Listed below is a guide to some of the key points for buying at Polaris World and for property in Spain in general:

 

All the prices on our website are listed before taxes and legal costs. You should add 10% to cover such expenses. This includes IVA (VAT) which is 7% and a further 3% to cover legal and notary costs.

 

 

Many of the properties listed on our website are resales from private owners. We can put offers forward to vendors for any of the properties on your behalf. As a guide the cheapest properties by category are priced to sell and in general are realistically priced. Offers of 5%-10% below asking price may get consideration. Other properties may offer greater scope for offers. 

 

For bank properties there is often a reserve price at which you can bid. This is typically 5%-10% below the advertised price. However any bids below the advertised price for bank properties open the property up to an online auction for 10 days.

 

 

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 reservation deposit is €3000, 10% on signing the contract (once your mortgage is approved) and the balance on completion.

 

 

NIE: Anyone buying a property in Spain requires an NIE (or NIF) number. This is the Spanish equivalent of an NI number. Your solicitor can obtain this. It usually takes three weeks.

 

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.

 

At present the only way to achieve a high mortgage (i.e. 90%) is by purchasing a bank owned property. Otherwise on resales and purchases from the developer, mortgages are available for non residents typically to around 60% or 70% of the purchase price.

 

Mortgage interest rates are between 1.8% and 2.8%. Interest only mortgages are available for 60% mortgages.These are the general market conditions at time of writing. (February 2010). Read more on Mortgages. We can help with mortgage applications and advise on the best and most likely sources of funding from local banks 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 the UK/Ireland but will 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 six Polaris World resorts in Murcia. Residents can play any of the courses and are entitled to reduced fees. A round of 18 holes is priced from 44 Euros. Read More: Polaris World Golf.