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We now have our final breakdown for completion on the 23rd january.  The compensation has been given to us at 3% of purchase price and a free tv! However, we are concerned about those that are purchasing from an original off plan buyer like us.  As i have told you before, we purchased only 18months ago from another person who had originally signed the off plan agreement but now we are being charged the 7% tax twice.  I am not sure if many people are aware of it but we are being told that the tax has to be paid twice at the spanish tax office. We have tried to dispute this over and over as we cannot understand why this tax is being charged twice.  It turns out that the first 7% is for purchase and the other 7% for transferring the contract over to us.  Something else we have to pay.  I wonder when we might have jumped the final hurdle without another one appearing in front of us again.

Also, is anybody going out there to snag themselves?

suzanne

 

hello Suzanne, we have spoken in the past,  We were also faced with paying the tax twice over, which caused us problems and in the end we decided to pull out - thankfully we are now very happily settled at Duquesa Village just up the hill from you.

Wishing you all the very best for 2008 and especially for your completion date in January

Regards Mimmie

 

We are snagging on Friday the 4th.  Don't know anything about the compensation.  We bought off plan so maybe thats the difference.

no, the compensation is 3% on the off plan purchase price. you should have it Pdrich

Anybody else heard about this compensation?

i have it in black and white and already deducted from my final completion costs.  however, i am actually going to look into why it wasn't 4-5% as i was informed some four months ago. surely everybody must be entitled. have you requested a final breakdown of all monies because thats when it was included for me? I may be being very negative but who knows what happens to it when people are not aware and how do wo know exactly how much is given??

I am going out on Weds and hope to visit site even though I am in block 14 and wont get to complete until Apr/May.I am hanging in there as I like the overall product and have purchased for lifestyle rather than investment and got in in Jan 2004 at 187k. Also , a feature which seems to have been overlooked by many is that these are "own door" apartments and access is not through corridors as is the case in many apt. blocks.

I hope to visit the site on Friday and may see you there Padraig if you are about. 

Will & Marianne-sorry to see you have pulled out.Check out Duquesa Estates-resale listed at 195k and also properties for sale direct from owners on this site.

Limar

PS

Happy new year to all............

Hi Limar

Already all over it like a bad rash and a cheap fitting suit. Thanks for the thought. Appreciated.

Duquesa Estates, Andulucian Dream Homes, Barringtons, Viva, and a few others, all have Arenal resales together with a few private sales from the EOS Property Section.

Now call me a Grumpy Old Man (which I am) but what's the point of posting private property sales on the EOS site and then not replying to any enquiries ? That just does my head in.

Better than that (and I'm off on a rant now) I emailed a creatain cretain cretan certain President of a nearby Urbanisation asking, quite logically, what are your Community Fees ?, can you send me Minutes of all your Meetings, etc. etc. etc., as I might just want to drop a quarter of a million into your Urbanisation, and no, don't worry, just when ya get round to it, as a quarter mill is no problem, loose change really, shucks, the more I think about it I'm being just so unreasonable...........  Sorry I bothered you.

This was about 10 days ago and not even an acknowledgement, never mind a bunch of flowers.

If I was selling an apartment I would want damn sure that my President was on the ball and selling on my behalf.

Anyway, Happy New Year Everyone, I havn't gone away ya know..................................

 

 

 

 

 

This message was last edited by wflem007 on 1/2/2008.

Never heard of paying the 7% twice - check this very carefully.

You pay 7% on purchase IVA and stamp of 0.5, you pay tax on a sale and now on a transfer of a contract before completion. But if you sell a contract I still believe you only pay it once.

Found this on the internet but it may be out of date.

New Build	Resale	Building Land
Land value16% VAT	None	Land Value7%
Declared property value7% VAT	Declared value7% Transfer tax	None
Notary fees & Land Register fees1% (Approx)	Notary fees & Land Register fees 1% (Approx)	Notary fees & Land Register fees1% (Approx)
Title deed tax 0.5% (Declared Value)	Title deed tax 0.5% (Declared Value)	Title deed tax 0.5% (Declared Value)
Capital Gains Tax Payable by the seller.(Variable sum if applicable)	Capital Gains Tax Payable by the seller. (Variable sum if applicable)	Capital Gains Tax Payable by the seller.(Variable sum if applicable)

I managed to get 7% discount on my off plan as its was deliver late (the developer paid the IVA, whether this was some form of dodge I don't know but I made my solicitor ensure the new lower purchase price was reflected in the escitura and sales document)

Hi, Happy New Year to one and all!

We were originally buying a re-sale on Arenal Duquesa and several months in were advised we had to find another 7 percent transfer tax, when we questioned it, our lawyer advised that the devekoper was charging this to transfer the name on the contract,  In the past contracts had been torn up and another made out in the new name,  However the law was being tightened up and there was no way around paying two lots of 7 percent,   Apart from obvious ongoing problems with the complex this was the final spanner in the works for us,  When we bought a re-sale from the developer at DV this was the first question we asked and were told we did not need to pay,  We were then told it varies from one developer to another.

In the end it did us a favour, as we are delighted with our apartment,

 

Regards M

 

 

Hi everyone. We have been told by our solicitor that there is no compensation due to us. We bought in 2003 and now I am confused, as I thought this was being offered to everyone. Any ideas as to how we should proceed? We haven't set a completion date yet and we plan to go out there Jan 17th. Margo

We also are having to pay the 7% tax twice.  we questioned it some months ago and have come to an agreement for compromise.

Compensation has been given to us at 3% of the original off plan contract price, as i have previously said.  I cannot understand why some would get it and not others.  It seems that a lot of people are being told lots of different things (oh what a surprise again!) and that everybody's deals are subject to different banks and lawyers etc.  very confusing

suzanne

Our property cost calculator gives you a good idea of the breakdown in the purchase costs.  You can try it out at:

http://www.eyeonspain.com/calculators/property-cost.aspx

Justin

My solicitor has been in contact with the developers and they have categorically stated that there is no economic compensation!

I don't know what to make of this. How come some people are receiving compensation, and some are not? Doesn't sound right, does it?  What should we do? Just accept it?  I'm not terribly clear exactly what percentage of purchasers ARE receiving it, or if, perhaps, they are all using the same solicitor, for example, or have some  other factor in common. Can anyone out there enlighten us? Margo.