Question: I am buying a property in Spain. How much should I budget for legal fees and taxes when buying the property?
Answer: I am glad that you are considering this because many people do forget to factor the additional costs into their calculations and then get caught out as the costs are certainly higher than they are in the UK. When people do get caught out they will often find that they can no longer afford to buy the property and therefore start to try and save costs by cutting out surveys, valuations, legal fees and even worse start paying part of the price in cash in order to reduce (illegally) the taxes).
When you buy a property in Spain you should be adding in the region of about 10% in addition to the purchase price. This is a rough calculation and takes into consideration legal fees, land registry fees, Notary fees, taxes and so on. If you are taking out a mortgage then the costs will be higher than this.
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