Buy a Repossession In Spain With La Luna

Repossessions in Spain

Spanish Repossessions

Identifying and buying a repossessed property can be challenging, but with our help and guidance, there are many genuine bargains to be had. The team at La Luna Properties work closely with the legal departments of four of the biggest banks in Spain.

Repossessions, especially in the right location, can represent a fantastic bargain, but just like anything in life, if something looks to good to be true, then unfortunately it often is. A property might look like a steal, but there are many other things that you have to consider before proceeding and speed is absolutely of the essence.

First and foremost, With many bargain hunters around, it’s essential that once you find the right property, that you immediately put down a deposit in order to reserve your right to buy and effectively take it off the market. This can be from as little as €500 and is normally refundable, in the event you don’t or can’t proceed.

If you need a mortgage and even if you are buying in cash, be warned that banks will be looking for a considerable amount of paperwork, such as proof of funds and confirmation of personal income. Don’t worry, we will work very closely with you to make sure the bank are 100% satisfied and within the shortest timescale possible. It’s all part of our service at La Luna Properties.

Secondly, you need to get sound legal advice. We work with a number of trusted lawyers, who we are happy to recommend.

Find out how you could buy a repossession in Spain with La Luna Properties.

How to buy A Repossession in Spain

The repossession process in Spain is generally speaking, a much slower one than we are used to in the UK. Consequently, the bank can end up accumulating substantial debts before bringing the property to the market and not just to the community. It’s down to your lawyer to ensure that any debts associated with the property are cleared along with any legal charges.

Lawyers acting on behalf of the repossessing bank, often try to push through the purchase on an “as seen.” basis at completion. In other words if you move in and find something fundamentally wrong with the property, you would then have no recourse. Your lawyer will be watching carefully for this. If there are any doubts, it’s often better to stand your ground until this legal point is resolved, even if means a delay in completion.

Thirdly, these properties, seldom if ever, are in move in condition. Invariably, some upgrading is going to be required. At La Luna we are happy to recommend a number of local tradesmen for you. Services like water and electricity will need to be reconnected too. This is a far more cumbersome process than in the UK, so you have to appreciate delays are inevitable. Therefore, taking immediate occupation of the property is highly unlikely.

Finally, you need to be aware that you may need to pay an additional tax based on the true valuation as perceived by the Junta de Andalusia, as opposed to the purchase price. For example, up a value of €400k, purchase tax is set at 8%. So if you buy a property for say €200k, but the Junta then come back with a valuation figure of €250k, then in turn an additional tax of €4,000 would be payable.

If you have any more questions on repossessed properties, then please don’t hesitate to contact the La Luna team

If you would like impartial advice on how you could buy a Spanish Repossession in the Costa del Sol now, contact us today.

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Having dealt with La Luna for the purchase of the property I was more than pleased with the way they handled everything on our behalf with extreme professionalism & in contact throughout when necessary. Daniel & Ursula have been fab throughout & made what was previously a bad experience turn out better than we expected.

Sara Grove


It is because of Úrsula's great work that we were able to complete on our little dream of a place in the sun. The La Luna guys went above and beyond for us and truly looked after us and made it all possible. We can't thank Úrsula enough and hope we meet up many times in Spain.

Wendy Beever

We are so excited to own our home in La Cala de Mijas. We had so much help and support from Ursula and Daniel and couldn't have done it without them. They are so friendly and honest and we feel we have made new friends. We would recommend La Luna Properties to anyone looking to buy smoothly in Costa del Sol.

Lorna Connell