modelo21

Hi all,

Now a number of you are close to the final hurdle could I ask how much it has cost you in total for notary fees (including where you have given your solicitor POA)? 

Not sure how much to budget for this as there seem to be a number of things involving the notary.

Kind Regards

Gary & Angela

We asked our solicitor for a list of other fees and this is the list he gave us:-

Stamp duty - 1245€
Notary Fees - 650€
Register Fees 650€

We were told that they were additional fees to pay if you are getting a mortgage.

Thanks - we don't need a mortgage so this is a really good guide for us.

Re the post by MichaelHardy earlier,it's slightly at odds with the info from the CAM bank,copied as follows....
Costs for buying the property:
Tax office: 1.245euros
Notary: 1.500euros
Registry: 512euros
Gestion: 251euros
 --------------------
Total : 3.508euros
All these charges will be paid even if you do not
get a mortgage.

....................................................

Wonder which one is right,anybody know for sure??The discrepency is 1,000e(This on a 124,500 property)                                      r

I'm not getting a mortgage but i thought i would put my fees on here.
Stamp duty is the same, notary 900, NIE 100. Strange. My Notary is at San Javier.
Euros sorry.

Just been having a look at all the fees again and to see how much to transfer over to cover them all.

Jaydee, 
The Notary fees you are showing are very high. If you're getting a mortgage then I know you have to pay double Notary fees but I believe this doesn't apply if you're getting the builders mortgage. Polaris will have already paid the initial one. Make sure you don't pay double as I've read somewhere that banks will try and get a double payment out of you.

Polaris's own completion literature only quotes 1700€ for Notary & Land Registry (This includes Polaris's 300€ management fee if you use their service)

The Gestion fee, what is this? Is it the IBI tax? (Council Tax), if so then this won't be payable until the council get involved in the resort. After about 2 years, reading different forums.

Other fees to consider will be your solicitors balance, water & electric (Polaris advise you to leave about 400€ for this), Property & contents insurance (abt 250€), Bankers draft for final payment if not having mortgage.

Don't know about POA as I'm going out there myself.

Is there anything I've forgotten?
Or and don't forget 1.99€ for the cheap bottle of plonk to celebrate your purchase, cos thats all we'll have left.

Ive been told that PW want the balance in their account about a week before completion date. Is this what everyone else is being told to do?

Hi 

Just done a power of attorney from the UK.  You need to get your solicitor to e-mail the Power of Attorney document to you written in both English and Spanish and then make an appointment with a local Notory Public in your area.  The one I went to see in the Rochdale area (Lancs) charged £100 for his fees and £27 which are the fees for the Foreign Commonwealth Office.
Once the document was signed the Notory Public chap seals it and sends it off to the Foreign Commonwealth Office in London where they do their bit and then send it back to the Nortory Public who then lets you know when to collect it. You then need to get it back to your soliciotor in Spain.  It took 2 weeks to get it back from the Foreign Commonwealth Office, whole process would estimate takes about 4 weeks.  It was cheaper if there is only one party signing the POA but our is in joint names so it was dearer.  Hope this helps, it was an expense we didn't expect but on the whole cheaper than flights in July so we had to take it on the chin.........!!!!

Jax

Slightly taken aback by differences in fees,notary especially.I am aware that no extra fees are due if taking the builders's mortgage,but why the 650 quoted by Michaelhardy versus the 1500 quoted by CAM?
I took that at face value to be a standard charge going to completion,I wonder if it's CAM trying to get a few Euros back,but then it says in black and white you have to pay this even if there is no mortgage. 
Has anyone else been quoted similar amounts?Is anyone going to completion soon and has a definite break-down?
John

I've dropped a note to our solicitor to ask for their breakdown on fees as the variance is quite big on what's being reported here. Once I get a reply I'll update this thread.

We won't be completing until after October 08 as we're on Naranjos but I wanted a sense check to make sure we were budgeting OK. It is 'interesting' to see the different quotes that people are getting.

Angela

We have just done a POA.  The cost was £81.08 to be paid for the Bronze Apostille which means you get the Apolstille back within 5 days.  My UK solicitor will charge me around £50 plus VAT for his work (which was'nt much) as our Spanish solicitor sent by email what wording was required (both in Spanish and English)  Have'nt had the costs from Spanish Notary yet but it has to be more cost effective than three flights and accommodation to Spain!

I'm going to ring CAM next week(they aren't replying to emails) to enquired re the fees outlined,mainly the notary which is 900e more than others have been quoted,and the gestion fee which others haven' t been quoted at all!
When I get info I will post here. 

The fees you should expect to pay on an apartment  of 124,500 euro are as follows:-

Government taxes, duties and fees:-

Vat @ 7% (8715 Euro)
Stamp Duty 1% (1245 Euro)
Land Registry (500 euro approx)

Legal Fees:-

Notary fees (550 Euro approx)

Mortgage Costs if applicable:-

Arrangement Fee (1%) of mortgage
Bank Handling Fee 450 Euro Approx
Additional Notary Fee 300 Euro

If you don't take out the builders mortgage you will have to pay additional notary and registration fees as there will be two deeds instead of one. You will also usually have to pay a valuation fee in the region of 400 Euro

Other

Other charges include Buildings and contents insurance, Utilities set up, POA charges (if applic), spanish will etc.

There should be no other charges assocaiated with the purchase of your property.


After that if just running costs!  - Utilities, Spanish taxes and community fees. 

Phil

Hi all this is what CAM Bank have issued to me last month - notice the charges for notary fees well above what others have said it should cost

All,
We are purchasing on Naranjos so you are well ahead of us ! I have however just e-mailed my solicitor to ask for estimates of expenses required at completion and on-going after that. We have been advised that it is very important to make Spanish wills on completion due to all the differences in the law, etc. Are you all doing this ? Also, it is an option to have a fiscal representative to handle tax affairs on an on-going basis. However, I understand that wealth tax is being phased out after this year which just leaves the local/council tax ? Do you intend to use a fiscal representative or do you not believe it necessary ? I'll post any info I get in due course...

Hi Kevin,

We are in Naranjos as well. 

We will be making wills on completion. There are a number of options and a number of threads here that provide really good info as the inheritance laws in Spain are quite different to th UK. 

Haven't heard about using a fiscal representative before. Any info on this (what why how much) would be very welcome.

KRs

Angela

Hi,

We are planning on doing our wills while out there completing in July.  My solicitor just needs the forms filling out 5 days before hand to sort them out then we can do the wills after completion. Ours are costing 150 euros per will.

Re the earlier confusion about notary fees.
CAM said on the phone that 1500e was the most it could cost,but that it was likely to be a fair bit cheaper(650 was mentioned to them)
This seems a bit strange,I would have thought a standard fee would be in place for a certain price of house.
Anyway,it may be good news come the time if we can budget for 7-800 Euros less.
Just be aware if going through CAM to ask for a definite answer on fees.
John