Finding your property in the Sun
You are thinking of buying a dream property in the sun, for holidays, retirement or for investment.
It’s an exciting venture and JSP Holidays is able to alleviate your worries, by guiding you through the purchasing process from start to finish.
Mortage & Legal Issues
We can help you to arrange a mortgage through most of the leading banks in Spain. You can secure a mortgage of up to 60% of the property´s value over a period of up to 30 years. At present, the interest rate is some 2%; lower than the UK. Please bring your last P60 plus your last 3 months wage slips with you, or if you are self-employed bring your last audited accounts, should you wish to negotiate a Spanish mortgage.
The Legal Side
When all the paperwork has been properly prepared and verified, buying a home in Spain is usually trouble-free. We strongly recommend that you instruct a solicitor to handle all the legal work involved. We will be pleased to introduce you to an English speaking Spanish solicitor who is well versed in Spanish property law.
A private purchase contract ( contracto de compra venta) will be drawn up between the builder and yourself. This contract secures the property for you at the price quoted in Euros or now with some developers Pounds sterling.
An immediate deposit of 3,000 euros (approximately 2,000 pounds) will be required by the builder. Requirements will differ from builder to builder but, usually, within four to eight weeks a further payment bringing the total up to 50% of the purchase price will have to be paid.
The final payment will not be due until the completion of the property, at which time you will be able to confirm you are happy that the finished product meets the specification agreed by the builder.
When the property has been completed and is ready for occupancy, a formal deed of sale (escritura) will be prepared for signature by a Public Notary (Notario). The Notary, your builder and yourself will sign this document. You will receive a temporary copy (copia simple) of the escritura. The original will be passed to the Land Registry and subsequently you will receive this for your safe keeping. In the meantime, the copia simple is the official notorised title deed and witnesses legal title. Please note, an amount of approximately 10% of the purchase price should be included in your budget to cover taxes and legal fees
Completion of the purchase of a resale property can be achieved surprisingly quickly. It is usually necessary to secure the purchase of a resale property by depositing 3,000 euros with your solicitor as a gesture of good will. This deposit will be refunded if there is a legal obstacle to the purchase.
Once your solicitor has confirmed that the conditions of sale are acceptable, a further amount, bringing the deposit up to 10% will be required immediately. The process is then surprisingly swift and, subject to the legal requirements and checks, you can expect to own the property in as little as 4 weeks.