Lawyers fees

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14 Dec 2009 00:00 by martin Star rating. 60 posts Send private message

 

 Hi all i have a few things that are puzzleing me we bought our apartment in spain last year( very happy with it bye the way) we  paid 227,000 euro for it vat inc, what i dont understand is our lawyers break down off fees as follows

Notary fees 608.53euros

N.IE. Tax 31.60 euros

Conveyance tax and stamp duty  2,121.50euros

Land registry fees  526.42 euros

Community fees 300.00euros

Legal fees  2973.60 euro

Sundies 30.00

 Refund due to us 288.35euros

This seems high too me or is this normal  ? total price paid inc all fees  with refund 233,880 euro.

what is conveyance tax ?





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14 Dec 2009 20:30 by sharonw Star rating in Coin, Malaga. 281 posts Send private message

sharonw´s avatar

Hi Martin,

All fees seem in line and I am guessing you did not take a mortgage for completion, judging by the fee breakdown.  The stamp duty is actually paid on the property and this is 1% of basic purchase price, i.e. 212,100 euros.

When there is no mortgage involved fees and costs can be expected to amount to 10% - 11% of basic purchase price.

Hope that helps,

 

 



_______________________

Regards

Sharon

sharon@tmasspain.com

 www.themortgageservicegroup.com

 




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14 Dec 2009 20:40 by martin Star rating. 60 posts Send private message

Yes  sharon you are 100% correct, we dont a have a mortgage but does the conveyance tax an stamp duty not seem very high at 2,121.50euros?





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14 Dec 2009 21:32 by sharonw Star rating in Coin, Malaga. 281 posts Send private message

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Hi Martin,   these are one and the same thing and is relevant to the property deed, based on the declared value (basic purchase price).  As this is set at 1% of the basic purchase price (excl. IVA) the amount quoted to you would be correct.  This cost is only chargeable on a new property - not applicable on resale properties.

 



_______________________

Regards

Sharon

sharon@tmasspain.com

 www.themortgageservicegroup.com

 




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15 Dec 2009 02:44 by martin Star rating. 60 posts Send private message

 Thankyou sharon for easing my mind.





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