Property News

Advice for Sellers

Preparing your property for sale

  • Ensure your property inside and out is clean and tidy
  • Ensure any minor repairs have been carried out prior to putting your property on the market
  • If redecorating try and use light and neutral colours, this will make rooms appear larger
  • Remove and put in to storage any unnecessary “clutter”
  • Keep kitchen surfaces clear and make sure your oven is spotless!
  • If you have a dog ensure it is kept under control and preferably out of sight. Many people will not share your confidence with dogs
  • Point out only important features or improvements around the house eg: “the kitchen is brand new”. Do not make the mistake of boring viewers with in depth explanations about your pool’s heating system etc unless they specifically ask
  • If you using an agent leave the selling to the agent
  • Make sure your property is fully compliant with the new law Decree 218. Ensure you have copies of your Nota Simple, Title Deed, latest IBI receipt, details of your community fees and proof you have paid them
  • Prospective buyers will appreciate if you provide them with an estimate of your annual running costs

Taxes and Expenses

  • For a detailed guide to selling taxes and expenses please consult the Selling section of “Advice for Buyers”
  • Capital Gains Tax if you have made a profit after expenses (technically this is an income tax). Currently 18%
  • Plus Valia – Municipal Tax on increase in land value (very complicated to work out, and depends on lots of factors)
  • Notary Fees
  • Legal Fees
  • Agency Fees

Advice for Sellers sending money back home from Spain

Do you want to send your funds back to the UK and not pay extortionate bank charges?  If you have answered Yes to all of these questions, then you do need to speak with Moneycorp and find out how much they can save you in bank charges and get you more money on the exchange of your funds.

Please see below an example of the savings that can potentially be achieved with Moneycorp on a draft value of €400,000.00  Spanish banks will charge 0.3% to bank the draft and then an additional 0.6% of the draft value to send the funds out of your account, total is 0.9% in bank charges.

Bankers  Draft Spanish Bank Charges Transfer amount Exchange rate Sterling Amount
€400,000.00 0.3%+0.6% €3,600 €396,400.00 1.2100 £327,603.31
 
Moneycorp Bank Charges Transfer Amount Exchange Rate Sterling Amount
€400,000.00 €275.00 €399,725.00 1.17500* £340,191.48

 

That’s nearly an addition £12.5k in your pocket, why give it to the bank?

It is completely free to register with Moneycorp, please quote Terra Meridiana when contacting Moneycorp.

Moneycorp have an office on the Costa del sol.  A member of the team will be happy to speak or meet with you to discuss how Moneycorp can help you.

*Please note that this is an indication of the rate, the rate can move for or against you at the time of booking your trade.

By Eloise Horsfield | Property News | December 29th, 2009

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