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Budget

Budget

Postby Aboyne » Thu Apr 27, 2017 10:12 am

;) I asked my agent to give me an idea how much to budget for when buying a property in Quesada. He said €4000 for solicitors fees and 10% tax. Can anyone tell me if this is normal. Is 10% tax of the price of the property. Hope this makes sense. :text-thankyouyellow:
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Re: Budget

Postby TonTri » Thu Apr 27, 2017 11:07 am

It depends on the price of the property but I would allow 14-15% on top of the property cost for all your fees.

We bought our apartment in December for €65500 and the total cost of solicitors, notary, purchase tax and house insurance was €9200. Yes the purchase tax in Valencia Province is 10%.

Hope this helps.
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Re: Budget

Postby Shiva » Thu Apr 27, 2017 12:26 pm

Agree with Ton Tri, to allow for 14-15% on top of purchase price to cover all transactions costs including tax. Ours eventually came in just under 14% as far as I remember. The solicitor fee sounds high at 4k euro but it is likely that includes notary, land registration and all the associated various certificates and bits and bobs and not just the solicitor. A good solicitor will itemise everything for you so you know exactly what's what. Just always be sure to use a different solicitor from the agent's solicitor so you can be confident there is no risk of conflict of interest. lots of recommendations on here , I used Silvia Galve ( SGM Abogados) and she was great including giving me a full itemised estimate of costs in advance . She also handled switching all utilities etc etc so had no worries.
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Re: Budget

Postby donaduo » Thu Apr 27, 2017 2:06 pm

TonTri wrote:It depends on the price of the property but I would allow 14-15% on top of the property cost for all your fees.

We bought our apartment in December for €65500 and the total cost of solicitors, notary, purchase tax and house insurance was €9200. Yes the purchase tax in Valencia Province is 10%.

Hope this helps.



Are you figures correct, I make that in excess of 40%
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Re: Budget

Postby scubydoo » Thu Apr 27, 2017 2:34 pm

Aboyne wrote:;) I asked my agent to give me an idea how much to budget for when buying a property in Quesada. He said €4000 for solicitors fees and 10% tax. Can anyone tell me if this is normal. Is 10% tax of the price of the property. Hope this makes sense. :text-thankyouyellow:


40000 euros for solicitors fees is way over the top should be les than 2K, I would say 13-14% total
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Re: Budget

Postby TonTri » Thu Apr 27, 2017 2:36 pm

Yes they are correct. I dont know where you get 40% from, 9200 divided by 65500 = 14.05%
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Re: Budget

Postby transitman » Thu Apr 27, 2017 2:43 pm

some people should check their maths - donaduo!
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Re: Budget

Postby Babu » Thu Apr 27, 2017 3:59 pm

Don't forget that not all the fees are based on a percentage of the purchase price so the higher the property price the (slightly) smaller the percentage the fees work out at . . . i.e. for a 70K property the fees/tax work out at a higher percentage than say, a 160k property would . . .
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Re: Budget

Postby maisiesdad » Thu Apr 27, 2017 4:24 pm

I think the solicitors fees at 4000€are high. I have bought a couple properties and each was just over 2000€, with total costs at 13.5%.
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Re: Budget

Postby TonTri » Thu Apr 27, 2017 4:29 pm

You're right Babu, but where 10% of the costs are made up of the purchase tax you need to make an allowance above that for the additional fees. Probably in the case of a €170k house the overall additional expenses would be in the region of 13%.

Maisiesdad, I think Shiva was right and that the €4000 includes the Notary, Land Registration and possibly NIE's, Spanish Wills and House Insurance. Our costs for the solicitor was €1250 but then there was an additional €1900 for the afore-mentioned, excluding purchase tax.
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