Of course you want to know how much money you need to keep aside when buying a Spanish property and do not want any unexpected “surprises” along the way.
Your lawyer will be the best one to advise you about what to expect and we would always strongly recommend you consider using a lawyer for your purchase. Find one in the same area as your new property as you may find using a lawyer out of the area will cost you more as they could charge you also for their travel time. Lawyer´s fees are variable but usually between €1,000 to €2,000 plus IVA.
Transfer Tax varies region to region. For example, in Murcia this is 8% and in Alicante (where NIE in 1 Day are based), it is 10%.
Land Registry fees are also payable – usually around €400-€900.
You will also need to pay Notary fees. Again, a variable cost as fees are set by individual Notaries. Again your lawyer can tell you exactly what to expect from the Notary chosen to complete your purchase. Your lawyer should have local knowledge of what each Notary charges.
If you are having a valuation done on your property (and this is not always common practice in Spain), then this will probably cost you around €300-€400.
Also consider your mortgage costs – 1.5% stamp duty for the mortgage deeds and usually a €1,000 lender commission fee.
You will need to obtain your NIE number before the Notary day (although this is not required to sign your initial contract with the vendor) which will also incur a fee. Your new Spanish bank will also want to see your NIE, so don´t leave it too long before applying, especially as there can be long delays in obtaining an appointment and then getting your NIE number from the police.
As an aside, it is also useful to know that Notaries will do you notarised copies of important documents such as your NIE certificate or old style Residency Certificate (if you have not yet changed to the new credit card size residency), passport, driving licence and so on. You may prefer to have these done so you do not have to carry your original documents with you. It is the law in Spain that you must carry photo id at all times and usually you will be asked for your NIE certificate also.
Please don’t hesitate to contact us at www.niein1day.co.uk or email firstname.lastname@example.org if you have any queries about your NIE application or would like to book an appointment with us to take advantage of our no fuss no stress one day NIE application service.