We want to present you with as many facts and as much information as possible about the process of buying property at Polaris World and in Spain in general. It's part of our commitment to help you buy with confidence.  Listed below is a guide to some of the key points:

 

All the prices on our website are listed before taxes and legal costs. You should add 10%-12% to cover such expenses. This includes IVA (VAT) which is 7% on bank repossessions and resales (8% if brand new from the developer) plus a further 3%-4% to cover legal costs, stamp duty, notary costs and other miscellaneous expenses. If you take a mortgage on the property there will also be fees to pay to the bank and legal/notary fees connected with this. This is a simplified summary of taxes and fees and we recommend a number of good independent lawyers (Spanish and English speaking) to advise fully.(see below).

 

When buying a resale property, an offer is put forward to the vendor. If this is accepted a deposit (usually €5,000 or €10,000) reserves the property until the next stage which is a private contract between vendor and buyer. The next stage is usually 10% of the purchase price prior to completion. Often the next stage can go straight to completion without the need for a second stage deposit. From offer to completion can be as little as 3-4 weeks.

 

For bank properties the process can vary depending which bank. Often the reservation deposit prior to viewing is €3000 and is fully refundable. 10% is due on signing the contract (refundable until your mortgage is approved) and the balance on completion. Deposits are refunded if the bank does not grant a mortgage to the buyer.

 

 

NIE: Anyone buying a property in Spain requires an NIE (or NIF) number. This is the Spanish equivalent of a National Insurance or ID number. You have to apply for this in person while in Spain. We recommend doing this during your property visit as it speeds the buying process and avoids a further visit. We can arrange this during your visit or on a subsequent visit to Spain if you choose.

 

Power of Attorney: Although not necessary it is useful to provide a POA to your solicitor. This will allow them to deal with legal matters on your behalf without you having to be present in Spain. This can include the full buying of the property including completion at the notary and NIE above. We have several local Spanish solicitors (English speaking)  that we recommend and arrangements can be made to meet them during your visit.

At present the only way to achieve a high mortgage (i.e. 90%/100%) is by purchasing a bank owned property or a property direct from the developer (up to 95%). Otherwise on resales and purchases from the developer, mortgages are available for non residents typically to around 60% of the purchase price.

 

Mortgage interest rates are between 3.0% and 3.75%. Interest only mortgages are available for 60% mortgages. We also have an interest only mortgage for two years with 100% finance on certain bank owned properties. These are the general market conditions at time of writing. (Updated August 2011). Read more on Mortgages. We can help with mortgage applications and advise on the best and most likely sources of funding from local banks for resale propertuies including Barclays, HBOS, CAM, Sol Bank and others. Applications are generally quite quick. You will need typically proof of income (P60's, Tax Returns, Signed Accounts), a credit reference (eg Experian or Equifax both of which can be obtained online), 6 months' bank statements and details of assets & liabilities.

 

BANK ACCOUNT

We recommend a couple of days to view properties and meet with a solicitor and possibly a bank should you be applying for a mortgage. To reserve you will need access to a deposit which can be made by debit/credit card or by bank transfer. It is useful to have the necessay documents with you should you wish to apply for a mortgage while in Spain. This can be done from your home country through our office but it may speed the process if done while in Spain. Read More: Polaris World Inspection Visits.

 

There are a number of providers in the area that can furnish your home throughout including lighting and outside furniture. We can help you with selecting these. Most can deliver and install your full order without the need for you to be present in Spain. Furniture packs are available that provide everything you need so your home is ready to move in.

 

There are six Nicklaus designed golf courses across the six Polaris World resorts in Murcia which make up the Nicklaus Trail. Residents can play any of the courses and are entitled to reduced fees. A round of 18 holes is priced from 44 Euros plus there are various promotions, eg twilight. Residents can join their own course for €1200 pa or €1600 pa for a family of four or pay slightly more for full access to three Nicklaus course.  Read More: Polaris World Golf.