Fees whilst buying a property - Banking and finances in Benalmadena - Benalmadena forum - Costa del Sol forum in the Malaga province of Spain
ASSSA Insurance

Join the Benalmadena forum

Join the Benalmadena forumMy name's Alex and this is my website all about Benalmadena in Spain. Register now for free to talk about Banking and finances in Benalmadena and much more!

Fees whilst buying a property

Posted: Thu Jul 23, 2020 7:10pm
9 replies359 views11 members subscribed
Lgray4

Posts: 1

Location: Benalmadena

Joined: 23 Jul 2020

Hi, at the last stage of purchasing a property. Been sent finally figures and had quite a few extras on top that we weren’t aware of, 910€ for opening a Spanish bank account? 500€ for a new contract for gas and electric? Would this just be normal fees? We thought they seemed a bit high. Thanks

Dianne 52

Posted: Fri Jul 24, 2020 9:46am

Posts: 8

1 helpful points

Location: Duquesa

Joined: 4 Jul 2020

Posted: Fri Jul 24, 2020 9:46am

Oo let me know as I am not far off proceeding to buy  thanks

AndyP

Posted: Fri Jul 24, 2020 11:23am

AndyP

Helpful member

Posts: 165

97 helpful points

Location: Estepona

Joined: 7 Oct 2016

Posted: Fri Jul 24, 2020 11:23am

I can't really comment on your specific fees but without doubt the added extras that are sort of rarely made very clear to new buyers seem to go on and on. I think it ends up being about 8-10% on top of the purchase price or thereabouts....However once it's done it's done and then you can get to enjoying your dream, even if you are forced to eat beans on toast for six months :)

Wait until you start buying furniture :)

Good luck! Its worth it in the end!

TeresaB

Posted: Fri Jul 24, 2020 2:53pm

Posts: 57

29 helpful points

Location: Coin

Joined: 20 Oct 2019

Posted: Fri Jul 24, 2020 2:53pm

Gosh! Your taxes on a property purchase are around 10% of the purchase price (more for a new build) but being charged to open a bank account and to set up utilities are a rip off! Don't pay them and set your bank account and utilities when you get here.  You should ask your lawyer for copies of recent utility bills and proof they have been paid.  Then you can contact the companies yourself (most have English speaking agents available) and transfer into your own name.  That's what we did.  Good luck.  

Tworowans

Posted: Sun Jul 26, 2020 12:01pm

Posts: 10

13 helpful points

Location: Álora

Joined: 23 May 2020

Posted: Sun Jul 26, 2020 12:01pm

These fees could be an outrage. But first take a deep breath and ask for an itemised breakdown of their work taking note of the following possible justifications:-

If in addition to having the power supply contract switched from the vendor to yourself - AND your legal team arranged for your electricity power rating to be upgraded this would require the existing consumer unit /wiring to be formally certified. Which entails locating a contractor, instructing them, procuring the certificate, liaising with the energy provider to arrange a visit etc 

Certificates cost 100€ to 250€ according to availability of qualified sparks and whether you are in a rural/urban location etc

A basic supply (common in old town rural locations) will not support aircon + electric oven/hob + water heater + washing machine

Endesa’s online account management services are excellent

https://www.endesa.com/en/advice/

Banking set ups costs may be related to how much detailed Compliance info you provided upfront to satisfy anti-Money Laundering and Financial Crime regs. The Key Risk to be managed is evidencing your source of funds for a deposit or a cash purchase. Many banks have central compliance units into which the local branch sends your stuff

If you had instructed your lawyers to arrange banking facilities but didn’t provide quality data upfront then you will end up paying for an ensuing paper chase

Finally, be warned that smaller law firms (especially sole practitioners in rural locations) will often add some of the vendors costs your disbursements schedule

A popular one (you will only know when you get your Completion Statement) is that you paid your vendor’s mortgage redemption and other disposal costs 

Dianne 52

Posted: Sun Jul 26, 2020 1:19pm

Posts: 8

1 helpful points

Location: Duquesa

Joined: 4 Jul 2020

Posted: Sun Jul 26, 2020 1:19pm

Tworowans wrote on Sun Jul 26, 2020 12:01pm:

These fees could be an outrage. But first take a deep breath and ask for an itemised breakdown of their work taking note of the following possible justifications:-

If in addition to having the power supply contract switched from the vendor to yourself - AND your legal team arranged for your electricity power rating to be upgraded this would require the existing consumer unit /wiring to be formally certified. Which entails locating a contractor, instructing ...

...them, procuring the certificate, liaising with the energy provider to arrange a visit etc 

Certificates cost 100€ to 250€ according to availability of qualified sparks and whether you are in a rural/urban location etc

A basic supply (common in old town rural locations) will not support aircon + electric oven/hob + water heater + washing machine

Endesa’s online account management services are excellent

https://www.endesa.com/en/advice/

Banking set ups costs may be related to how much detailed Compliance info you provided upfront to satisfy anti-Money Laundering and Financial Crime regs. The Key Risk to be managed is evidencing your source of funds for a deposit or a cash purchase. Many banks have central compliance units into which the local branch sends your stuff

If you had instructed your lawyers to arrange banking facilities but didn’t provide quality data upfront then you will end up paying for an ensuing paper chase

Finally, be warned that smaller law firms (especially sole practitioners in rural locations) will often add some of the vendors costs your disbursements schedule

A popular one (you will only know when you get your Completion Statement) is that you paid your vendor’s mortgage redemption and other disposal costs 

Thanks very useful info

Kevin10

Posted: Sun Jul 26, 2020 2:05pm

Posts: 26

7 helpful points

Joined: 6 Nov 2019

Posted: Sun Jul 26, 2020 2:05pm

I think you are being ripped off I agreed 8per cent fee to include Nie, Bank account and electricity connection 

You should always ask for costs in writing upfront 

R

Fitzy67

Posted: Wed Jul 29, 2020 2:56pm

Posts: 2

3 helpful points

Joined: 20 Jul 2020

Posted: Wed Jul 29, 2020 2:56pm

Hi

We are in the process and our charge for opening account is 55€. Not got to the utilities stage yet.

Fitzy67

Posted: Wed Jul 29, 2020 7:40pm

Posts: 2

3 helpful points

Joined: 20 Jul 2020

Posted: Wed Jul 29, 2020 7:40pm

Fitzy67 wrote on Wed Jul 29, 2020 2:56pm:

Hi

We are in the process and our charge for opening account is 55€. Not got to the utilities stage yet.

Hi Again

Just had it confirmed our fees for changing utilities is 55€ electric and 55€ water.

Otterhound

Posted: Sun Aug 2, 2020 11:48am

Posts: 4

Location: Naguelles

Joined: 3 May 2020

Posted: Sun Aug 2, 2020 11:48am

We opened a Santander bank account in March whilst on a viewing trip . We were given a pass book like the old fashioned post office books . I think this is because we haven’t got our NEI numbers yet . It costs us €10 a month 

Sign up for free or login to reply to this topic

Want to reply to this topic? Login or register for free to post your message:

Find more Banking and finances topics from a particular area:


Register for free!

Login to your account

ASSSA Insurance
Advertise your business here
Advertise your property