Spanish Property - Purchase fees, expenses and taxes

For a typical purchase, buyers should budget for an additional 8 – 10% over and above the agreed purchase price of the property to cover all fees, expenses and taxes.

The typical expenses are as follows:

Solicitor’s fees

Tenerife Solicitors are currently offering clients a fully comprehensive service for purchase or sale of a property for only 1,500 Euros. This is a fully-inclusive fee, regardless of the price of the property, which includes all searches, negotiating and preparing the contract, liaising with your bank or the seller’s bank, accompanying you to the Notary and dealing with post-completion registration and transfer of utilities.

The above price does not include the Notary’s fees, Purchase Taxes, Bank fees, Power of Attorney (if you cannot sign in person) or N.I.E (tax number) applications.

Should you require us to prepare a Tenerife Power of Attorney to act on your behalf in the transaction, this will cost an additional 150 euros.

For any client purchasing a property, we can also prepare your Spanish Will for an additional 100 Euros (when signed at the same time as completion of the property purchase (usually 190 Euros).

We can arrange for the issue of your NIE for an additional 50 euros. This includes the levy that the police charge and will also be an afternoon appointment, which avoids having to be in the queue at the police station at 7am in the morning.

Mortgages

Non-residents can get up to 60% of the valuation. We can help you with this process.

Typical Bank charges include:

Obtaining a Valuation - costs approximately € 240
1% mortgage opening commission (calculated on the sum borrowed)
Buildings Insurance - varies from € 120 to € 240 per year.
Notary fees & fee for Registration of the mortgage – (same as detailed above, but dealt with directly by the bank so as to protect their security).