How long does it take to purchase a house in Spain?
The shortest time that the buying process can take is approximately a week to two weeks if everything is going in your favour and your independent legal adviser is focusing mainly on your transaction, although in reality a purchase is likely to take from four to six weeks from the moment you find the property and agree …
How easy is it to buy property in Spain?
How easy is buying property in Spain for foreigners? ³ There are no special requirements or paperwork for foreigners wishing to buy property in Spain, so you shouldn’t have any issues. In fact, foreign investment in Spanish property was traditionally encouraged by the government.
What is the process for buying a property in Spain?
Here is our step by step guide to buy a property in Spain hide
- Get your NIE “Número de Identificación de Extranjeros”
- Find a lawyer speaking your language and Spanish.
- Open a Bank account.
- Do you need a mortgage?
- Sign the “contrato de Reserva”
- Important checks of the property with experts.
- Get your mortgage confirmed.
How long does conveyancing take in Spain?
How long does property conveyancing take? The process usually takes about 3 or 4 months, from the signing of the reservation contract to the signing of the public deed of sale. Depending on the agreement reached by both parties, for example, the terms are usually extended if the buyer needs to apply for a mortgage.
Is it hard to get a mortgage in Spain?
Spain has a very competitive mortgage market and as a result, there’s plenty to choose from when it comes to loans. However, non-residents buying Spanish property with a mortgage have more limited access to loan types and conditions.
How much can you borrow for a mortgage in Spain?
In Spain a EU-citizen can normally borrow up to 70%, sometimes 80%, of the purchase price of the property, which is set as security. The term is normally up to 30 years even though there can be limitations due to the age of the loan taker, as the banks want the mortgage to be paid off by the age of 75.
Do Spanish banks do credit checks?
If you know how credit rating works in your home country, you may find it works differently in Spain. … All banks will check if you’re on a debtor list and will also request a CIRBE report before agreeing to allow you credit.
Is buying property in Spain a good idea?
According to recent research, Spain came out as second of 33 countries as best for first-time buyers. The reasons given were a combination of reasonable property prices combined with a favourable cost of living as well as good average salary growth levels – all good reasons for buying in Spain.
What are the pitfalls of buying property in Spain?
5 common pitfalls when buying a property in Spain
- Not having your registrations in place before the buying process. …
- Insufficient property research. …
- Not accounting for all of the costs involved in buying a house. …
- Not understanding your contract(s) …
- No preparation for future fees.
Can Brits still buy property in Spain?
Whether you are an EU citizen or not, you still have the right to buy property in Spain after Brexit. The costs of buying a property remain the same whatever your nationality and, broadly speaking, include purchase tax, a Notary’s fee, a property registry fee and your lawyer’s fees amongst other miscellaneous expenses.