Hi All, We are about to complete on a resale property in a couple of weeks. We were aware of the additional costs involved with buying property in Spain (IE the + 10 to 12% ),just wondered if someone could look over the buying costs we have received from our lawyer to make sure everything seems right,before we go ahead. I know every case is different but will try and list as much info as i can.
the purchase price is 255.000 euros of which we are taking a mortgage for 198.800
below is the list received from my lawyer outlining the total we need to transfer to them.
property transfer tax 178.850 ( 7% which we know is right)
Mortgage stamp duty 3.379.60
Notary Fees 1.759 ( we thought this seemed high)
land registry fees 1.456
Building insurance 450
bank arrangement fee 1.391.60 ( 0.7% which we thought was about right)
Legal fees 2.906 inc 16% vat (this is 1% which we believe is about the going rate)
On top of this the lawyer wants a further 820 euros to arrange the connection of electric,water etc and to set up the direct debits to pay all the utility contracts. Also included is the fee for fiscal representation for the first year (250 euros)
look forward to any ones responses on the above. The total does come to about 11% total of the purchase cost so that seems right just wondered if the breakdown figures seem right as some seem excessive to us,so any advice how we could save ourselves some money would be great
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