Hello

I was wondering whether anybody has had similar experiences to me. I have recently bought a brand new property in Spain and it feels like I am continuously paying out fees. Where I think I have under budgeted are with the notary fees for the buying and the mortgage. I have already paid approx 5000 euros in notary fees end of July although I do believe this includes stamp duty and escritura etc but I have now received two more bills. both approx 600 euros for the aduedo-entidad factura-fra notaria compraventa and the other aduedo-entidad factura-fra notariaptmo hipotecario. It all just seems so expensive on a flat bought for 162k with 93% mortgage in the Costa del Sol. I have accepted these costs although will be interested in other peoples experiences. So far my costs incurred for buying this property including mortgage fees have come to around 14.5%.

The icing on the cake today was a phone call from the ayuntamente saying that my water contract is ready and will be about 200 euros.... surely not!!!

Thanks in advance

Hi Albert,

People are advised to budget 10% but the cost varies if you take up the builders mortgage or your own and other cost varies in which region you buy.

Welcome to the world of Spanish property ownership. You will have to deal with the service charges of the block which will be another experience

Keep in touch

Hi,

This seems to be exceedingly expensive in my mind. As rule of thumb I advise clients buying a re-sale property without a mortgage to budget for total costs of around 9% of the purchase price to include legal fees.

If they are taking a mortgage the mortgage tax roughly equates to 1.8% of the loan amount and one must pay additional costs for notary, registery, opening commission etc. As such, global costs can equate to 11%.

If it is a new property I advise clients to budget for 10% and 12% if they are taking a mortgage loan.

Nonetheless, hefty legal fees (some firms charge 1.5% or more) can distort figures a great deal.

Regards


Glyn Moran
Partner
CB Legal & Fiscal Consultants
Tel.: +34 966 472 660 / +34 699 838 795 / Fax: +34 966 472 510
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