Let’s Get The Cogs in Motion...

Discussion in 'Moving to Spain' started by Tiffany Barrett, May 16, 2018.

  1. Tiffany Barrett

    Tiffany Barrett Active Member

    Our life plan has always been to live Ibiza permanently - we just didnt realistically know a timeframe. But now, we looking into ‘sooner rather than later’ which is very exciting!

    Obviously I read these forums religiously, but reading threads about moving to Ibiza for the summer and rentings isn’t really what I’m looking for. So - be nice - and hit me with some help :)

    - What kind of deposit are we looking at when it comes to purchasing a property (more than likely a villa in a quiet area)
    - Any upfront costs etc that we should expect?
    - I had an NIE back in 2014 but obviously will need to get a new one now. Is the process any different? Then on to residency after that...?

    And any other helpful nuggets would be amazing. Also - please dont tell me to google - I do that every day! Some personal experiences/knowledge is what I’m looking for xx
    matter, Amigo, jimmiz and 1 other person like this.
  2. stivi

    stivi Super Moderator Staff Member

    I think as a general rule of thumb you need to be able to pay at least 20% to get the mortgage. I might be wrong on that though.

    before buying anything make sure the place has all the papers and are 100% OK etc of course.
    Tiffany Barrett likes this.
  3. jimmiz

    jimmiz Well-Known Member

    Take an "asesoría" for all your administrative needs.
  4. BritnySpeers

    BritnySpeers Member

    Tiffany Barrett likes this.
  5. Vinyldreams

    Vinyldreams Active Member

    20% Mortguage and 10 % purchase tax

    So say a villa €750k which dont get much these days you need €225k liquid in the bank

    Mortgage rates are cheap especially if you are a resident around 2%

    You will just have to renew you’re nie as the number stays the same .

    Pm me if you need any info
    Tiffany Barrett and craig72 like this.
  6. Kim Wrong Un

    Kim Wrong Un Active Member

    best of luck with yr move. one point to add. i don’t know if there are different taxes around Spain but in BCN the taxman sends a letter out around spring time asking you to declare all your assets. filling in the declaración form is a pain but you can’t avoid it. i think for UK property owners it’s the equivalent of an annual stamp duty charge. worth researching further.
    Tiffany Barrett likes this.
  7. Bakerman

    Bakerman Active Member

    Expect to pay 16% of the purchase price in fees and taxes if you're getting a mortgage.

    You can get a 70% mortgage with a few banks but it's not easy if it's your first home.

    Normal mortgage for expats is more like 60%.

    If you want to know any specifics, ask away :)
    Tiffany Barrett likes this.
  8. Tiffany Barrett

    Tiffany Barrett Active Member

    Thanks everyone - we're back from the wedding and even more determined to get this on the go!
  9. ibiza66

    ibiza66 Member

    Hi, I don’t know if this will be much help but our plan was to also move to Ibiza but as we aren’t ready to sell the farm yet as my partner being the biggest A*****e ever, we got a place on the mainland near enough to be able to spend a day on Ibiza. Our NIEs were out of date by months when we bought it but nobody said they needed renewing so we use them still now. Just remember the obvious- registry fees, taxes etc; we used a co that did everything from a bank a/c to the water, independent lawyer, electric etc, notary bla bla! That cost 1400€ but they chucked a few extras in as that price included NIE’s n we already had them. Ibiza IS triple the price of the mainland so I can’t help deposit wise and we were cash buyers, but don’t buy something that will leave you with nothing to live on! we still had a few odd bits to do before we could buy. In the end we gave POA to our abogado to save any trips back n forth. Someone who lives there permanently will advise on residency etc, I know our bank charges extortionate fees as we are non resident despite being there as much as the UK. I may be wrong but I don’t think theres a galloping rush to get residency- again someone else should come in on that. Once the uk place is sold I will buy on Ibiza. We had one hitch n that was with an electric co so our agent changed it for us and I used HiFx to do any transfers n avoid bank charges in the uk! Its free too. Sorry this is not much help but getting a reputable co that did everything really simplified things. Now we are the happy owners of a place- not really where I wanted but its lovely n will do till I sell up, and have had no issues. Looks like I will be moving to Ibiza alone though. Feel sad as it was both our dream. Anyway good luck - if you’re not happy with anything your lawyer suggests say so sooner rather than later! Common sense n think realistically xx

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