Q. Rental Agency Costs?
A. One months rent is asked for to secure tenants. 

Q. What is the Rental Return on Investment?
A. Circa 5% and the market is quite bouyant 

Q. Can I open a bank account in Hungary?
A. Yes 

Q. What are The Stamp Duty Rates on Hungarian Property?
A. Value of Apartment 0-€60,000
Total amount is exempt from Stamp Duty

Value of Apartment €60,000-€100,000
The first €60,000 is exempt from Stamp Duty. The amount over €60,000 is subject to 6% stamp duty

Example:
Apartment costing €100,000
€60,000 exempt
€40,000 subject to 6% i.e.€2,400
Total Stamp Duty: €2,400

€120,000 Plus The first €10,000 is subject to 2%
The amount above 10,000 is subject to 6%

Apartment costing €150,000
€10,000 Subject to 2% i.e. €200
€140,000-00 Subject to 6% i.e. €8,400
Total Stamp Duty: €8,600  

Q. How can I raise finance to buy a property in Spain?
A. You can either extend the mortgage on your Irish Property or take out a mortgage on your new Spanish property.
Mortgaging your Irish Property
Currently there are some excellent deals to be done at the major banks and financial institiutions. Whether you choose to borrow at variable, at a fixed rate or with one of the hybrid schemes now on offer.
Talk to your bank or mortgage broker.  

Q. How long does it take to receive a Spanish mortgage offer?
A. Allow four weeks from the date of your application to receiving a written mortgage as getting the information to the lending institution sometimes takes a while. It can take longer than four weeks.

Once you receive the offer you will generally have 30 days from receipt in which to accept it, after which the offer lapses. Have the mortgage offer explained in every detail by your lawyer. 

Q. Tell me a little about applying for a Spanish Mortgage
A. The information needed will vary from bank to bank. Applications can receive preliminary approval (subject to survey of property, confirmation of good title and confirmation of the information, income etc. supplied by you) within a few days. Insight Property can supply you with list of lending institutions. 

Q. UK stamp duty changes - who is likely to be affected by 2005 budget change?
A. Prior to the 2005 budget changes no tax was payable on transactions in residential property if the purchase price did not exceed £60,000. The budget 2005 raised this threshold to £120,000 so tax will not be payable on transactions if the purchase price does not exceed €120,000 and tax will be payable at 1% if the purchase price exceeds £120,000 but is less than £250,000