Passepartout Andaluz

Frequently Asked Questions

	1. Are there any costs on top of the purchase price?
	2. Can I obtain a mortgage in Spain?
	3. Do I need a Legal advisor
	4. Could I use a lawyer from my own country?
	5. What will happen to my deposit if the promoter has problems and does not complete the building?
	6. Are there any guarantees with newly build properties?
	7. Do I have to pay community fees?
	8. If I want to rent out my property, can Passepartout Andaluz assist me?
	9. Do I need a Spanish bank account?
	10. Is it possible to inspect my new property before completion?
	11. Can I change my mind before completion?
	12. Can I have a look at several properties on a viewing visit?
	13. Do I have to pay Passepartout Andaluz a commission?
	14. What are the temperatures like in winter on the Costa del Sol?
	15. Does one need to speak Spanish when living in Spain

1) Are there any costs on top of the purchase price?

With all residential property investments you have to add about 10% on top of the price in the case of a new development, and around 9% in the case of a re-sale. This covers legal and notary fees, land registry fees, a 7% transfer tax on re-sales, 7% VAT on a new development, and 1% stamp duty (new developments).

2) Can I obtain a mortgage in Spain?

There are a lot of excellent Spanish banks offering mortgages to non-residents. Rates are lower than in most European countries. As a non-resident you will be able to finance up to 70% of the value of the property. There are also several British and International Banks.

3) Do I need a Legal advisor?

Your Spanish lawyer will undertake all searches to find out whether there exists a charge against the property and will verify that all outstanding debts have been paid. It is very important that things such as property tax, energy bills and community fees have been paid by the vendor before you sign the title deed because in Spain debts are transferred to the new owner. Your lawyer will also register the title deed in the Property Registry and will check the land rights. Because tax matters could be different from what you are used to at home he will also advise you on those issues. For these reasons it is definitely recommendable to use a Spanish lawyer from the start. They charge around 1% commission of the purchase price.

4) Could I use a lawyer from my own country?

Passepartout Andaluz works together with several English-speaking lawyers. It is not advisable to use the lawyer from your home country because he would have to use a local Spanish lawyer. This would cost you more money obviously.

5) What will happen to my deposit if the promoter has problems and does not complete the building?

Passepartout Andaluz only works with builders and projects that offer a bank guarantee. This means that in the case the builder has problems or goes bankrupt (which is extremely rare), you would receive your money back plus interest.

6) Are there any guarantees with newly build properties?

Yes, new properties are covered by a 10-year compulsory guarantee for the structure. In the UK this is called NHBC.

7) Do I have to pay community fees?

You will almost always have to pay these fees for the maintenance of the common areas. This includes the communal pool, security services, garden and general building maintenance. Like discussed previously, your lawyer will always check these before any money will be paid to the vendor.

8) If I want to rent out my property, can Passepartout Andaluz assist me?

Absolutely. We can assist you with all aspects of property management, because we work together with several specialists in the field of long- and short-term holiday lets. These companies will enable you to enjoy a substantial income.

9) Do I need a Spanish bank account?

You will definitely need a Spanish bank account for the payment of utility bills, community-fees, electricity etc. It is very easy to open an account and your legal advisor will assist you and recommend a suitable bank that fits your requirements.

10) Is it possible to inspect my new property before completion?

Passepartout Andaluz will always assist you during the final inspection and will take note of what needs to be repaired or changed. Your lawyer will only sign the title deed once the works are completed to your satisfaction.

11) Can I change my mind before completion?

After you have signed the Private Purchase Contract you are committed to complete the purchase. This usually happens after a month. However, many people sell their property before completion to make substantial returns on the money they invested.

12) Can I have a look at several properties on a viewing visit?

With a viewing visit, we are able to show you a large range of apartments, townhouses and villas, both new projects and re-sale properties. Also Passepartout Andaluz will show you the different areas, beaches, golf courses etc. We will collect you from Malaga airport and can organise your accommodation if you so wish. Your individual consultant will then discuss your property requirements and prepare a tailor made tour to your specifications. Most of our clients have found the perfect property within a few days during a viewing visit.

13) Do I have to pay Passepartout Andaluz a commission?

In Spain the agents' fees are paid by the vendor or promoter, not by the client. Therefore, Passepartout Andaluz will never charge you a commission.

14) What are the temperatures like in winter on the Costa del Sol?

Much higher than in Northern Europe. Most homes don't even have central heating. Besides the higher temperatures on the Costa del Sol we also enjoy more then 300 days of sunshine per year with a lot less rainfall. Winter temperatures are usually around 16ºC during the day.

15) Do I need to speak Spanish when living in Spain?

Speaking the Spanish language is not necessary because there are a lot of English speaking establishments. You will find it essential to enjoying the Andalucian life however. On the Costa del Sol there are a lot of possibilities to start learning the language once you are here.