Buying a bank repossesion

We are buying a bank repossessed property. We know the bank will pay the outstanding community fee but need more info re costs on getting the new water and electricity contracts , tax ect.

Has anyone bought a bank repossesion recently who can give me information on it all please?

TIA

be very careful,get your solicitor to check everything out .
we know of a person who has had to pay extra tax on a bank repo as the hacienda said it was the value of the property not what you pay that they tax you on

Susandneil are correct, ask your abogado to check with the hacienda re the tax. You can do this prior to purchase. It will still be a worthwhile purchase but this is now standard process for the hacienda on every sale. I have had it on two properties recently and had my revised tax bill within 6 weeks. Your abogado should also be able to help you set up the new contracts with iberdrola etc...not a difficult or expensive process....good luck

Thanks for your help. I have had 2 quotes for setting up up the new utility contracts, one for 600 euros and one for 1000 euros. !! Do the solicitors charge what they like???
I have been told about the valuation tax and advised to pay when buying rather than have a nasty bill in a few years time!

The Solicitor will be able to check the minimum declared selling value for the property, regarding which you can submit additional information to try tio have it lowered, but this is rarely successful, so best just to make sure you know and accept the figures from the start. I have been involved in the buying of quite a few repossessions in recent times and to be honest, if you have to pay a little more tax it is annoying, but it is also an indication that the price you are paying is very good indeed. The minimum declared values are not particularly high, so it doesn't affect all properties.
As for the cost of reconnecting water and electricity.. When you buy a repossession, the water and electricity always need reconnecting, however, there is no no set charge because it depends on what needs to be done. In some cases a new meter has to be paid for and in others, it's very straight forward, but the figures you have been quoted are high, so unless there is some damage to the equipment or you need both meters etc, then it seems too much. Also, there shouldn't be a difference of 400€ between them, which sounds strange. Give my solicitor, Silvia Galve at SGM Abogados in Benijofar a call and ask her how much it should be. She's always done a great job for me at a really fair price and has lots of experience with Repossession conveyancing. You can reach her on 965724871, or pop in and see her. I don't know the address, but it's a white building, half way down Benijofar main street on the left.
Good luck and let me know by PM if you need any further help or advice. I'll be glad to help

we bought a repossession last year from solvia bank via ole estate agents.we were assured that all debts on the property were cleared by the bank and this was done.we gave power of attorney to ole and they carried out everything for us without fault.electric and water reconnection was approx 450 euros, we were even picked up at the airport.i would recomend buying a repo to anyone just use a reputable company.