GE Money Home Lending subsidiary, British Mortgages Abroad has stopped taking new mortgage applications on properties in Florida. Clearly a comment on the Florida market, Mark Maguire, spokesperson for GE Home Lending UK, said, “It’s not a comment on the Florida market.”
Real estate developers from India will come together this weekend with Citibank offering options for home loans from October 18th to 20th. The event will provide an opportunity for Non Resident Indians (NRIs) in the UAE to check out a variety of home options in 15 cities across India .
Much has been said and written about the Palm Islands development in Dubai, but there are very few photos around of the actual development rather than the famous satellite shot, so here is a selection of the islands themselves.
This is a guide to the ongoing costs involved in owning property in Spain.
Running Costs
All bills must be paid by Direct Debit from a Spanish bank account.
Electricity, Water and Gas:
The standing charges are € 15 per quarter for water, and € 15.84 every two months for a 3.3 1Kw electricity supply. On top of this there is, of course, the actual consumption.
As gas is supplied in bottles it is possible to contract for 1 or 2 bottles. The cost for 1 is approx. € 42, and for 2 apprpx. € 66 Euros. Exchange bottles cost approx. € 6, and can be obtained from Repsol Butano or delivered to the client’s property.
The following are the costs you should include on top of the purchase price when buying property in Spain.
Lawyers/Solicitor’s Fee:
Although it is not compulsory to engage a solicitor, if you are not familiar with the procedure you can appoint your own solicitor. It is important to seek professional advice from a local solicitor (Abogado). Their standard fee for the purchase of a property is 1% of the purchase price plus VAT. Using a non-local solicitor will be more expensive. The Spanish legal system is very different from other European countries and, to avoid misunderstandings, disappointments and possible fraud, it is essential to seek expert professional advice from the beginning.
Notary Fee:
These are collected by the Notary after preparing the deed and presiding over it’s signing. This fee is fixed by law, on a set scale according to the property value, but is not usually more then 1% of the purchase price including VAT.
