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Laura Leyshon: Gran Canaria's top selling estate agent

Gran Canaria estate agent. Best seller. I work with foreign buyers ans sellers.

Why Choose Laura & Las Palmas Property

I’m Laura Leyshon and I’m Las Palmas’ resident property expert.  I work for RE/MAX Cony Overseas, one of the city’s oldest estate agencies and the first RE/MAX office to open in Europe. Cony Overseas has an excellent local reputation and has helped hundreds of foreign buyers and sellers in Las Palmas and all over Gran […]

You are here: Home / Gran Canaria Property Articles / BUYING GRAN CANARIA PROPERTY / Gran Canaria Mortgage? Bank Valuations Can Bump Up Your Tax Bill

Gran Canaria Mortgage? Bank Valuations Can Bump Up Your Tax Bill

July 10, 2018 by Laura Leyshon

Getting a Gran Canaria mortgage? Don't let an inaccurate bank valuation cost you a fortune

 

The valuation (tasación) your bank makes when you apply for a mortgage has a significant effect on your Gran Canaria property purchase.

  • If it’s too low, you don’t get the mortgage or have to provide more capital.
  • If it’s too high, it can cost you a fortune in extra tax payments.

The tax implications of buying a  bargain Gran Canaria property

In my article Bargain Gran Canaria Property: Got A Big Tax Bill, I wrote about how the Spanish tax authorities (Hacienda) often demand extra tax if they think you got a good deal. It stops people from paying for a percentage of their property in under-the-table cash.

The Tax authorities are meant to use an official formula for calculating how much extra tax you owe. However, often they just use the valuation made by the bank when you get a mortgage. Legal precedent in Spain has established that the taxman has the right to do this.

For example, if you buy a house in Gran Canaria for €230,000 but the tasación comes out at €330,000, Hacienda asks for 6.5% of the difference in Impuesto de Transmisiones Patrimoniales (ITP) tax. It can ask for this extra tax payment up to four years after the purchase date (and often does wait until the last minute and add four years of interest).

Avoid this unwelcome surprise by challenging a bank valuation that is significantly higher than the price you are paying for your property.

A good estate agent will be able to argue your case with your bank’s tasador and make sure you get an accurate valuation that doesn’t attract the taxman’s attention.

I’m Laura and I’m one of Gran Canaria’s best-selling estate agents. If you plan to sell or buy a Gran Canaria property and want quality personal service, please get in touch for a free consultation.

 

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Laura Leyshon
Laura Leyshon
Gran Canaria Estate Agent at Las Palmas Property
I'm Laura Leyshon and I help foreign property buyers and sellers in Gran Canaria. I work with RE/MAX Cony Overseas, one of the island's oldest and most prestigious agencies, and I offer a complete, professional service with a personal touch. If you want to buy or sell property in Gran Canaria and want to work with one good agent, please get in touch.

Filed Under: BUYING GRAN CANARIA PROPERTY Tagged With: Gran Canaria estate agent, Gran Canaria mortgage, Gran Canaria mortgage help, Gran Canaria property expert, Gran Canaria property help, Gran Canaria property tips, Gran Canaria tasacion, Las Palmas property

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I'm Laura Leyshon and I help property buyers and sellers in Gran Canaria. I work with RE/MAX Cony Overseas, one of the island's oldest and most prestigious agencies, and I am one of Spain's top-performing estate agents. I offer a complete, professional service with a personal touch. Please get in touch for a free consultation or property valuation. Read More…

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