee corresponds to the size of your plot as a proportion of the whole development
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| £250 |
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Contribution Urbana
Rates payable to the local Town Hall |
£150 |
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| £100 |
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| Insurance – house and contents |
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Gestor/Fiscal Representative
Most owners appoint a fiscal representative to make their annual tax return in May and normally the person will also handle other payments such as local rates
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£85 |
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Electric/Water – annual standing charges
Consumption of electricity and water is metered with charges similar to those in the UK and Ireland. Normally these are paid automatically through your bank.
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£100 |
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| Total |
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| £685 |
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