United Kingdom

Then you will have the keys to your new property and a copy of the deed (simple copy) until the formal writing since you must pass by the registry of the property. From the moment you or your attorney responsible for establishing services such accounts should be like water, electricity and telephone, as well as taxes on Spanish residents who can pay through your Spanish bank. Although the property, especially the rural houses in Spain, are usually cheaper to purchase cost is greater in the United Kingdom. The main reason for this is the tax on purchases of 7% on all sales of property, this is known as VAT and. Added to this are the fees of registration, legal costs and costs of notary, totaling about 10% on the purchase price in total.

This should be taken into account before searching a property and thus able to act within the budget.Once purchased, there is a tax called IBI (estate tax), which must be paid annually. It is a municipal tax that gravel and varies greatly from one municipality to another and from one type of property to another. It is possible for example, pay 50 per year for a single property in a rural area, while a luxury home in an expensive urban neighborhood can cost up to 1,500 or 2,000 a year. Both residents as not resident in Spain can now obtain loans and mortgages for properties in Spain. Funding is based on the valuation of the property and their status in order to check their income as well. For urban properties can be achieved between 70% to 80% and for rustic properties usually only grants 50%.

The maximum period for a Spanish mortgage is usually up to 30 years, although there are some mortgages available up to 40 years depending on your age. Finally there is a difference in laws relating to inheritance, a law called the law of compulsory heirs Act forced heirs, which means that in the case of death his property can be divided into equal parts between a conjugal partner and their children in Spain. Inheritance tax can also be very high. To avoid surprises, unwanted in any case, we recommend that you seek professional advice from a qualified lawyer.