We get asked a lot of questions about the buying process from our clients when they first come over to visit us and look for their own personal Valencia Property. One of the main questions is about time periods and the process of purchasing property in Valencia and the answer to that brings into focus quite a few differences between markets in Northern Europe or North America and the Spanish market. Therefore, in this post we look into the purchase process of Valencia Property.

The cost of buying a Valencia Property has just gone down if you are buying with a mortgage. Prior to last month if you got a mortgage with any of the Spanish banks then you had to pay not only the costs of the purchase, including the 10% property purchase tax, but also the costs of formalizing the mortgage with a Spanish bank. In other words you paid for the privilege of having a Valencia Property Mortgage although the bank itself was the beneficiary in case of non payment, ie, they could repossess the property and they received a monetary compensation every month, ie, you paid the mortgage to them.