Purchase costs and solicitors

[Paul]

Hi Ian,
Coast 2 Coast were poor I agree. I never even got my flight money back off them, that's why I have a bit of a downer on agents although there are some good one's out there.
Paul

[quane]

Hi

Could anyone who has recently completed on a Green apartment shed any light on the increase to the original estimates we had received for purchase and mortgage costs? We have just received our completion statement from the solicitor.

The purchase, mortgage costs plus solicitors fees (1%) and provisional utility connections (400 euro) come to 10.747 euro this with the 7% iva already paid makes a total on costs of 15%.

Everything is higher than originally estimated from the financial advisor in fact the total increase from the estimates we received and from what you gather from websites etc yourself is around 3200 euro.

My original esimates did include stamp duty, notary and registry fees for both the mortgage and purchasing of the property.

Did anyone pay a Gestoria fee? This one I totally missed I didn't have it in any estimates received from anyone and therefore was not accounting for this at all (1171 euro), the notary and registry fees are 1131 euro higher than expected and the insurance double, also the lender had agreed 1% arrangement fee this has now increased to 1.25%.

I have queried the costs with the solicitor and mortgage advisor but I am still waiting for an explanations the morgage advisor seems to believe that these costs should have been confirmed all along by the solicitor although as I expressed to her she was employed to arrange a mortgage and should be able to supply the costs attached to the mortgage and these should not change significantly.

I would welcome any comments and information from anyone we feel we will have to go with it if I want completion to take place on 13th May.

Thanks

Ang

[Sandra]

Hi, we have just completed on a Green.

Our costs were as follows:

Lawyers costs .75% (a deal we negotiated)

Total costs (all the notary, legal, mortgage costs etc. including insurance (191 euros)  was 10,500 plus there is an 1100 additional costs for utility connections (so I think your 400 may be very optimistic).  IVA was always going to be in addition.

My calculations are costs about 7%  of the purchase price including IVA.  I will add up my costs again to double check the calculations just to make sure I have worked it out correctly.

There were additional costs for the broker and for the valuation (about 700 euros in total) and I have not included these in the above calculations.

Does this help?

Sandra

[quane]

Hi Sandra

Yes Sandra this does help we also had additional costs of 875 euro for the broker and valuation too the insurance has been quoted at 500 euro which was included in the 10,747 costs however you say 7% of purchase price including IVA do you mean excluding IVA as IVA is 7%?

This would make your costs 14% of purchase price including IVA.

I guess that we were just quoted the wrong amounts to start with however most people say that it is 13% on costs not 15% so they do seem high.

Thanks for the information I will see what response we get next week the Gestoria fee is what is so annoying as no one has ever quoted this we have been told it is an administration fee for a gofer type person to go around paying the registry and notary fees therefore the lender is charging this as well as a 1.25% set up fee and brokers fees too!

Thanks

Angela

[JON AND SARAH]

Hi Everyone.

Due to the high costs of connecting the Utilities we are in the process of finding a more economical way to get them connected.  If you have not already applied for them then please PM us.  We apologise to anyone who has already paid for the connection as we will not be able to help in this instance.

All the best Jon and Sarah

[enigma]

I am using Martínez-Echevarría, Pérez y Ferrero Abogados (MRI owned) and I decided to cancel my contract as I am not able to raise the funds to complete.  The solicitor (Jose) still wants to charge me the full 1.25%.  I have already paid him 50% for very little work and now he wants me to pay him the balance for NOT completing.  Any ideas what I can do or should I just ignore him.

Dont use Martínez-Echevarría, Pérez y Ferrero Abogados as your solicitors.

[donegall]

I am using Martínez-Echevarría, Pérez y Ferrero Abogados (MRI owned) and I decided to cancel my contract as I am not able to raise the funds to complete.  The solicitor (Jose) still wants to charge me the full 1.25%.  I have already paid him 50% for very little work and now he wants me to pay him the balance for NOT completing.  Any ideas what I can do or should I just ignore him.

Dont use Martínez-Echevarría, Pérez y Ferrero Abogados as your solicitors.

Hi Enigma,
           i am in the same situation, dont think i will be able to complete on a property but solicitor wants there fees (same solicitors) personally i think i am in a great position to practice some of the spanish culture that i have encountered over the last few years by telling my solicitor 'ill deal with that very soon'  in other words, they can jump through hoops like ive been doing for 3 years.
 Dont worry, they never did,
                                                                                    best of luck,
                                                                                                    SEAN.