Whether you are planning to purchase a holiday home or relocating to Spain, at Nockolds Lawyers Spain we have the necessary expertise and the legal knowledge to guide you through the process of purchasing property over here so you can be reassured that you proceed with confidence.
We appreciate that the purchase of property abroad can become very stressful and for that reason, we have customised our Spanish legal services for British clients. The fact that we have a team of Spanish Lawyers and English Solicitors behind us, ensures that we offer independent legal advice with the highest level of client care on both Spanish and English matters.
The Steps to Purchase Your Spanish Property
Early Legal Guidance: We always recommend instructing your independent lawyer as soon as you have identified the property that you are interested in purchasing. The idea is that he or she can complete the due diligence searches before you make any payments towards the property. If you instruct Nockolds Lawyers Spain, we will carry out extensive searches on the property and let you have a report with our findings so you can make the decision as to whether you want to continue with the purchase.
Power of Attorney: If you decide to proceed, we will prepare a power of attorney and ask you to sign it before a local Notary Public either in Spain or the UK (depending on where you are at the time). This way, we will be able to sign the completion documentation on your behalf without the need for you to attend the completion meeting.
Preparation of a Reservation Contract: We will prepare a reservation contract setting out the terms of the purchase and will arrange the transfer of the deposit payment to the other party. It is important to note, that you only ought to make a deposit payment at this stage of the transaction, not before your lawyer has completed the due diligence searches on the property.
Deposit Contract: The next step is the preparation of a deposit contract, where a 10% deposit based on the property price is paid. In this contract the parties agree all the conditions, specifications, and terms of the transaction. The signing of this contract generally takes place two weeks to one month after the reservation payment.
Spanish Bank Account and NIE Number: At this stage, if you do not already have a NIE number and Spanish bank account, we will obtain these for you with the power of attorney.
Completion: Once a completion date has been agreed with the seller, we will attend the completion meeting before the Spanish Notary Public and deal with the payments of taxes and the registration of the property in your name.
Summary of Property Purchase Steps
- Identify a lawyer to ensure necessary due diligence checks are completed on the property before signing a reservation contract or paying a deposit
- Obtain power of attorney (if necessary)
- Reservation contract – where a small deposit payment will be made, normally around €3,000 – €6,000
- 10% Deposit contract
- Opening Spanish bank account and obtaining NIE numbers (if necessary)
- Signing completion documentation before a Notary Public
- Registering property in your name at the Land Registry
After Purchasing your Property in Spain
There are several things to consider after you have purchased a property in Spain that our team at Nockolds Lawyers Spain can help you with:
- Arranging for utility contracts (water, electricity, gas, etc) to be set up in your name and direct debited from your Spanish bank account.
- The same goes for IBI (council tax) and Basura (rubbish tax).
- Informing the community of property owners about the transmission of ownership and setting up a direct debit for community fee payments.
- Organising that you have home insurance – if you engaged in a mortgage, you might already have this through the bank.
- Drafting your Spanish Wills. We strongly recommend making a will for the Spanish assets.
- Filing your non-resident taxes at the end of each year.
From start to finish, we offer dedicated support to ensure your peace of mind. With our assistance, you can effortlessly navigate intricate legal procedures, secure your investment through due diligence, avoid common pitfalls, and embrace your new chapter in Spain with confidence and clarity.
For further information on buying property in Spain, please contact us on (+34) 951 552 254 or complete an online enquiry form, and a member of the team will be in touch.