CAM BANK PROPERTIES

Hi all, we are completing on a 2 bed apartment from CAM bank next Friday and have just received a breakdown of extra expenses thought it may be of interest to anyone buying one of these properties

total expensesapprox 7000  Euros for lawyer fees, taxes notery etc

including approx cost of connection to water and electricity.

Hi Djj, Is that a 2 or 3 bed you getting??

 

Hi, 7000 euro must include the rest of the deposit am I correct? I am in the process of buying a 3 bed. I have put 10% down so am assuming I will just have to pay another 10% when mortgage offer come through. I am also hoping the interest is 1.5% above euribor.
Regarding other cost I am using a Spanish solicitor who are charging me 800 euro all in plus I will have to pay 450 for elec and water meters.
If you have any more details about what cam are charging you I would be grateful.
Darren.

We are getting a 2 bed.

The 7000 euros is all for expenses

We paid the full deposit

Transfer tax 3000
Notary fees 750
Searches etc which have taken a lot of phone calls & emails 450
Solicitors fee 1000
Approx cost of connection to water & elect if all certification not in order but won't know for def until we complete cam are not giving the information out until we sign!! Could be quite a bit cheaper.
The rest is vat & other bits & pieces
Must admit didn't have time to shop around for a solicitor as we went on holiday the day after reserving so prob could have got a better deal but they have been really thorough.

Ok thanks for info. What exactly is the transfer tax do you know, that's seems a big chunk of money for nothing. Do you know if you have had a mortgage set up fee?
Thanks Darren

Hi Darren
Not sure on the transfer tax we are going over on Monday to sort everything . Will check everything out properly then.

No we didn't have a mortgage set up fee, funded from this end (uk)

Davena

Ok thanks, good luck next week hope all goes well.

 We are just going through the process and were there last week.

The solicitor said the overall fees including the various taxes will mount to around 13 to 14 %.

It is also worth noting that the spanish tax office can revalue the property ( and hence the tax) at any time in the next 4 years and send out an additional bill. They have several ways to set the tax and whilst the purchase price is one way it is unlikely they will use this option as the current selling prices are so low.

 

Still a great deal at the moment though!

You wouldn't pay a transfer tax and IVA would you, I thought it was one or the other depending on if it is a new property or not?  With IVA at 4% until the end of the year it should only be around e1600 on one of the ~e40000 2 beds?

 I have the paperwork from the solicitor in front of me now....

Transfer tax is 7%. The Council tax or local rates (IBI or SUMA tax), on top of this, are paid locally to the town hall and it is this that they can change within 4 years. The solicitor said they wouldnt base this on the purchase price as they consider these artificailly low and would more likely use an average selling price, which he said would be more like 75k euro. This doesnt stop them increasing this later but i guess if the property goes up in value paying a bit more wont feel as bad.

Including the various other fees such as notary, land registry, stamp duty 1.2%,  bank fees etc etc it will be in the order of 14% on top of purchase price

 

Just for information for anyone we are paying 1440 euro for all our legal fees but these include connections for water and electric which they are handling

We were told as we getting 50% mortgage we will need life insurance with the bank and also home insurance through them too

Just checked with lawyer, CAM properties are treated as resales so 3% more than expected :-(

 

Hi Marc, we've had our property for four years now and i'm not to sure of the rules i can only tell you that we do not have life insurance with cam bank and we do not have home insurance with them. You only have to prove that you have home insurance. When we were doing completions we were sold our home insurance by zurich through polaris, then we bought through axa and then we found out our buildings insurance is covered by the community insurance and we bought our contents insurance through mileniun. This year it came to 109 euro's as we have a mortgage on the apartment. Don't take my word for it but hopefully other people on the forum might be able to confirm. I think the bank are just trying to sell their insurances to you hoping that you think it's easier to do this.

                        Chris.

 Chris,

Please dont take Mileniuns word claiming you are covered for Building Insurance. I tried to put their claim forward to my Lender Cam Bank and they came back with proof that our Community cover is not sufficient  and only useful for a proportion i wasted a lot of time and emails to get my Insurance changed.

 

Pedro 

Thanks for the advice Pedro, i'll look into it.

                 chris.