House purchase - need some info on fees

Posted: Wed Mar 7, 2018 9:06pm

Super helpful member

Posts: 886

1114 helpful points

Location: Pego

Joined: 18 Dec 2017

Hello again friends, I have a question about all the fees associated with a house purchase, because I'm in the process of making one.

I know what they are and how much they are likely to be. But my question is, when exactly do you pay them, and how do you pay them?

I know it's recommended to obtain a banker's draft to pay the balance of the purchase price, and to ask the bank for a discount on the cost of that in return for buying your house insurance from them.

But what about all the other legal fees, taxes and expenses? Do they also get paid on the day of the completion in front of the notary? And if so, will I need to get a second banker's draft for them? What happened with your purchase?
As always, any advice greatly appreciated.

Reply
View 5 replies

Posted: Wed Mar 7, 2018 9:23pm

271935

Very helpful member

Posts: 836

679 helpful points

Location: Villamartin

Joined: 30 Apr 2016

Posted: Wed Mar 7, 2018 9:23pm

I walked into my Spanish bank with my solicitor and made 4 BACS payments. I was paying cash no mortgage

1. Sols Fees including 10% stamp duty and the retention payments he agreed with the seller's solicitor

2. Notary Fee

3. Sellers estate agent fees. See below

4. Sale price to the seller minus payments made in Point 1 and 3. I split this payment in two to save bank charges

Then went straight to the estate agents and picked up the keys

It was so easy.

Reply

Posted: Wed Mar 7, 2018 9:26pm

Kelvin1960

Super helpful member

Posts: 1486

1769 helpful points

Location: Pinar De Campoverde

Joined: 5 Mar 2017

Posted: Wed Mar 7, 2018 9:26pm

Herefordjack wrote on Wed Mar 7, 2018 9:06pm:
Hello again friends, I have a question about all the fees associated with a house purchase, because I'm in the process of making one.
I know what they are and how much they are likely to be. But my question is, when exactly do you pay them, and how do you pay them?

Read more...

I know it's recommended to obtain a banker's draft to pay the balance of the purchase price, and to ask the bank for a discount on the cost of that in return for buying your house insurance from them.
But what about all the other legal fees, taxes and expenses? Do they also get paid on the day of the completion in front of the notary? And if so, will I need to get a second banker's draft for them? What happened with your purchase?
As always, any advice greatly appreciated.

In our case we e-transferred the total cost to our solicitor, who dealt with all the payments, just like in the UK.

Reply

Posted: Thu Mar 8, 2018 11:41pm

Andrew65

Very helpful member

Posts: 728

672 helpful points

Location: La Marina

Joined: 29 Dec 2016

Posted: Thu Mar 8, 2018 11:41pm

We paid for our home and paid the solicitor for conveyancing later after water and electricity were reconnected, personally I wouldn’t pay until after completion, ie don’t pay for what you haven’t got!

Reply

Posted: Sat Mar 10, 2018 3:42pm

Jan06

Helpful member

Posts: 172

152 helpful points

Location: Guardamar del Segura

Joined: 4 Mar 2018

Posted: Sat Mar 10, 2018 3:42pm

Herefordjack wrote on Wed Mar 7, 2018 9:06pm:
Hello again friends, I have a question about all the fees associated with a house purchase, because I'm in the process of making one.
I know what they are and how much they are likely to be. But my question is, when exactly do you pay them, and how do you pay them?

Read more...

I know it's recommended to obtain a banker's draft to pay the balance of the purchase price, and to ask the bank for a discount on the cost of that in return for buying your house insurance from them.
But what about all the other legal fees, taxes and expenses? Do they also get paid on the day of the completion in front of the notary? And if so, will I need to get a second banker's draft for them? What happened with your purchase?
As always, any advice greatly appreciated.

Just a word of warning you might get an extra bill 2-3 months down the line for tax purposes we purchases our hous for €115,000 but the hous was revalued at €137000 so had a nasty shock I was later informed this happens a lot

Reply

Posted: Sat Mar 10, 2018 11:37pm

julie57

Posts: 1

2 helpful points

Location: Benidorm

Joined: 10 Mar 2018

Posted: Sat Mar 10, 2018 11:37pm

same happened to a friend of ours he bought an apartment with an offer the offer was accepted but then 3 years later was hit with a 3000 euro undervaluation tax