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I would very much appreciate some guidelines as to the best way to actually pay for the property, set up euro bank account in uk, make euro payment from gbp bank account or anything else people may have done
Posted: Thu Jun 7, 2018 11:55am
Legendary helpful member
To buy a Spanish property you need an NIE number and a Spanish bank account. (You'll need the NIE number to open a bank account and to "operate" in Spain)
Final payment of the balance owed on the purchase is done on completion day, usually by Bankers Draft handed over in the Notary office when the deeds are being signed.
You can give your solicitor a Power of Attorney to do the completion for you but the funds will still have to be transferred on the day of completion or just before - if you're happy with that risk! If that is done by Bank transfer you need to be aware that UK to Spain transfers are not instantaneous if using a currency transfer company. If you opted to go bank to bank you will lose a lot of money on the exchange rate.
Hope that helps a bit,
Steve
Posted: Thu Jun 7, 2018 12:07pm
Very helpful member
Purchased all the euros in the UK..Left in a holding account temporarily...Opened Spanish Bank account...Moved Euros into Spanish account..Day of purchase went into Spanish bank with both solicitors and wire transferred the money to the seller.
Deal done
Posted: Thu Jun 7, 2018 1:38pm
dinnerout wrote on Thu Jun 7, 2018 11:55am:
To buy a Spanish property you need an NIE number and a Spanish bank account. (You'll need the NIE number to open a bank account and to "operate" in Spain)
Final payment of the balance owed on the purchase is done on completion day, usually by Bankers Draft handed over in the Notary office when the deeds are being signed. ...
Read more...
...
You can give your solicitor a Power of Attorney to do the completion for you but the funds will still have to be transferred on the day of completion or just before - if you're happy with that risk! If that is done by Bank transfer you need to be aware that UK to Spain transfers are not instantaneous if using a currency transfer company. If you opted to go bank to bank you will lose a lot of money on the exchange rate.
Hope that helps a bit,
Steve
Thanks for the information much appreciated
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Posted: Thu Jun 7, 2018 1:38pm
271935 wrote on Thu Jun 7, 2018 12:07pm:
Purchased all the euros in the UK..Left in a holding account temporarily...Opened Spanish Bank account...Moved Euros into Spanish account..Day of purchase went into Spanish bank with both solicitors and wire transferred the money to the seller.
Deal done
thanks much appreciated
Shaun1960 wrote on Thu Jun 7, 2018 11:16am:
I would very much appreciate some guidelines as to the best way to actually pay for the property, set up euro bank account in uk, make euro payment from gbp bank account or anything else people may have done
Agree price with seller in gdp at agreed rate save a lot of fingers in tge pie
Posted: Fri Jun 8, 2018 1:24pm
Helpful member
Hi Shaun1960
The Solicitor normally holds back 10% of the purchase price to cover legal costs. Make sure you get the balance back as soon as everything is completed.
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