{"id":875,"date":"2009-05-14T17:46:41","date_gmt":"2009-05-14T15:46:41","guid":{"rendered":"http:\/\/www.velascolawyers.biz\/?p=875"},"modified":"2015-05-16T00:57:06","modified_gmt":"2015-05-15T22:57:06","slug":"17-i-estimate-that-the-additional-costs-will-be-around-10-of-the-purchase-price-but-what-are-the-costs-exactly","status":"publish","type":"post","link":"https:\/\/www.velascolawyers.com\/en\/questions-and-answers\/property-purchase-and-sales\/17-i-estimate-that-the-additional-costs-will-be-around-10-of-the-purchase-price-but-what-are-the-costs-exactly.html","title":{"rendered":"I estimate that the additional costs will be around 10% of the purchase price, but what are the costs exactly?"},"content":{"rendered":"<p>If the property is a new build the costs involved will be:<\/p>\n<p>1. Bank opening mortgage fee (around 1%-1.50 % of the mortgage amount).<br \/>\n2. VAT 10%. (Impuesto sobre el valor a\u00f1adido\/ IVA).<br \/>\n3. Stamp duty (Impuesto de Actos Jur\u00eddicos Documentados) 1.5% of the price of the property. Only to be paid in property subject to VAT payments (new properties).<br \/>\n4. Stamp duty (Impuesto de Actos Jur\u00eddicos Documentados) 1.5% of the mortgage responsibility amount.<br \/>\n5. Notary and Registry on the mortgage: These fees vary depending on the guaranteed capital of the mortgage.<br \/>\n6. Notary and Land Register fees on the purchase.<br \/>\n7. Agency &#8216;Gestoria&#8217; fees. The bank use an agent to make sure the property and the mortgage are inscribed at the land register.<br \/>\n8. Insurance: The banks normally require the borrower to take out insurance to protect its interest until the loan is repaid.<\/p>\n<p>If the property is second hand (Resale) then the costs are the same except that you do not have to pay the Stamp duty (Impuesto de Actos Jur\u00eddicos Documentados) at 1.5% of the property price or 10% VAT.<\/p>\n<p>You can refer to this example for the\u00a0<a href=\"https:\/\/www.velascolawyers.com\/en\/cost-of-purchase-example\">breakdown of the costs of two properties<\/a>\u00a0with a sales price of 150,000\u20ac and 250,000\u20ac respectively. You can download the\u00a0<a href=\"https:\/\/www.velascolawyers.com\/wp-content\/uploads\/2015\/05\/table1.pdf\">cost breakdown in PDF<\/a>\u00a0format and\u00a0<a href=\"https:\/\/www.velascolawyers.com\/wp-content\/uploads\/2015\/05\/table1_costsofpurchases.xls\">MS Excel Format<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If the property is a new build the costs involved will be: 1. Bank opening mortgage fee (around 1%-1.50 % of the mortgage amount). 2. VAT 10%. (Impuesto sobre el valor a\u00f1adido\/ IVA). 3. Stamp duty (Impuesto de Actos Jur\u00eddicos Documentados) 1.5% of the price of the property. Only to be paid in property subject [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[21],"tags":[],"class_list":["post-875","post","type-post","status-publish","format-standard","hentry","category-property-purchase-and-sales"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>I estimate that the additional costs will be around 10% of the purchase price, but what are the costs exactly? | Velasco Lawyers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.velascolawyers.com\/en\/questions-and-answers\/property-purchase-and-sales\/17-i-estimate-that-the-additional-costs-will-be-around-10-of-the-purchase-price-but-what-are-the-costs-exactly.html\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"I estimate that the additional costs will be around 10% of the purchase price, but what are the costs exactly? | Velasco Lawyers\" \/>\n<meta property=\"og:description\" content=\"If the property is a new build the costs involved will be: 1. Bank opening mortgage fee (around 1%-1.50 % of the mortgage amount). 2. VAT 10%. (Impuesto sobre el valor a\u00f1adido\/ IVA). 3. Stamp duty (Impuesto de Actos Jur\u00eddicos Documentados) 1.5% of the price of the property. 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