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Lifestyle

If Spain is characterised by anything , it is for the good weather with over 300 days of sunshine per year. You will find good blue flag beaches on the Costa Blanca and the friendliness of the people who live in cities like Alicante and Torrevieja, Guardamar del Segura, Orihuela Costa, Rojales, Benijofar. By Acquiring a south facing property for sale in Benimar, Rojales, Torrevieja you will enjoy the sun and beach in Spain and the Costa Blanca. Do not miss the opportunity to purchase a south facing property for sale in Benimar, Rojales, Torrevieja so contact us now at Vincent Real Estate.



Benijofar - Alicante

Benijofar is a typical Spanish village in Alicante, located in the Vega Baja Valley, Costa Blanca South, Spain. There are many local towns & villages surrounding this area, so it’s impossible to be short of amenities such as bars, restaurants, shops, supermarkets & more all within walking distance.

If you are holidaying in Benijofar, the beaches of Guardamar, La Marina and Torrevieja are within easy driving distance, the water park in Ciudad Quesada is also close by, historic Rojales is near too, golfers can make the most of the La Marquesa golf course (Rojales/Ciudad Quesada), and the La Finca golf course with 5 star hotel & spa, at Algorfa. All within 30 minutes of both Alicante and San Javier airports

The origin of the name Benijofar is Arabic, with a mix of Moor and Christian, very usual in theMurcia and Valencia regions - Bani (pronounced in Arabic asBeni) meaning son and Jofar from the Castellano word alijofar meaning pearl. Throughout the 18th Century Benijofar became established as an agricultural community and grew in wealth and prosperity. The agricultural prosperity stems from the villages location in the famous Vega Baja valley and also its proximity to the River Segura for irrigation.

These days Benijofar has a good selection of shops, bars and restaurants (some English and Dutch). Places of interest include the parish church of Saint James, and the cave dwellings just outside the village in Rojales housing art displays by local artists.

The Spanish are well known for their local town Fiestas, and Benijofar is no exception known as the Saint Jaime Fiesta (celebrating St James), which is held over a 7 to 10 day period in July, and as with all Spanish villages, Benijofar included, there are lots of other fiestas held throughout the year including Santa Semana (Easter) and Three Kings in January.

The main event of the Benijofar fiesta has to be the parade, that goes right through the village center, past the square and church The fiestas are also well known for their lively nightlife including ‘Barracas’ which are outdoor music venues which often go on until 6 or 7 O’clock in the morning. Prepare for a few late nights dancing in the streets of Benijofar.

If you are looking for a cosmopolitan mix of nationalities while maintaining its traditional Spanish roots then Benijofar, surrounded by Lemon and Orange Groves has to be one of those rare places.

Of course not forgetting that Benijofar is also the location of Vincent Real Estates head office.



Benimar - Alicante

Benimar is a large urbanisation linking the Spanish village of Benijofar and the town of Rojales, located in the Vega Baja valley,Alicante, Costa Blanca South. Ideally located 30 minutes from both Alicante and San Javier airports, and under an hour from the location of the Paramount Pictures Theme Park.

The urbanization is very popular, with many nationalities being represented including Dutch, Belgian, English and Scandanavian.

With a great range of bars and restaurants people travel from many of the local villages to sample some of the variety available as well as enjoying the lively atmosphere.

The area is now even more popular following the investment and ongoing plans of the local Benijofar Ayuntamiento (town hall) which has brought into reality a public barbecue area and lovely lake and beach setting on the doorstep, with further development being carried out to link these two public facilities together.

Two new supermarkets in 2011 were the missing pieces to ensure all amenities were available without the need for a car.

Benimar offers the best of both worlds with many nationalities being represented while still being only a short walk from the realSpainof villages such as Benijofar, Formentera del Segura and Rojales. Not forgetting of course the famous beaches of Guardamar del Segura a 10 minute drive away.



Guide to Buying

AIPP Guide to Buying Property Overseas

Being members of the Association of International Property Professionals allows Vincent Real Estate to offer a link to the AIPP buyers guide. Please click on the link below to download the guide giving detailed information regarding purchasing property overseas

AIPP Guide to Buying Property Overseas

Purchasing Costs in Spain {image-right}

In addition to the purchase price of a property, the following costs must also be budgeted;

  • Legal Fees – Circa 1000€+ IVA
  • Property purchase tax (Resale property)
    • Currently 10% - Resales in Alicante
    • Currently 8% - Resales in Murcia
  • IVA (New Build property)
    • Currently 10%
  • Stamp duty (New Build Property) – 1.5%
  • Notary Fees – dependant on Notary and value of property (average 1500€)
  • Additional costs including utility transfer, SUMA registration, Catastral registration, community registration etc. – average 450€
  • If Spanish finance is required we recommend budgeting an additional minimum 5.000€ to cover finance set up fees from the bank.

A general rule of thumb is to add 13% to the price of the property. However, with property under the value of 100.000€ the cost percentage will increase.

Reservation Contract

This is the first document you will sign reserving a property and acting as a signed receipt for any monies paid with respect to that contract. This document is generally referred to as a 'Formulario Reserva' and confirms your commitment to purchase the property. Always ensure that this document includes the clause 'Subject to Legal checks' as his will ensure that your deposit that has been paid will be refundable if there are issues or debts on the property that cannot be resolved.

Legal Issues when buying a property in Spain

The Lawyer will take care and assist you in all the different steps involved in the transaction. There are many excellent English speaking Lawyers in Spain. Choosing the right Lawyer is your guarantee that Spanish legal requirements are met, the property is registered in the vendor's name and that it is free of any mortgages, charges, encumbrances, debts or other liabilities. Clear everything with your Lawyer. They will negotiate and discuss the purchase terms with the seller's solicitor. The terms should not be limited solely to price but should cover in detail all your requirements like the completion date, the form of payment, etc.

Notary (Notaria)

Public official appointed by the Spanish government to witness the signing of all legal public documents. They put on the public record the fact that the title deed recording the sale/purchase has been signed in their presence and understood by the parties concerned. When the Escritura (Deeds) is signed in front of the notary either the purchase price is handed over to the person selling the house or the seller confirms that the money has already been handed over. The original signed document is retained by the notary who will apply for a formal change in the land registry. The Notary also ensures that the work of both the buyer and seller's lawyer has been carried out correctly prior to the title deed changes.

Urbanisation and Community Fees

Controlled by the committee of owners and covering the running and maintenance costs of shared facilities which can include private roads, drains, lighting, private water supplies, gardens, swimming pools etc. This can be as little as 60 euros per year or as high as 2000 euros, dependent on the facilities within the urbanisation your property is located. There are also properties that do not belong to an urbanisation, in which case the community fees do not exist.

Local Rates – Patrimonia

All non-residents have to pay wealth tax, 'Patrimonia', based on the amount on the Escritura Publica or the Valor Catastral, which ever is the highest value. Vary. 0.2% is typical.

Property Taxes in Spain

The local town hall charge IBI on owned Property (tax Impuesto sobre Bienes Inmuebles), which is an annual real estate tax. This local tax varies and is based on the Catastral value of the property.

Insurances

Fire insurance is compulsory by law when taking out a mortgage. Comprehensive household insurance is available to protect your home and contents. Life insurance can be taken out to guarantee payment of the loan in the case of death.

Telephone

There are many different companies offering landline and mobile telephone systems in Spain. The major company being Telefonica. However, many people now rely on mobile networks and Wifi which are available in pay as you go and contract options.

Water and Electricity

Utilities have a standing charge and the charges for consumption are in addition to this. These will generally be set up on standing order when you purchase the property.

Tax on Rental Income

Britain and Ireland have a double taxation treaty with Spain. Tax is paid on the declared income from the property and your rental income must also be declared to the inspector of taxes in Britain or Ireland.

Foreign Identification Number (NIE)

Foreigner's Identification Number. All non-residents require a NIE. You need to obtain this in person at the foreigners department at the National Police headquarters. Your agent will assist you with the procedure. This number is required before the purchase of any property in Spain.

Plus Valia

A local tax, usually paid by the vendor, calculated as a percentage of the difference in the increased (ratable) value of a property since it was last sold.



Frequent Questions

How do I find a reputable, professional Real Estate company ?

You may or may not be aware that the Spanish Real Estate industry is unregulated, so basically anyone can act as a Real Estate agent as long as they abide by Spanish Contractual law. This means that for any prospective buyer (or seller) the market can be a real minefield. Please find below a few questions to ask yourself when choosing a professional company;

  • Does the agent have a landline number ?
  • Does the agent have an office they are based in ?
  • What is the condition of the office ?
  • Is the agent a member of a professional body eg. AIPP - Association of International Property Professionals ?
  • Does the agent offer refundable deposit subject to legal checks ?
  • Does the agent use branded vehicles to show property ? and what is the condition of the vehicles used ?

If you can answer YES to all the above questions then you are well on your way to working with a reputable, professional company.

Payment structure for a new build property

A deposit of 3.000€ to 5.000€ depending on the property will be required to secure a reservation. Staged payments during construction normally deal with up to 60% of the balance of the purchase. The remaining balance will be settled on completion once you have inspected your property

Payment structure for a resale property

A deposit of 3.000€ will be required to secure a reservation and to take the property off the market. Generally the balance of 10% will be paid within 28 days with the remainder payable on completion. Vincent Real Estate offer a secure reservation subject to legal checks. Consequently if there are legal or debt issues with the property that cannot be resolved the reservation fee is refunded.

Can prices increase before I get to Spain?

Once a reservation has been made the price is secured. However, until such time as a reservation fee is paid the property is available for sale. If you see a property that is ideal we recommend a reservation subject to viewing within 7 days. This holds the property for 7 days giving you first refusal. If you do not wish to reserve in this manner then we suggest a viewing trip as soon as possible in order to secure the property of interest.

Will I receive a Guarantee with my property?

Yes, all properties receive a 10-year structural guarantee. With resale properties it will depend on the age of the property. . For example, if the property is only 2 years old, there would be 8 years left of the structural guarantee. This would be transferred to you.

How safe is my money ?

With new build purchases bank guarantees can be requested. With resale property, this will depend on the agent you choose to work with. Some offer reservations subject to legal checks like ourselves. Some do not, consequently if there is a legal issue with the property you will lose your deposit

How long will I have to wait for my property?

It depends if you buy a new or a re-sale property. You will have to wait between 6 and 18 months for a new build property. However, some developers have key ready stock available which are new properties that have not been sold. The resale market is also very strong where the timescale is a lot shorter. Timescale for resale properties is generally down to legal checks and finance approval where required. Resale completions can be within 4 weeks or up to 6 months depending on the agreement of the buyer and seller.

What additional costs can I expect to pay when buying a property in Spain?

To cover all the additional costs of buying a property in Spain we suggest you add 13% to the purchase price of the property. This is to cover 10% IVA (tax) and 3% for legal fees, notary fees, stamp duty and the connection of water and electricity. For a more detailed breakdown of buying costs please check out our page which covers this subject specifically 'Guide to Buying'

Could I buy my new property cheaper elsewhere?

The Developer sets the prices not the agent, so we can guarantee that you cannot buy the same property cheaper elsewhere. If you compare prices you should check to see if all the additional costs are included and remember to check the rate of exchange if prices are quoted in Sterling. Also, please be aware that some agents will quote the price of the cheapest property in the new build development which invariably is sold. When purchasing a new build property spend time to find an agent that is both knowledgeable and professional.



Currency Transfers

Don’t leave your currency until last! We advise speaking to a specialist currency company before you even start looking at property online. After all, how can you set a budget unless you know the sort of exchange rate you’ll get?

It’s vital to think carefully about who you choose to transfer your money.

There are three main reasons for that. Firstly, you are transferring a lot more money than when you pop over for a holiday. You want the best rate possible, but you also need to eliminate any risk from the transfer process.

Secondly, when you are trying to put down a deposit on a property, or you’re in the notary’s office about to complete, you need a currency specialist that best understands property transactions. That probably won’t be your high street bank. If they’re at the end of a phone, not hiding behind an app or website, that’s even better.

Thirdly, you need a company that can protect you from currency volatility. The process of buying a home in Spain takes at least a few weeks. That’s perfect for planning the patio furniture and inviting guests to the housewarming, but also means that the value of the pound can change significantly. Unless you secure your exchange rate when you sign the contract, you won’t know what it will cost when you pay the balance on completion.

Our recommended partner is the solution to all of those potential problems.

Smart Currency Exchange

Over the years, we have come to trust Smart to give the best possible service for property buyers (and sellers) in Spain. We would not choose a currency partner who didn’t – after all, your property purchase depends on it. Here is why we think you should use Smart.

1. Great service. Our clients speak very highly of Smart, as do the thousand-plus reviewers on the website Trustpilot. [Link to reviews – https://uk.trustpilot.com/review/www.smartcurrencyexchange.com ] who have given them a rating of 9.8 out of 10 for currency exchange and money transfers.

2. Property specialists. Smart has helped thousands of people to buy a home in Spain. They understand the ins and outs, the processes and risks of sending a large amount of money to another country. They are regulated by the FCA (the UK’s Financial Conduct Authority), licensed as a money transmitter by the HMRC and a member of AFEP (the Association of Foreign Exchange and Payment Companies).

You can download Smart’s guide: The Property Buyer's Guide to Currency

[LINK: http://www.smartcurrencyexchange.com/landing/SCE_TradersGuide.htm?source=SCEP_Vincent&refSrc=Introducer&refBy=329926 ] free of charge.

3. Fair rates Smart’s staff are not paid on commission, so your loss isn’t their gain, as it is for some companies. They rely more on repeat business and word of mouth recommendations.

4. Protection from currency risk As mentioned, buying property takes several weeks, at least. Smart can lock in an exchange rate for up to a year ahead so you have total peace of mind that the price you agreed is the price you’ll pay. If you are making stage payments, they can ensure that each payment will be at the same rate, whatever happens to the pound. And all of that at the same great rates, with no fees for transactions over £3,000.

5. Smart are family run. Smart was set up by Charles Purdy in 2004 and it is still employee-run. Charles is the first into the London office every day and leads a team of dedicated currency specialists who care passionately about removing any obstacle to your dream of owning a property in Spain. Smart also have offices in the Costa del Sol and Costa Blanca. Vincent Real Estate has a long-standing relationship with the Smart team. Read Charles’s currency note here [LINK: https://www.smartcurrencyexchange.com/news/market-update/]

What now? We would urge you to register with Smart as soon as possible in the property buying process. The best time is before you even start looking for property, because if you don’t know the rate you will get, it’s hard to set your budget.

Click here to register for your no obligation account with Smart. https://www.smartcurrencyexchange.com/landing/SCEP_apply_VRE.htm

Click here to get an exchange rate quote from Smart: http://www.smartcurrencyexchange.com/landing/quote.htm?source=SCEP_Vincent&refSrc=Introducer&refBy=329926

Smart Currency Exchange

Smart Currency Exchange Limited
26-28 Hammersmith Grove,
London, W6 7BA

Email: info@smartcurrencyexchange.com
Freephone: 0808 163 0102
Outside the UK: (+44) 20 7898 0541



Shopping

That simple trip to the shops is all of a sudden not so easy in a different country, but our after sales department are here to help. They will take you to shop for what ever you need kitchen goods, furniture, curtains, window grills, air conditioning, insurance, gardening equipment.

We will normally pass your contact details to the after sales department around 1 month before your completion date for them to make contact with you, but should you wish to use their services before that date just ring the Benijofar office on 0034 966 712440.



Solicitors

M&S INTEREALTY S.L

  • Conveyancing services
  • Professional legal advise
  • Fiscal representation
  • Financial advice & mortgages

M&S Interealty is a consultancy firm that deals with conveyancing management, advice and all the necessary formalities for the safe purchase and sale of properties in Spain.

For more information call:

Torrevieja office: +34 966 702 871

Benijofar office: +34 966 715 252

Or email: interealtys@interealtys.com





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