If you’ve found a property in Spain and you’re ready to go ahead, you’re probably wondering how long it will be before you actually get the keys. There’s no set timeframe, but somewhere around six to eight weeks is fairly typical for a straightforward purchase. That doesn’t mean every sale will fit neatly into that window. A cash purchase with no legal complications might be completed sooner, while a mortgage or issues with the property paperwork can delay things.
Why Some Purchases Take Longer
A lot happens between having an offer accepted and becoming the legal owner. Your lawyer will need to check the property, confirm that the seller is entitled to sell it and look for issues such as debts, charges or discrepancies in the records. If something crops up, it may need sorting before you can safely complete. This is one area where rushing the process isn’t necessarily a good idea. You’ll also need an NIE number to buy property in Spain. Buyers who haven’t already arranged one will need to factor this into their plans. The Spanish authorities provide information on the NIE, which is used to identify foreigners for official purposes in Spain.
Mortgages Can Add to the Timescale
If you need a Spanish mortgage, expect the purchase to take a little longer. The lender will have its own approval process and will usually require a property valuation before the mortgage can go ahead. For buyers living outside Spain, there may be other practical arrangements too. A Power of Attorney, for example, can allow your lawyer to deal with parts of the purchase when you can’t be there in person. GOV.UK also provides guidance for British nationals considering buying property in Spain.
Once everything is ready, the purchase is completed by signing the title deed before a notary. At that point, the balance is paid and, in most cases, the long-awaited keys are finally yours.
Read more information on Spanish Tax, buying a Spanish property and Moving Abroad.
For help with Spanish law, contact Spanish Legal Matters on 020 8150 2010.
