BUYING GUIDE

Hi,
I am Kevin, owner of Murcia Sun Properties. And unlike some companies if you come out to view properties with us, you will not be under any pressure to buy.

We are simply here to help, advise and show you properties that you wish to look at while visiting this beautiful area of Spain.

Should you decide to buy through Murcia Sun Properties, we will book accommodation for 2 nights, giving us three days for you to view properties and we will show you around both properties and the area.

If you are thinking of buying a new build property, depending on the value we will also give you an amount towards a furniture or appliance pack. I believe that Murcia Sun Properties are the only company to offer this prior to your viewing.

We are here to help and support you, our client.
Best wishes
Kevin

Murcia Sun Properties price and fees icon

Prices & Fees

All the prices on the website are before taxes and legal fees.
A guide to expenses for any purchase of Spanish property.

You should add: Either 8% ITP(!) when buying a resale property or 10%
IVA on new off-plan property or any property which has never been previously owned. If buying a new property in what may be classed as a tourist area then the IVA is charged at 21%.

Land registry, notary costs 1% to 2%. Solicitor /Legal fees. Which can be around €1,000 to €1,500 + IVA (VAT). 1% - 2% Stamp duty on new off-plan property or any property which has never been previously owned.

Buyers may have other expenses on completion. e.g. property insurance, If on a resort or communal area, first quarter's community fees.

If buying with a Spanish mortgage you should also factor in set-up fees and life insurance.

(!) ITP is charged by the regional government and applies to most of the properties on the website. However, if the property is direct from a developer, this is taxed by the national government and not the regional government. IVA (VAT) and not ITP then applies and this is 10% (not 8%).

2017 update MMV Minimum Market Value. All properties in Spain have MMV which the Spanish government set on each property. At this present time the vast majority of properties sell for slightly more than the MMV so the chances are this will not affect you. In a few rare cases e.g. If the property has been purchased at a heavily reduced price it is possible the MMV is higher than the purchase price. In this case the total tax you should pay is at the MMV price

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Deposits

All our properties can be reserved with a €5.000 deposit which can be paid with a credit/ debit card, this removes the property from the market. You will then be required to pay a second deposit 21-28 days after the first deposit to cover 10% of the total cost of the property.

See example below:
Property price agreed €100.000
First deposit of €5000 - on agreement of price
Second deposit €5000 - 21-28 days later, on occasions the completion can be within four weeks, in these circumstances your solicitor and the seller's solicitor can negotiate the second deposit being paid at the time of completion.

If the price of the property is less than €100,000 then often no second deposit is required, only the original €5000.

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Legal Information

When buying property in Spain you will require an NIE number (Equivalent to National Insurance Number). These are obtained from the local police station. It is recommended that you give your solicitor Power of Attorney. Once registered your solicitor can collect your NIE certificate on your behalf.

Whenever buying a property we would always recommend independent legal representation.

There are a number of local solicitors that speak many languages including English. By giving your solicitors power of Attorney it saves you having to keep flying back and forth to Spain. As with power of attorney (POA) your solicitor can obtain as already mentioned your NIE number, open a bank account and also set up your utilities. The solicitor will only action anything once they have written approval by you. The costs of a solicitor can vary between 1% - 1.5% of the purchase price with a minimum fee of €1000 -€1,500

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Banks

You will need to open a Spanish bank account when buying a property. When transferring a regular deposit of funds each month of between 400/600 Euro offer free banking.

If you decide you would like to apply for a Spanish mortgage, we work with all the main banks to ensure we get the best available rate for your mortgage or you are always free to use whichever bank suits you best. There are some fantastic offers with various banks.

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Completion

It normally takes five to eight weeks from the time of your deposit being paid to completion. If you are taking out a Spanish mortgage then you may need to allow two more weeks. If you have given your solicitor power of attorney you do not need to be present for the completion.

Once you have your keys we can help you with local key holders. Your key holders will look after your property offer cleans, laundry services and any general maintenance.

Murcia Sun Properties remain at your disposal after completion. Maybe you would like some alterations to put your own stamp on your new property, we can give you recommendations on the best local builders where you can get quotes from each allowing you to make the right decision.

If you decide to rent out your property for holiday rentals we can help and advise to get the best potential from your property.

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Running Costs

The costs of running a property will vary from one property to another. To give you a better idea on costs, below is an approximate guide for an apartment. Please Note that community fees stated on the website are for guidance only, they could be more or less. You can find out the exact fees via your solicitor.

Apartment Monthly Running Costs
€120 - Community fees
€60 - Standard charges for Gas, Electric and Water
Apartment Annual Costs
€250 - Key holder fees
€250 - Council Tax
€200 - Insurance
Total for the year €2.740 for guidance only.

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