Buying property in mainland Spain

[ynwa2001]

Hi,
I have been living and working in Valencia for 18 months now and wondered what kind of documentation and deposit i would require to buy a property here. Is it difficult? I have my N.I.E and also my Social security along with payslips and around 10,000€ as a deposit, but unfortunately i can only get a rolling 6 month contract with my company rather than the "Life-time" one which is apparently a dead cert for getting a mortgage! Any help would be much appreciated, also are there any hidden fees that Estate agents charge such as fees to view properties etc?

Thanks!

[Stravinsky]

Originally Posted by ynwa2001

Hi,
I have been living and working in Valencia for 18 months now and wondered what kind of documentation and deposit i would require to buy a property here. Is it difficult? I have my N.I.E and also my Social security along with payslips and around 10,000€ as a deposit, but unfortunately i can only get a rolling 6 month contract with my company rather than the "Life-time" one which is apparently a dead cert for getting a mortgage! Any help would be much appreciated, also are there any hidden fees that Estate agents charge such as fees to view properties etc?

Thanks!

Firstly, do not pay an estate agent to view a property! They are probably screwing the seller as it is by adding to the sales price as well as charging commission.

I assume you also have a residencia certificate?

At the end of the day a lender will treat you almost in the same way as the UK for a mortgage, they will want proof of income and of course they will take a charge against your property. So obviously if you lose your job, you may lose your home.

I think we budgeted 10% of the property value for taxes, registery and legal costs when we bought

If you are buying in Valencia itself then property will be more expensive, but maybe consider buying on one of the towns on the train line North or South to lower the costs

[chris(madrid)]

AND WHAT EVER YOU DO - USE A "NOTARIO".

We "escaped" some unpaid local back-taxes as we purchased "openly" with a "no debt aceptance" clause.

Seen some folk recently (in the town hall) who've purchased privately only to find they cant do ANYTHING to the property they've bought - as the land classification has changed (and this has been a HUGE issue in Valencia!) or is now ENFORCED. So whilst the property cant be demolished they cant even put a new roof on. And as it's private sale - they're stuffed.