Sold property: final tasks to complete

Questions relating to buying or owning a property. Moving to Menorca Sub-forum: moving to, or living and working on Menorca
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in.di.go
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Sold property: final tasks to complete

Post by in.di.go » October 14th, 2019, 2:43 pm

We've just completed the sale of our place on the island and wanted to ensure we also took care of any loose ends - does anyone have feedback or additions to the below list:

- ensure that we settle any apartment complex fees (or request a refund if we’ve overpaid these)
- cancel our property insurance
- contact Spanish Tax Forms to complete the tax return (form 210) for the 2019 period to date
- close electricity and water accounts
- pay any local council taxes due for the 2019 period to date
- do we need to do anything ourselves regarding the capital gains tax due on the sale? We have already paid the default 3% amount but are probably due a refund of some of this – how can we follow up on it?
- close local bank account

magpie69
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Re: Sold property: final tasks to complete

Post by magpie69 » October 14th, 2019, 3:22 pm

Lucky you! We've been trying to sell our apartment for two years with no success.
Hope you manage to tie up all the loose ends.

Bill

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Re: Sold property: final tasks to complete

Post by Keefyd » October 15th, 2019, 9:40 am

Your solicitor should be able to help with following up on the refund of your 3% tax retention, they will also assist with closing of all of your accounts.
It can take upto a year to receive any refunds due and don’t expect to get refunds on all of the annual payments you have made, I had quite a shock when I looked into who refunds and who doesn’t. It’s not like the U.K.
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in.di.go
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Re: Sold property: final tasks to complete

Post by in.di.go » October 17th, 2019, 9:07 am

Thanks, both. Will keep working through our list then.

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Re: Sold property: final tasks to complete

Post by Boycie » October 17th, 2019, 5:20 pm

When I looked into selling our place, i was informed that I would have to keep my bank account open has the refund from the 3% tax would only be paid into a Spanish bank account. Don't know if this is true.
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Keefyd
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Re: Sold property: final tasks to complete

Post by Keefyd » October 17th, 2019, 7:08 pm

Yes that is correct, the Spanish tax authority will only make payments into a Spanish bank account.
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in.di.go
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Re: Sold property: final tasks to complete

Post by in.di.go » October 18th, 2019, 1:28 pm

Perfect, that is very good to know, so we will ensure the account is left open for this.

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Re: Sold property: final tasks to complete

Post by Slartibartfast » October 18th, 2019, 3:57 pm

The tax will pay into a UK bank account. When we left Menorca our bank and accountant told us that any tax refund would only be paid into our Spanish bank account, but, as we had a "Residents" account it was a legal requirement that the account had to be closed once we had cancelled our residency, and there were other reasons that I wanted the account closed before we left. But it turned out that they would and did pay my tax overpayment into my UK account.
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