How does the cost of living in Spain compare to the UK?
It’s much cheaper! Some estimates suggest that the cost of living in Spain is only about two thirds of living in the UK. Water, electricity, cars, petrol, food and drink are all less expensive, sometimes dramatically so.

Do I have to be a resident of Spain before I can buy a property there?
No. Anyone who is a resident of a country belonging to the EU can buy property in Spain.

I’ve found a property that I’m interested in. What happens next?
Please take a look at our guide to purchasing a property, this contains all the information we feel you may need.

Is it difficult to buy property in Spain?
It’s not difficult but you do need the services of an English-speaking Spanish lawyer to look after your interests as the laws and procedures that govern the buying and selling of property in Spain are substantially different to those in the UK.

Do I need a UK solicitor as well as a Spanish one?
No. This would only serve to increase your legal fees but do make sure that your Spanish lawyer speaks and writes fluent English.

What are the costs associated with buying a property in Spain?
In most cases you should allow about 11% of the purchase price to cover Spanish stamp duty, VAT, legal costs and land registry fees.

Should I have a Spanish mortgage or a UK mortgage?
Either is acceptable. You’ll find less choice and fewer options in Spain but the interest rates can be lower and by having a mortgage in Euros you won’t be affected by currency fluctuations. The banks in Spain prefer to lend against property that has already been built as the developer will typically already have taken out a mortgage on the plot to fund the building.

How do I apply for a mortgage in Spain?
As in other countries, Spanish banks will want to be satisfied as to your income. This usually means supplying recent salary slips, banks statements and P60’s for every signatory to the loan. If you’re self-employed you’ll need to submit your most recent tax statement and audited accounts for at least the last two years.

I’m not in a position to fully fund the purchase of a property yet and the price of Spanish properties seems to be rising quickly. What can I do?
Properties on new developments that have not been completed can be reserved by paying a deposit, which fixes the price. You will have to make a second, larger payment about a month afterwards, which can be up to 50% of the agreed price but no further payment is necessary until the property has been completed. Many property investors sell their interest in the property to a third party before it is ready for occupation at a considerably higher price than they originally negotiated.

I’m considering the purchase of a property that’s still under development. What do I stand to lose if the developer ceases trading before the sale has been completed?
The Spanish authorities have introduced new legislation to protect you. Property developers are required by law to take out bank guarantees or insurance policies that provide for the repayment of any monies that you have already paid, plus interest, in the event of bankruptcy prior to completion. You may not be able to buy the property in question but at least you won’t have lost your money.

Will I have to pay ‘Community’ fees?
If there are communal areas in the development that you’re considering – gardens, walkways, swimming pools etc. – then you will probably have to pay a small sum at regular intervals to contribute to their upkeep.

Do I have to be in Spain to sign the paperwork?
No. You can give your Spanish lawyer Power of Attorney, which means that he can act on your behalf at each stage of the buying process.

When can I move in?
You can usually take possession of the property within a couple of weeks of the title deeds being signed. This allows time for your solicitor to arrange for connection of electricity and water supplies. He will inform you when this has been done.

What are the benefits of buying brand new or off-plan property?
New property comes with a 10-year guarantee. Also, the purchase price is fixed as soon as you pay the deposit which, given the steady rise in Spanish property values, means that the house you eventually move into will be worth considerably than the money you owe for it. It is quite common for people buying purely as an investment to sell the property before moving in or even before the building work has been finished, making a considerable profit.

What are the benefits of buying older property?
If you’re buying a property in Spain to live in or as a ‘buy to let’ investment, a pre-owned home has the advantage that you can move in within a very short space of time and you can see first hand exactly what it is you’re buying. Be aware that older properties will not have the benefit of the Spanish equivalent of the NHBC 10 year guarantee and that you must satisfy yourself as to the quality of the property before you buy it.

Does Spain have a national healthcare system?
Yes. It’s free to any EU citizens above the retirement age. Younger investors should take out medical insurance.

Can my UK State Pension be paid to my Spanish bank account?
Yes.

Can I take my car to Spain?
Yes, assuming you have owned it for six months or more. If you’re planning on keeping it there you’ll need to get an export certificate from the DVLA and if you take up residency you’ll have to register the car in Spain and get Spanish number plates.

What about the Spanish education system?
It is excellent and free of charge.

Can I take up employment in Spain?
Yes, if you are from a country that is in the EU.

Can I bring my pets with me to Spain?
There’s no problem with this providing you have evidence of the relevant vaccinations. Don’t forget to apply for a pet passport if you want to bring your animals back to the UK.

Will I need an ID card?
Yes, you will need a NIE number and this can be easily obtained from major police stations.

Should I have a Spanish will?
Definitely.

How do I open a bank account in Spain?
This is a straightforward process that is similar to opening an account in the UK. You’ll need two forms of identification, usually a driving license with a photo, plus your passport.