by Alpha Estates | Oct 26, 2018 | REAL ESTATE COSTA DEL SOL - MARBELLA
Costa del Sol real estate market is heating up and new developments and off plan properties are in the highest demand. The reasons why our clients choose to go for the off plans are obvious: cutting edge contemporary design, large floor to ceiling windows, open plan kitchen with modern appliances, energy and eco efficient … Those are the main differences between resale properties on the Costa del Sol which have been built with Mediterranean style.
Buyers are keen to buy at a lower price, therefore the demand for the off plan properties in Marbella area that are in the pre-construction phase is huge.
Here in this blog we would like to explain how the procedure of buying off plan property works in Spain, what is the due diligence process for off plan property and what are the purchasing costs associated with the purchase of new property on the Costa del Sol.
1. What is the procedure of buying off plan property on the Costa del Sol
The procedure of purchasing off plan property on the Costa del Sol is straightforward but varies depending on the phase of the building permission and contruction. Typically it is as follows:
– An initial reservation deposit (between €6,000 – €10,000) is paid to remove the selected unit from the market. This may be paid directly to the developer, or held in your lawyers escrow account. This allows for searches to be made to ensure the development is legally sound. If not this is refundable.
– Once searches are completed, you will need to make the first down payment, and sign the private purchase contract. This is normally between 10% and 30% of the final price. Money paid will be covered by a bank guarantee/insurance policy provided by the developer.
– In some cases, stage payments may be due as milestones are reached in the construction.
– On completion, the builder will apply for the first occupation license. Once these have been granted (without them you will be unable to have utilities connected), a final payment will be due (usually 60-70% of the price). You will sign the deeds and show proof of payment before a notary. The property is now yours and all you need to do is to instruct your solicitor to take care about connecting utilities, water, electricity and so on.
2. What is the due diligence process for buying off plan property in Marbella
Due diligence is ensuring all is in order with community fees, local taxes, and utilities. Your legal advisor will carry out a series of property checks called a Due Diligence report. It typically includes the following in case of purchasing new property on the Costa del Sol:
– The legal identity of the owner/the seller of the immovable property you intend to buy;
– That the property under construction is legally registered in the corresponding Land Registry;
– That the property is free from charges (mortgages, liens, encumbrances, etc.) It is customary for the developer to have finance to build which may take the shape of a mortgage. Should the buyer not be interested in taking over the proportional part of said finance in the way of a mortgage on the property, then it will need to be cancelled prior to completion, with all the cancellation costs paid by the developer.
– That the property has been granted the corresponding municipal building permit and habitation licence (where applicable) by the Town Hall in question, and respects local urban planning rules.
– That the construction specification or quality specifications are made available to the buyer and included in annex to the purchase agreement.
– That there is a Bank Guarantee or Insurance Policy in place in order to provide guarantee for all monies paid to the developer during the construction process.
– Confirm and check the content of the mandatory 10 year insurance guarantee (Seguro Decenal) that will provide coverage for any structural defects on the property.
– Revision of the purchase contract drafted by the developer in order to assure that its content respects the buyer’s rights and that it is fully understood by the buyer and to ensure that this document respects the buyer’s rights.
3. The costs associated with purchasing off plan property in Marbella are as follows:
10% VAT
1% Notary fee
1% legal fees
1.5% Stamp duty Tax
Total for new properties: apprx. 13.5%
4. Where can I see all off plans in Marbella and new developments for sale on the Costa del Sol
You can check out on our website the separate category – New developments and off plan properties on the Costa del Sol. Search within the category to find the perfect match for you and get in touch with us to receive more information. SImply click on the image below and you will be forwarded to corresponding page.
New developments and off plan properties on the Costa del Sol and Marbella
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Disclaimer: Alpha Estates Marbella gives notice that the particulars contained within this blog are prepared for the convenience of an intending purchaser and although they are believed to be correct at the time of publishing, their accuracy is not guaranteed and any error, omission or misdescription shall not be grounds on which compensation may be claimed neither do they constitute part of a contract. All the information provided by Alpha Estates Marbella has been sourced with the greatest posible care. Alpha Estates Marbella cannot be held responsible for any inaccuracy that was not made known to Alpha Estates Marbella.
by Alpha Estates | Sep 28, 2018 | REAL ESTATE COSTA DEL SOL - MARBELLA
Costa del Sol is famous for its beautiful golf courses and it is easy to see why. Playing golf on the Costa del Sol is synonymous with hitting the ball on a golf course designed by the best architects, going from hole to hole with the sea and mountain as a backdrop and enjoying a game in a climate with enviable year-round mild temperatures. Few places in the world can offer similar conditions to golf lovers.
There are more than 77 prime Golf Courses here which makes Costa del Sol the premier destination of Europe for golf lovers. Some world famous championship golf courses are based in Marbella region, which obviously boasts the golf tourism. Real Club Valderrama, Finca Cortesin, Alcaidesa Links Golf Course, Rio Real Golf Club to name the few. The previous year 2017 has been loaded with interesting tournaments and events for golfers such as Andalucia Valderrama Masters, A.F.A. Grand Prix.
Wherever you buy a property on the Costa del Sol, you will be 5 minutes drive away to the nearest golf course. If you are passionate about golf, would not it be great to watch the game right from your terrace while having glass of wine? Enjoying golf, sea and mountain views, having a club house within walking distance to socialise with other people who share your passion, as well as being able to practise everyday on driving range, and take an advantage of tranquil yet lively location… those are just some of the benefits to have a frontline golf property on the Costa del Sol.
1. Mijas Costa Views
This new development on the Costa del Sol is a part of residential buildings of Cerrado de Aguila Golf Resort which is a well maintained and established golf course in Mijas Costa. It has front-line golf position, which enables incredible elevated sea views and every apartment has large private terrace for you to be able to enjoy those views. Cerrado del Águila Golf is beautiful golf course, with spectacular mountain backdrop, with Golf Academy and a Restaurant that increasingly has more adepts to its cuisine, with its brand new terrace and panoramic views of the entire Costa del Sol. The strategic spot of Cerrado de Aguila is its exceptional club house, its facilities are perfectly equipped and appointed to allow you to enjoy restaurant, leisure and sport facilities.
2. Luxury surroundings and views of Finca Cortesin
Located on a hill within Finca Cortesin Golf Resort, which is considered to be the best golf resort in Europe in 2017, this contemporary new development represents truly modern and luxury lifestyle on the Costa del Sol. The views from the terraces and in general all the houses are spectacular, being one of the strengths of this development. The uninterrupted views take in the landscape from the Sierra of Marbella to Gibraltar and the coast of Morocco. The 180º view of the Mediterranean is a privilege that only few can enjoy.
Surrounded by the golf course the development belongs to the gated luxury community. Its residents have an access to facilities of the hotel next door. These facilities include the Jack Nicklaus Golf Academy, the spectacular 2,200 m2 spa with an indoor salt-water swimming pool of 25 meters, as well as an excellent gastronomic offer Michelin Star restaurant.
3. Frontline paradise of Alcaidesa
Alcaidesa is the Paradise for golf lovers on the Costa del Sol with two magnificent golf courses – Alcaidesa Links and Alcaidesa Heathland with a total of 36 professional holes, sun and spectacular views over the sea, Gibraltar rock and Africa. Conveniently located just 10 minutes away from luxurious Sotogrande Port with its shops, bars and prime restaurants, Alcaidesa is a perfect union of sea, mountains, golf, nature and tranquillity.
There are few new development on this golf course, but there is one significant we would like to mentioned. It backs up right onto this beautiful golf and has unique position on the Costa del Sol – front-line beach and front-line golf.
4. Where golf and sea meets…
Just released this new spectacular new development is adjacent to one of the prime golf courses of La Cala de Mijas. Situated on a beautiful valley only 5 minutes away from sandy beaches and lively La Cala, it is a challenging and well maintained golf course with newly built club house with impressive restaurant and terrace.
It is an amazing residential complex with high quality building specifications and the best amenities in the area. It consists of 77 modern apartments and penthouses, all with large private terraces, open plan layouts, and breathtaking views. Just those views alone will make these properties on the Costa del Sol highly desirable
5. Golf paradise in La Cala
This development has a frontline golf position to La Cala Golf Resort which has three championship golf courses with a total of 54 holes. On site there is variety of facilities – golf academy with six par three holes, driving range, several restaurants, minimarket, and a four star hotel with one of the best spa on the Costa del Sol. All these facilities are within a few minutes walk from the development. Surrounded by golf courses, this complex consists of 54 spacious modern apartments and penthouses with stunning views towards the golf, mountains and sea. It is a place to dream of and its contemporary architecture perfectly blends with beautiful surroundings.
To receive most up to date information about new golf developments on the Costa del Sol, please get in touch with us through the form below.
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Like what you’ve read? Subscribe to our newsletters by adding your email address to the form on the bottom. You’ll be the first to hear about new releases on the Costa del Sol and other interesting news from Spain!
Disclaimer: Alpha Estates Marbella gives notice that the particulars contained within this blog are prepared for the convenience of an intending purchaser and although they are believed to be correct at the time of publishing, their accuracy is not guaranteed and any error, omission or misdescription shall not be grounds on which compensation may be claimed neither do they constitute part of a contract. All the information provided by Alpha Estates Marbella has been sourced with the greatest possible care. Alpha Estates Marbella cannot be held responsible for any inaccuracy that was not made known to Alpha Estates Marbella.
by Alpha Estates | Sep 2, 2018 | REAL ESTATE COSTA DEL SOL - MARBELLA
Sotogrande is often referred to be one of the most remarkable marinas on the Costa del Sol. It is a LITTLE VENICE OF THE MEDITERRANEAN SEA and one of the most exclusive spot on Spain’s “Coast of the Sun”!
Located in the municipality of Cadiz it is seen as a part of the Costa del Sol. It is like a hidden jewel, way less advertised than Marbella and Puerto Banus but more exclusive and secluded. Some of the richest and most powerful families from all over Europe have their summer residences here.
The feel of Sotogrande port and beaches in the area are truly magic. The incredible views over the Rock of Gibraltar are opening up from wide beaches of Sotogrande and Alcaidesa. Its exclusive and dynamic character made it a synonym for luxury and privileged lifestyle in Andalusia. Sotogrande is well known as an architectural showcase on the Costa del Sol, with styles varying from the traditional Andalucian to mid century modern, all the way through 21st century design and even more unusual designs, including moorish style homes and even a Swiss chalet.
Sotogrande Port is the heart of Sotogrande’s buzzing sailing and boating community, hundreds of berths for boats of all shapes and sizes. It offers a great range of services in installations designed for nautical enjoyment. It is a synonym for relaxation and rest, well understood. The Sotogrande Marina has a mixture of shops, offices and restaurants as well as some residential properties. From kayaking and kite surfing to polo and diving, Sotogrande water sports fans are sport for choice in Sotogrande, which also plays host to various regattas. The Sotogrande Marina also has a taxi boat service during the summer.
If you are considering purchasing a property in the area of Sotogrande, below we compiled for you a list of must—see new developments in Sotogrande.
1. Sotogrande Marina Homes
Truly unique development located right inside of Sotogrande Port. This is a beachfront development of apartments and penthouses and it comprises two buildings,with marvelous views of La Marina de Sotogrande. Situated in a private gated community with pools and manicured garden areas, it benefits from high quality designer finishing complying with European construction standards. It is being built by one of the most reputable developer on the Costa del Sol and this complex is unique by its location and its architecture. Solar energy, thermal and acoustic insulation and a natural ventilation system mean that the building has been awarded a grade B Energy Certificate. Penthouses enjoy private solarium and all apartments have terraces, all with spectacular views of La Marina de Sotogrande.
Cutting edge design
Beachfront position
Sea and port views
Underground parking and storeroom
Walking distance to the port and all amenities
Check out the video below to know more about this development, or ask us through inquiry form below.
2. Sotogrande Villas
This is the development in Sotogrande area which consists of luxury homes, over looking the Golf and Mediterranean sea, in the sought after address of La Reserva de Sotogrande. Relax and enjoy one of the many on site leisure activities, a game of paddle, a workout in the state of the art gymnasium or simply relax by the pool. These homes consists of three level where the ground floor has an access to your private gardens and top floor has a spectacular solarium with views and with private pre-installed jacuzzi or inifinity pool (optional).
- Contemporary design
- 3,4 and 5 bedrooms houses
- Double garage parking
- Private 24 hours security
- Roof top terrace with sea views
Check out the video below to know more about this development, or ask us through inquiry form below.
3. Sotogrande Townhouses and apartments with sea views
A chic development of just 46, apartments and penthouses, some with private solarium or terraces and some with generous gardens. Located just 10 minutes away from Sotogrande Port, this chic development enjoys panoramic sea views and exclusive gated complex. This also one of the best priced developments in the area of Sotogrande and truly amazing offer for holiday home buyers or investors looking for an opportunity.
On-site fitness facilities and infinity pool provide an additional benefit to the residents of this complex. Keeping fit and enjoy outdoor living is made natural and easy at this development.
These modern apartments and penthouses are equipped with high quality features including porcelain tiles throughout, solar panels to keep your costs down and thermally insulated motorized roller shutter blinds in the living room and master bedroom. For comfort there is hot and cold air conditioning throughout and large windows to maximize natural light and those all important sea views.
Sea views
Bargain prices
2-3 bedroom apartments and penthouses
On-site fitness facilities
Underground parking and storeroom
Check out the video below to know more about this development, or ask us through inquiry form below.
This is just a quick overview of key ready new developments in the area of Marbella. To receive most up to date information, please get in touch with us through the form below.
Like what you’ve read? Subscribe to our newsletters by adding your email address to the form on the bottom. You’ll be the first to hear about new releases on the Costa del Sol and other interesting news from Spain!
Disclaimer: Alpha Estates Marbella gives notice that the particulars contained within this blog are prepared for the convenience of an intending purchaser and although they are believed to be correct at the time of publishing, their accuracy is not guaranteed and any error, omission or misdescription shall not be grounds on which compensation may be claimed neither do they constitute part of a contract. All the information provided by Alpha Estates Marbella has been sourced with the greatest possible care. Alpha Estates Marbella cannot be held responsible for any inaccuracy that was not made known to Alpha Estates Marbella.
by Alpha Estates | Aug 13, 2018 | REAL ESTATE COSTA DEL SOL - MARBELLA
The property market on the Costa del Sol has significantly improved and it shows steady growth since 2012. Market demand is greater than market supply in some ultra prime areas of Marbella and there is a high activity in the market of off plan properties and new developments.
The current stock of new developments in Marbella and Costa del Sol areas provides buyers with wide range of up-market modern off plan homes. This includes contemporary apartments and penthouses, luxury modern villas which can be purchased off plan or those under construction. But what if you are looking for a new apartment or penthouse in the area of Marbella and you would prefer it to be ready to move by the end of 2018? This is a very common request from the customers of Alpha Estates Marbella and as a leading new developments specialists on the Costa del Sol we know where to find it and how to help you.
Below we compiled the list of some ready to move in apartments in new built developments on the Costa del Sol.
1. Atalaya Alta Homes – Key ready Marbella contemporary properties
This recently completed new development near Marbella has to offer 3 key ready contemporary apartments for sale. The area of Atalaya Alta is perfectly positioned between Marbella, Estepona and Benahavis and benefits from quick access to all three towns. This is a golf development within walking distance to the golf course and its clubhouse, but just within few minutes drive to sandy beaches of New Golden Mile and San Pedro de Alcantara. The apartments in this complex have all the characteristics of contemporary properties: large floor to ceiling windows, south orientation, abundance of natural light, modern cutting edge architecture, generous terraces and open plan kitchens. Every apartment has golf views, selected units also enjoy sea views. These are very bright and well-lit apartments and penthouses, with open kitchens to the lounge/diner and fully equipped with electrical appliances, air conditioning, house alarm systems, smoke detectors.
The communal areas have everything you need to enjoy your stay on the Costa del Sol – 4 swimming pools, paddle court, a social area with barbecue where you can meet your neighbors, external Italian Design gym and extensive subtropical gardens.
As per today there are 3 units left for sale with starting price from 398.000 euros!
2. Benahavis Suites – Luxury Marbella apartments and penthouses
This new development compromises two newly built blocks boasting 22 luxury homes with views. The first block will be ready to move in by September 2018.
It is an elegant complex in the hills of Benahavis with a mixture of Andalusian and contemporary styles apartments designed to the highest standards. It comprises 2 and 3 bedroom apartments and penthouses with excellent south-facing positioning. This is a haven of complete serenity and calm with views towards the sea, country and mountain views as well as acres of unspoiled land stretching out around you.
The kitchen is modern and light with practical storage and quality finishing in classic design. All appliances are supplied by Gaggenau, offering incomparable technology and innovation. The master bedroom offers direct access to the terrace and side views of the sea, opening up to a large terrace area allowing views of the whole property at once. Air conditioning is installed hot/cold + underfloor heating in bathrooms.
The communal areas has 4 swimming pools, 2 children pools, recreational area next to the pool surrounded by tropical gardens, concierge services and . This privileged position, orientation of the properties, spectacular views and complete privacy of the setting makes this elegant development a perfect home on the Costa del Sol.
Prices from 320.000 euros for 2 bedrooms apartment with 44 sq.m. of terrace!
3. Benalmadena Views – New built properties for sale close to Malaga
Unique new development in Benalmadena Costa with privileged and elevated position that allow all the homes to benefit from incredible views to the sea and coastline.
These newly built apartments will be ready to move in by the end of 2018 and represent incredible value for a money.
Located on the outskirt of Benalmadena town, this complex has tranquil elevated setting, whilst next door to both center of Benalmadena Costa and Benalmadena Village. High quality materials has been used to built this complex, and its layout allows for year around natural light inside the property and maximises the views. Most of the apartments benefit from large living rooms that have between 30 to 35sq.m.. Each apartment has included in the price storage room and 2 parking spaces.
Prices from 206.000 euros for 2 bedrooms apartments!
This is just a quick overview of key ready new developments in the area of Marbella. To receive most up to date information, please get in touch with us through the form below.
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Like what you’ve read? Subscribe to our newsletters by adding your email address to the form on the bottom. You’ll be the first to hear about new releases on the Costa del Sol and other interesting news from Spain!
Disclaimer: Alpha Estates Marbella gives notice that the particulars contained within this blog are prepared for the convenience of an intending purchaser and although they are believed to be correct at the time of publishing, their accuracy is not guaranteed and any error, omission or misdescription shall not be grounds on which compensation may be claimed neither do they constitute part of a contract. All the information provided by Alpha Estates Marbella has been sourced with the greatest possible care. Alpha Estates Marbella cannot be held responsible for any inaccuracy that was not made known to Alpha Estates Marbella.
by Alpha Estates | Aug 5, 2018 | REAL ESTATE COSTA DEL SOL - MARBELLA
If you are looking to purchase a property on the Costa del Sol and your budget is around 100.000 euros, you came to the right place.
We assume that you were doing some research, you probably know already that this is a fourth year of strong growth of real estate market on the Costa del Sol. Every day it is getting more and more difficult to find a bargain property on the Costa del Sol and if your budget for the purchase is around 100.000 euros you probably have noticed already how challenging it is to find a good option. There are so many factors to take into account when choosing the right property in the right area for yourself and only really experienced estate agent may help to guide through this process.
Our property specialists at Alpha Estates Marbella have compiled below the list of best bargain buys on the Costa del Sol for the budget around 100.000 euros.
1. True Andalucian feel of Casares Pueblo – Bargain new studios and apartments from 66.000 euros
Small new development of Andalusian style studios and apartments located in the heart of Casares Pueblo – spanish white washed village. The apartments are located 50 metres from one of the main squares of the village, selection of grocery stores, restaurants & bars are practically on your doorstep. Nearby there is a municipal swimming pool, gym, as well as, free covered parking. All apartments have access to a communal terrace for relaxing or sun bathing. This is an ideal place for those searching for the authentic “Real Spain” yet only a fifteen minute drive to beaches, Duquesa marina and world class golf courses like Valderrama and Finca Cortesin.
Prices start at 66.000 euros for studio apartment
Main features: walking distance to amenities, open mountain views, access to swimming pool, communal covered parking area, private terraces in selected units.
2. Beach living in Manilva – New key ready apartments within walking distance to the beach from 109.600 euros
Located further west the coast, this new development of already built modern apartments represents fantastic value for a money! Spot on location within walking distance to the beach and beach bar where you can enjoy dinner with your family and friends, king size communal pool, and modern fresh apartments with private terraces – truly this development has combined all criteria to become the bestseller on the Costa del Sol.
Prices start at 109.600 euros for 2 bedroom apartment with terrace.
Main features of this development: walking distance to the beach, sea views in selected units, private terrace, fully equipped modern kitchen, underground parking, communal swimming pool, gated complex.
3. Rental investment in Benalmadena Costa
Studios and 1 bedroom apartments close to amenities are perfect as a first holiday home on the Costa del Sol and rental investment. We recommend the areas like Benalmadena Costa where you can get up to 7-8% ROI from short term rentals. Below is an example of renovated studio for sale in Benalmadena Costa for just 105.000 euros!
Located within walking distance to the beach and all amenities this studio for sale has an amazing rental potential. Within easy reach from Malaga Interational Airport, train station of Arroyo de La Miel, and just in front of Parque De La Paloma it is a place where many families would like to spend their vacation time on the Costa del Sol. Situated in a 9th floor, it offers a modern fully functional open-plan kitchen, a living area which includes air conditioning, two beds and a sofa/bed with access to a comfortable balcony with panoramic views. In front of the kitchen, it has fully fitted shower room next to a fitted wardrobe with a utility space. The complex is gated, it offers a 24 hours reception service and it is very well maintained. It also includes a large communal pool with beautiful gardens.
4. Frontline golf new off plan complex in Estepona – 1 bedroom off plan apartments available from 129.600 euros!
Located inside well established private golf community in Estepona West within few minute drive to Estepona town and its port. This golf resort features beautiful modern clubhouse with restaurant, golf shop and sauna. Manicured area with pedestrian walks, mountain views, driving range, 24 hours security, and extremely friendly international community – all this what makes this place so special.
Main features of this development: frontline golf, walking distance to clubhouse and driving range, off plan property, communal swimming pool, private terrace of 30 sq.m., underground parking, contemporary architecture, gated secure complex.
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GET IN TOUCH WITH US BY FILLING IN THE FORM BELOW OR CHECK OUT OUR PROPERTY PORTFOLIO HERE
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Disclaimer: Alpha Estates Marbella gives notice that the particulars contained within this blog are prepared for the convenience of an intending purchaser and although they are believed to be correct at the time of publishing, their accuracy is not guaranteed and any error, omission or misdescription shall not be grounds on which compensation may be claimed neither do they constitute part of a contract. All the information provided by Alpha Estates Marbella has been sourced with the greatest posible care. Alpha Estates Marbella cannot be held responsible for any inaccuracy that was not made known to Alpha Estates Marbella.
by Alpha Estates | Aug 3, 2018 | REAL ESTATE COSTA DEL SOL - MARBELLA
Spanish banks provide mortgages to residents and non-residents alike. Terms and conditions in both cases are similar. Residents who are looking at properties for sale in Marbella – or elsewhere in Spain – to use as their main home will generally be able to borrow up to 80% of the home value. Non-residents wanting to buy a villa or apartment on the Costa del Sol can expect (depending on credit worthiness) to borrow up to 70% of the bank-assessed value.
We highly recommend to our customers to get your mortgage PRE-approved prior to your visit to the Costa del Sol to purchase the property. Having your mortgage pre-approved with the bank helps you to plan your finances accordingly and gives you more negotiation power once you have found your dream home.
The following documentation is required to start a mortgage application process:
National Identity Document
Proof of income
a) In case you are salaried worker
2 last salary slips
2 last year income statements (P60)
Letter from the company. ( the letter from the company must indicate the type of your contract, seniority, annual salary and position of the employee.
b) In case you are self-employed worker
Accountant’s letter ( it must indicate the name of the company, sector in which it operates and registry details, confirmation of turnover and corporate profits of the last 2 years together with the salary, dividends and bonuses self-employed worker received)
Income statement for the past two years
`Annual accounts for the last two years
OTHER DOCUMENTS:
Proof of other source of income
Credit report
Bank statements for the past 6 months
Every bank has its own policies and procedures when it comes to obtaining the mortgage in Spain, but these documents will be required to start the application process. After considering these documents your bank may request additional information from the applicant. (typically this is a good sign).
So, what types of mortgages are available?
The majority of mortgages offered by Spanish lenders are variable rate repayment mortgages. This means a proportion of your monthly payment is used to repay the capital loaned, with the rest accounted for by interest payments. Interest is normally calculated by using the Euribor rate (European inter-bank offered rate) plus a percentage — for example Euribor + 2%. Rates vary according to lender, so it is worth your while to shop around. Fixed rate mortgages are also available, with interest rates set at a slightly higher level than current variable rates.
FAQs about obtaining mortgage on the Costa del Sol:
1. How long does it take to get a mortgage in Spain, from first contact to having the funds available, assuming I’ve already found a property to buy?
Typically around 4 to 6 weeks. Sometimes it may take longer if the holiday month of August falls in between, or if you have a complicated profile.
2. What is the debt-to-income ratio (interest payments as a % of net disposable income)?
Interest & capital payments should not exceed 30% of net disposable income.
3. If I already own a mortgage-free property in Spain, can I get an equity-release mortgage on it?
No
4. Can I get a fixed-rate mortgage in Spain?
Yes
5. Should I appoint a lawyer?
We strongly recommend that you appoint a lawyer. They will ensure that all the necessary checks are carried out on the property. If anything goes wrong, a lawyer’s job is to protect your interests.
Should you have any questions about obtaining a mortgage on the Costa del Sol, please get in touch with us. Alpha Estates Marbella team has many years of experience and is happy to advise you on the correct steps to take and contacts.
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CHECK OUT OUR PROPERTY PORTFOLIO HERE
Disclaimer: This blog is intended for information only and should not be viewed as a definitive guide. Legal procedures and costs may change.
by Alpha Estates | Jul 31, 2018 | REAL ESTATE COSTA DEL SOL - MARBELLA
It is so easy to fall in love with Marbella, but how easy is it to purchase real estate on the Costa del Sol once you have found your dream home?
The answer is – it is pretty straightforward, but, as is the case of purchasing in a foreign country you need to be knowledgable of the local processes and culture. Here we give you an outline of the property buying process on the Costa del Sol.
1. Buying resale properties
The Reservation contract is used in Spain as a standard procedure to reserve the property. Typically it would set out the basic terms and conditions of the agreement between the seller and the buyer. This document should specify the following:
your full names
agreed selling price
address of the property
date to sign the Private Purchase Contract ( if applicable)
date to sign title deeds
special conditions ( as subject to a mortgage, subject to due diligence on both property and community, subject to the inventory being agreed between buyer and seller)
the deposit amount placed to reserve the property. At this point the property is officially off the market.
Typically the reservation deposit is 6,000 euros which is refundable should your lawyer find any issues during the due diligence checks made against the property that cannot be resolved. This deposit can be paid by credit card or bank transfer and shall be held in the client escrow account of your lawyer.
The whole process from signing the reservation contract to signing of title deeds and receiving the keys to your new home typically lasts between 4 to 8 weeks.
2. Buying an off plan property on the Costa del Sol
In case you decide to buy an off plan property on the Costa del Sol, the reservation processes may vary depending on the phase of the building permission and construction.
Typically it is as follows:
– An initial reservation deposit (between €6,000 – €10,000) is paid to remove the selected unit from the market. This may be paid directly to the developer, or held in your lawyers escrow account. This allows for searches to be made to ensure the development is legally sound. If not this is refundable.
– Once searches are completed, you will need to make the first down payment, and sign the private purchase contract. This is normally between 10% and 30% of the final price. Money paid will be covered by a bank guarantee/insurance policy provided by the developer.
– In some cases, stage payments may be due as milestones are reached in the construction.
– On completion, the builder will apply for the first occupation license. Once these have been granted (without them you will be unable to have utilities connected), a final payment will be due (usually 60-70% of the price). You will sign the deeds and show proof of payment before a notary.
3. Buying bank owned property ( bank repossessions)
In case you decide to purchase a bank repossession property on the Costa del Sol, the bank who owns the property have standard procedure which they follow. It may differ from the procedure of buying resale property, and sometimes may be confusing. Your lawyer will act on your behalf to communicate/ negotiate the terms with the bank who owns the property. At the end of the day, buying bank repossessed properties are worth it as in most of the cases they are sold below market prices.
Alpha Estates Marbella has a wealth of real estate experience on the Costa del Sol and we are dedicated to helping you find your dream home and giving you the knowledge, contacts and help to do so. Apart from that we always can recommend accredited lawyers that speak your language, as well as offer you a full real estate service from A to Z. We aim to establish easy going communication with our clients and our multilingual team speaks seven languages – English, Spanish, Swedish, Norwegian, French, Russian and Italian.
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