Frequently Asked Questions

Is it difficult to buy property in Spain?
Not at all, Spain is a very popular destination for overseas investors and being a member of the EU, most procedures are similar to those in the UK. We can introduce to you an English speaking Spanish solicitor who will ensure all legal matters concerned with the purchase are dealt with effectively and professionally. They will also discuss with you any matters concerning local taxation, water and electricity contracts, Spanish wills etc.

Are there any additional costs involved?
We advise you to allow 10% of the purchase price. This consists of 7% I.V.A. (Spanish Value Added Tax); 1% Solicitors fees; 1% Notary fee and 1% other costs. Also, should you require a Spanish mortgage there is normally an additional set up charges and tax. This may vary from bank to bank, we can advise you in due course.

Can I choose my own lawyer, bank, etc?
Of course! You can use whoever you wish. We strongly recommend you use a local English speaking Spanish lawyer who is fully aware of the local building & planning regulations. Should you prefer to use another lawyer, bank, currency exchange company etc, that is your decision - ultimately, you are the customer and you make the decisions, we o­nly advise.

Do I need residency to buy in Spain?
No, but it is necessary to be registered for tax by acquiring an NIE certificate before going to completion. We are more than happy to help you organise this.  Alternatively your solicitor will usually do it for you within their fee.

Do I need a Spanish Bank Account?
Yes you do! This is needed when transferring funds from the UK. Not o­nly that, water and electric bills are paid via direct debit from your Spanish bank account. Spanish banks are very sophisticated these days and most of them will have English speaking staff. You can also benefit from internet banking to monitor your account. A Spanish euro account is very useful as it allows o­ne to withdraw funds almost anywhere in Europe without having to worry about currency exchange.

If I need a mortgage how do I arrange this? 
Spanish banks will offer you (subject to status) very competitive mortgage products but we recommend that you speak with a broker as this important decision could save (or lose!) you a lot of money. We can introduce an independent broker if you wish.

How much money can I borrow?
Banks in general will lend up to 70% of the purchase price of the property for a non-resident. However if you wish, Veritas Homes, via an independent financial service, can assist in arranging a higher percentage subject to status.

I am buying a new build property in Spain that will not be completed for 18 months. Can I arrange a mortgage in Spain now?
No. Spanish banks will o­nly mortgage funds when the property is completed. By releasing equity in your UK property however, you can pay the stage payments for your Spanish home as required, and then arrange a Spanish mortgage a few months before completion.

Are all the properties freehold?
All the properties that we sell are freehold. We ensure that all the deeds (escrituras) are checked by our legal representatives prior to selling. Again it is very important that you also use a local lawyer, who will check this as part of their search process.

Why should I use an agent, why not go directly to the developer when purchasing a new build?
The prices are fixed by the developers, and are exactly the same as those offered by an estate agent. Also the developer will clearly o­nly sell you his products, and so you will not have the opportunity to view a wide variety of homes and get a real feel of the market. The developer may not speak English and will not assist you in finding an English speaking lawyer and other services. Not o­nly that, Veritas Homes currently is offering great incentives o­n purchases of both new build and resale properties.

We would like to buy a holiday home in Spain to let out - is this possible?
Yes, there is no problem in purchasing a property to let out, even if a mortgage is required. We can advise you o­n independent Property Management companies in the area.

Things to consider if this is your goal: Never assume that you will always cover your costs, have a back up plan if you need to generate income or pay a mortgage. A good investment can give great rewards but a poor choice can be a real burden. We have a very good track record of advising successfully in this department. Also, be sure to consider properties that are attractive to tenants and not just to you; take your heart out of this decision and use your head

What is the healthcare system like in Spain?
In a word, excellent! Voted 6th in the world by the World Health Organisation. (England came 24th) There are reciprocal arrangements for permanent residents and tourists travelling to Spain. But it is advisable to check with your own GP regarding your specific situation.