English property lawyer
Aug 2nd 2023, 8:55 am
#1
Just Joined
Thread Starter
Joined: Aug 2023
Posts: 1
English property lawyer
We have found a home that we want to purchase in Molise for 20000 euros
we have been adviced that the total cost for the estate agents, notary, stamp duty etc will probably take it up to 29000 euros roughly- this seems a lot higher than the 10 to 15% that the guides say to expect to pay ontop of the purchase price for all of the additional bits - the estate agent makes up about 40% of that extra 9k and we the house will not be our main home so we do have to pay higher taxes etc - do you think this is roughly the right amount of money to spend in addition to the asking price for all the fees?
also does anyone know of an English speaking lawyer that we can engage with for the purchase
we have been adviced that the total cost for the estate agents, notary, stamp duty etc will probably take it up to 29000 euros roughly- this seems a lot higher than the 10 to 15% that the guides say to expect to pay ontop of the purchase price for all of the additional bits - the estate agent makes up about 40% of that extra 9k and we the house will not be our main home so we do have to pay higher taxes etc - do you think this is roughly the right amount of money to spend in addition to the asking price for all the fees?
also does anyone know of an English speaking lawyer that we can engage with for the purchase
Aug 2nd 2023, 12:58 pm
#2
BE Enthusiast
Joined: Jun 2020
Location: Valencia
Posts: 504
Re: English property lawyer
I'm not sure how agent fees work on sales of that value but 9k doesn't sound unreasonable. I'm going to hazard a guess that someone has given you some dodgy information though. Second home tax is higher than main residence tax.
Regarding an English speaking lawyer, I would suggest you use a local lawyer and hire a translator. If you find one prepared to do both then I would walk away.
I don't know the back story on your desire to purchase but just remember a 20k house is always going to be a 20k house so only buy it if you have no intention of selling it. If you spend 30k on renovations you're likely to sell it for 21k, minus another 9k in fees. If you're looking to make money, put your 20k into an ISA
Regarding an English speaking lawyer, I would suggest you use a local lawyer and hire a translator. If you find one prepared to do both then I would walk away.
I don't know the back story on your desire to purchase but just remember a 20k house is always going to be a 20k house so only buy it if you have no intention of selling it. If you spend 30k on renovations you're likely to sell it for 21k, minus another 9k in fees. If you're looking to make money, put your 20k into an ISA
Aug 3rd 2023, 4:36 am
#3
BE Forum Addict
Joined: Dec 2009
Posts: 2,513
Re: English property lawyer
The cheaper the property the higher the percentage of purchase costs. You should work on 10% for a 100.000 euro, lower than that you are in a regime of minimums.
There is a minimum cost for purchase tax (1100 euros), the notary, the agent (which in Molise seems to be around 3000 euros which is alot I think - the agents seem to have got together on this) Add in IVA and the costs soon rise. Spending even more on a lawyer for due diligence seems excessive, unless you are planning to buy through an offshore company. The agent has a legal responsibility for due diligence. Get everything in writing and make sure he is cited in the act of sale along with the amount you pay him.
There is a minimum cost for purchase tax (1100 euros), the notary, the agent (which in Molise seems to be around 3000 euros which is alot I think - the agents seem to have got together on this) Add in IVA and the costs soon rise. Spending even more on a lawyer for due diligence seems excessive, unless you are planning to buy through an offshore company. The agent has a legal responsibility for due diligence. Get everything in writing and make sure he is cited in the act of sale along with the amount you pay him.
