Buying Property in Valencia City Spain

Preparing Completion

Preparing completion can involve the following steps (all variable depending on your personal case):
- Obtaining a Foreigners Identification Number - in Spain it is the law for all fiscally resident individuals have a NIE (Número de Identificación de Extranjeros).
- Conducting complementary checks with your solicitor - in case this has not been completed beforehand, you should file a property registry report (Nota Simple Informativa) which clarifies ownership and any charges corresponding to the property. This can be acquired from the land registry office (Registro de Propiedad de Valencia). You should go to the Ayuntamiento to check where the property stands in terms of any urban development plans which may affect the property in the future.
- Opening a Spanish bank account - both residents and non-residents can open a bank account in Spain. You need to be over 18 and provide proof of identity such as a passport. If you are a resident you will need to provide your resident´s card details. There are so many banks in Spain that it is difficult to decide which one to open an account with. A few things you may want to consider to help you in your choice are location, bank charges, bank transfers, extra services (insurance, investment banking...) and English-speaking staff.
- Agreeing a mortgage: In order to obtain a mortgage from a bank in Spain you must be over 25 and provide proof of a regular income. Non-residents can usually only borrow up to 70%, but a maximum of 60% is also common (each case is considered individually and according to personal circumstances). Mortgages are available for as long as 25-30 years although 10 or 15 year mortgages tend to be the most common. The lending criteria for residents and non-residents is very similar: The greater deposit you have the easier it will be to obtain a mortgage. It is important to note that you will not find the same variety of mortgage products and deals as are available in the UK.