Polaris Golf Property UK
Call us on:
08454 66 55 44
9th August 2007

How to buy Polaris World Properties

With Polaris Golf Property UK, buying a Polaris World golf resort property is a straight forward process. From our UK and Spanish offices, we will provide you with full guidance at every stage of the process according to your requirements.

The Polaris World Standard Payment Plan

How to buy a Polaris World golf propertyThe standard payment plan is as follows:

  • Stage 1 - €3000 reservation. This reserves the property in your name for a standard period of 30 days.
  • Stage 2 - 25% of the total value of the property + 7% IVA (VAT) is payable 30 days after the reservation (less the reservation fee).
  • Stage 3 - 15% + IVA at start of build. A second instalment of 15% of the total value is payable once building has started usually 9 months after the reservation. In cases where construction has already begun, the instalment is made within 90 days of the sale.
  • Stage 4 - 60% + IVA upon completion. You pay a final instalment of 60% of the contracted sale price of your property upon completion of your property and the phase on which your property is situated.

All payments are bank guaranteed and fully certificated.

IVA, Taxes and Fees

The purchase of a new property from a developer in Spain is subject to 7% IVA (Spanish value added tax). As a general rule, you should add approximately 11% to the purchase price to cover all taxes and associated fees.

Example costs, associated with the purchase of a two bedroom apartment at £120,000 and provided as a guide only are:

IVA at 7% £8,400.00
Stamp Duty for new property £1,200.00
Notary Fee (preparing escitura (title deed)), Land register fee, Legal Fees - required for making searches, translation before notary etc £3,000.00
Fiscal Representation (to enable a legal representative to handle utility bills etc on your behalf) £85.00 approx
2 x Power of attorney £115.00 approx
2 x NIE numbers (Tax Identification Numbers) £115.00 approx
2 x Spanish Wills £200.00 approx
House Insurance £140.00 approx
TOTAL £13255.00 approx
(11% of the purchase price)

Mortgages in Spain

Mortgage adviceMortgages are widely available in Spain and with interest rates currently as low as 4% or less, amongst the lowest in Europe, they can be a very attractive method of funding your purchase. At Polaris Golf Property UK we have established relationships with the leading Spanish banks and can introduce you to their independent services to arrange financial assistance as necessary. Up to 80% of the value of the property can be obtained easily subject to the provision of proof of income or presentation of audited accounts for the self employed.

3 different ways to finance your purchase

  • Equity release mortgage on your UK property to provide up to 100% finance for your Polaris World property.
  • Equity release mortgage on your own property to provide deposit and expenses plus a Spanish mortgage to cover the remainder
  • Cash for deposit, early stage payment(s) and closing costs and arrange a mortgage of up to 80% of the value of your Polaris World property via a Spanish bank (see above)

Mortgage Calculator

Complete the information below and press "Calculate" to identify approximate mortgage repayment costs. See "Mortgages" in our "Buying Process" section for a guide to the current interest rate.

Monthly Repayments

Please note that these results are intended as a guide only.