Renting an Apartment
 

Hi
I am in the process of looking for an apartment to rent in madrid.

I have been told by a letting agent that once i find one i have to pay the following. (his english isnt too good an neither is my spanish)

1 months for the "Fiance"
1 months for The "inmobiliary Agence"
Aval Bancario for 6 months for the propietary garantee.
To reserve de house is necesary 1 months now

I assume the 1 months rent for "Fiance" is to reserve the property? or is the cost to reserve the property seperate?
Will i get this money back on i have moved in? Is this the deposit?
Will i get it back at some point?

Also the "Aval Bancario" is i think a bank guarantee. Does anyone know if they will accept a bank guarantee from a UK bank? or do i need to open a spanish bank account to get my "Aval Bancario"?

Sorry if these questions are stupid by i havent rented either in the UK or spain before.

Re: Renting an Apartment
 

These figs are extortionate,best to rent privatly,pref from Spanish landlord for the best rates,failing that British expat:):)

Fiance = Deposit.
Inmobilaria = agcy fee.
Aval Bancario = Bank Garuntee.
Reserva = 1 mths rent to take property of the market.

Like I said best to go private!:)

Re: Renting an Apartment
 

Thanks for the reply.
Is this really extortionate. I have been told the same by a number of agents.
i just figured it was the norm.

Anyone else has experience of this?

Re: Renting an Apartment
 

I have flats to rent (but sadly not in your area) and my agent charges;

1 month deposit
1 month rent in advance

I, as the landlord, have to pay the fees (6%) and no one has ever mentioned the need for a bank guarantee (but maybe that's a good idea).

Re: Renting an Apartment
 

Yeah thats really expensive. I recently moved and refused point blank to be paying agency fees, and silly amounts of money up front. Sadly ive learned the hard way that getting deposits back is easier said than done!

Best thing to do, is only pay one months rent + one months deposit. Then in the last month dont pay your rent to live out your deposit.

And Im sorry if this procedure gets agents and landlords up in arms, but they only have themselves to blame for not paying back deposits or making up silly reasons as to why they arent paying them back.

Re: Renting an Apartment
 

Yes!!!!Totally agree,had to recently move out of my flat in London because the landlord consistently refused to fix the boiler,which only gave intermittent hot water,the landord then tried to keep my deposit claimimng I broke the boiler!!!!:eek:

Re: Renting an Apartment
 

Another quick question
When i was looking at apartments i noticed a few of big signs in windows saying Aquiler with a number to ring. I didnt ring any because my spanish isnt too good and wasnt sure if they would speak english

Are these adverts from private vendors? or are they also through letting agents?

Re: Renting an Apartment
 

Aquiler = to rent.
They can be from both private and trade,unfortunatly:(
Best just to give them a ring and find out if the place looks good:)

Re: Renting an Apartment
 

I seen places with Aquiler tel .****** then .....NO PAYOS after it, lol

Not sure you would get that here in the UK though, shame where I live, could do with that

Re: Renting an Apartment
 

Hi Guys thanks for all the feedback already.

Is a Bankers Gurantee(Aval Bancario) the same as a bankers Draft?

Re: Renting an Apartment
 

The bankers gauruntee,is not a form of payment,nor is it an actual gauruntee,per se.What it actually is,is a confirmation from the bank,that based on your financial managment history,you will be good for the mthly rent.:)

Re: Renting an Apartment
 

Ok. so i need to get an Aval Bancario(bank guarantee)

I have good credit here in england and own my own house but i seems i need to get one from a spanish bank.
If i open a spanish bank account. Surely they are not going to give me a guarantee straight away are they? They wont know i have good credit will they?

Whats the best way to apply for a spanish bank account?
Can i do it over the net?

Re: Renting an Apartment
 

Not sure about opening an account over the net,never done it.
Only have a none residents account,all I needed was my passport,and proof of my Spanish addresse.:)

Why bother with all this cack of bank garuntee's etc,personally would just rent ofF an expat out of the paper!:)

Re: Renting an Apartment
 

You can open a Solbank current account via email and a phone call, PM me for more info, just for safety Id rather have a spanish account when in Spain, if a ATM sucks up your UK card you can be fooked for a while, at least if you have account in Spain then its another less hassle, plus all the charges now from debit cards is bad enough.