|
Buying Process and Costs
| • |
Properties are purchased freehold. |
| • |
A robust central land registry is in place. |
| • |
Areas for overseas property investor development are designated, mostly in coastal regions with
restrictions relating primarily to inland and village areas. |
| • |
The buying process is very simple and investors can opt for a full legal service through a local solicitor or
grant power of attorney to a suitable representative through the Notary Public. |
|
| |
| Here is an example of additional purchase expenses paid by a client in 2006 for a property valued at £50,000* |
| Military checks |
Required before applying for Deeds - per person |
£325 |
| Habitation tax |
Payable to authorise use of the property |
£326 |
| Notary fees |
For obtaining Power of Attorney and Legal Translator |
£150 |
| Buyers commission |
Ancillary completion costs to include agents commissions, legal fees and transfer tax |
£1500 (approx) |
| Council tax |
Water, electricity, gas and drainage |
£87 |
| Utility connection |
Electricity and water connection fees |
£450 |
| Council charge |
One off charge on new residents |
£435 |
Total additional costs: |
£3273 |
| * These costs are estimates and for guidance only. Solicitors fees payable in addition. |
| |
|
| |
| Example of approximate annual cost of ownership |
| Maintenance Fee |
Payable to the owner’s community association and pays for pool maintenance, lighting, security and garden area |
£500 |
| Property (Council) tax |
Approximately 0.5%. This is linked to the type of property and the location |
£90 |
| Insurance |
Building and contents cover |
£200 |
| Electricity / water |
Annual cost of using utilities |
£150 |
Total additional costs: |
£940 |
|
|
