Property owners sell property in Spain for many reasons. Perhaps you find that you no longer make use of your Spanish property, perhaps you purchased the property as an investment and are selling for a profit or perhaps you inherited the property and simply wish to realise the value. Whatever the circumstances, if you are selling property in Spain there are some issues that you need to consider.
When selling property in Spain you need to be aware of the costs of the sale, any outstanding secured debt and any other legal obligations.
Will I need a lawyer to sell my property in Spain?
If you are selling property in Spain you will be required to be present at the completion meeting. If you are not able to be present it is possible to engage an experienced, independent legal adviser specialising in Spanish property law and grant them power of attorney to arrange the transaction on your behalf.
Your independent Spanish property lawyer can save you a wealth of time by liaising with the buyer's lawyer in relation to the documentation required to sell the property, and answering all of their enquiries.
What are the costs of selling property in Spain?
As the seller, it is your responsibility for paying all the debts associated with the property and providing an Energy Performance Certificate. You will also be expected to pay estate agent’s fees for marketing the property upon the completion of the sale, as well as a municipal tax upon sale.
You may find that there are some liabilities that cannot be paid by you upon completion, for example the IBI, as you may not yet have received the payment document. If that is the case then it can be agreed with the purchaser that the amount of the liability or a proportion of that amount be retained from the purchase price.
If you are selling a property in Spain and you are not resident in Spain for tax purposes, then 3% of the selling price will be retained upon the sale on account of capital gains tax. In the event that no tax is payable you may be able to claim a refund. If you think that you may be entitled to a refund of the 3% retention please contact us and we can assist you in reclaiming the funds.
What documents do I need to sell my house in Spain?
How much tax do you pay when selling property in Spain?
What is Plusvalia Municipal?
What to do if you can no longer afford your Spanish property
In cases where you own a property in Spain mortgaged to a bank, but can no longer afford to, then an independent legal adviser can assist you with voluntary repossession and enter into negotiations with your lender to assess other options available to you.
We have also prepared a video guide to what to do if you can no longer afford your Spanish property, which you will find below.
How we can assist you with selling your property in Spain
For over 17 years E&G Solicitors in Spain has been helping individuals buy and sell property in Spain.
We have a dedicated team of Spanish property solicitors based in our offices in the UK and Spain who can provide you with specialist advice and assistance in transactions on mainland Spain, the Balearic Islands and the Canary Islands.
You can rely on our knowledge and experience of Spanish business culture and Spain’s legal system to help guide you through any cultural, linguistic and legal complexities and above all to give you the confidence you need to proceed with your property transaction.
In relation to the sale of a Spanish property, our fees are £2,500 plus VAT and disbursements for properties with a selling price of up to €350,000.
If the selling price of the Spanish property that you are selling is in excess of €350,000, then in order to be able to provide you with a price quotation or a price estimate we will need to receive from you further information as to the type of property in question, the total selling price of the property, the location of the property, and whether the property is charged to a third party funder or other creditor. We will be happy to provide you with either a quotation or an estimate upon receipt of that information.
By way of example, if you are selling a property in Spain with a selling price of €500,000, our fees will be approximately £4,000 plus VAT and disbursements. The principal disbursement will be a municipal tax, which will be charged according to the rateable value of the property (valor catastral) and the time for which it has been owned by the person selling it.
A typical Spanish property sale may take six to eight weeks to complete from the time a purchaser has been identified.
Either Josep Grau or Jonathan Eshkeri will have conduct of the matter. They may delegate elements of the matter to colleagues, who have considerable experience of Spanish property sales.
Next steps if you are selling property in Spain
If you are planning to sell your property in Spain, please contact us for a free initial consultation. You can contact us by email at email@example.com, by telephone on 020 3478 1420, or by completing our contact form.