Query about money from house sale

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26 Jan 2015 12:56 PM by camposol Star rating in Camposol. 1406 posts Send private message

Someone who knows I am selling my house,said why, in view of the exchange rate, don't I ask for the sale money to be direct into my Uk Bank in sterling.

I am confused as to how that will benefit me, as I would have to have it transferred back here , then back to UK again, as I will be moving back to the UK.

I thought the buyers have to hand over a bankers draft at the Notary, he sorts it out and eventually I get my money, less estate agents expenses, solicitors fees etc.

How would this suggestion work in practice?





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26 Jan 2015 2:29 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

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Notary will check you are receiving through proved means the price which is in the deeds and will also include in the Notary deed that the buyer is retaining 3% of the price to be paid to the Treasure unless you are subject to Personal Income Tax in Spain, which you will have to prove and the Notary will include in the deeds.

 

 

 



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26 Jan 2015 3:07 PM by camposol Star rating in Camposol. 1406 posts Send private message

But how does it work with the amounts to be subtracted, estate agencys fees, plus valia fees, etc or will that already have been done?

Also, how is  it supposed to be advantageous to be paid in this way rather than with euros

I had planned to transfer the funds to the UK bank via Currencies direct

 





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26 Jan 2015 5:48 PM by bobaol Star rating. 2253 posts Send private message

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When we sold our flat we didn't actually have a bank draft. The solicitors sent us a detailed breakdown including total cost, plus valia tax, retention for habitation certificate (if it ever appeared), notary fees, small retention for any unpaid utiility bills (about 50 euro I think) and everything else you could think of. The amount at the bottom was the amount we would receive. The solicitors then received the money from the buyers and put the pittance we got into our account and the agents fees into theirs. We could have picked a Spanish or UK bank.

Our solicitors and the buyers solicitors then showed details of the payments made at the notary and we didn't even have to turn up although the buyers did.

Payment to a UK bank would have been at the bank rate but we had it into a Spanish bank. As we were in our first year here as residents, without submitting a tax return, we were classed as non-residents so 3% was also retained. This shouldn't happen if you are resident and have submitted tax returns.

 





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26 Jan 2015 9:10 PM by camposol Star rating in Camposol. 1406 posts Send private message

Thanks

I wondered if there is any advantage in having it paid into the UK bank rather than have it paid in euros, meaning I would then have to have it transferred back using one of the currency exchange companies





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