Your guide to moving
to Spain and purchasing property in Lanzarote,
Canary Islands.
Introduction
Purchasing
procedure
Legal
information
Purchase
costs
Introduction
Buying a property and moving home anywhere can be a
stressfull process. Buying a property and moving to
Spain can multiply the stress factor inmeasurably -
a foreign language, distance, different laws and procedures
can all combine make buying property in Spain traumatic.
However, by using our professional services you can
be assured that the purchase of your property will be
one aspect of your move that will be relatively smooth
and worry free. Operating from two offices, one in Puerto
del Carmen and the other in Playa
Blanca, all our staff speak English and Spanish
and are knowlegable on the ins and outs of buying and
selling property in Spain. If you require further assistance,
we have at our disposal a network of lawyers and accountants
(English-speaking) that can advise you according to
your particular circumstances.
Please
feel free to contact us
by telephone, fax, e-mail, or visit our offices personally
and we will be glad to discuss your property requirements
and guide you through the purchase procedure. Whether
you are in the initial stages of looking or have a fixed
idea of your exact requirements, whether you have funds
available or require financial assistance, we can guide
you through all the various stages. We can assist new
purchasers in opening a bank account, organize your
N.I.E. cards and generally take care of all your queries
and worries.
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Purchasing
procedure
After
we have accompanied you on viewing properties and you
have found the property that suits your requirements,
we will handle the negotiations between yourselves and
the vendors regarding the purchase price and completion
date. Once this is agreed, a private purchase contract
is drawn up and signed and the deposit amount paid.
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Legal information
Firstly, the searches on the property are made to ensure
that the property you wish to buy has been correctly
registered at the relevant Land Registry Office, that
the person selling the property is legally entitled
and that there are no outstanding debts or encumbrances
on the property. The next step is the Option to Purchase
Contract is drawn up. This has to be signed by both
Purchaser and Vendor (or their appointed representatives)
and a deposit paid (normally a minimum of 10% of the
purchase price). However, should the purchaser have
the monies in place and the property searches are already
completed, it is possible to sign the deeds before the
Public Notary without drawing up an Option to Purchase
Contract.
The
Option to Purchase Contract is accompanied by a copy
of the property search (Nota Simple) which includes
all the registral details of the property, an inventory
list (if applicable) of furniture to be sold together
with the property, personal details of both purchaser
and vendor, agreed purchase price and completion date
when the deeds are due to be signed before the Public
Notary.
This
contract is legal and binding on both parties (vendor
and purchaser) and should the purchaser not complete
the purchase, the deposit monies paid will be forfeited
and should the vendor not complete he will have to return
the deposit monies paid and the same amount again in
lieu of damages incurred by the purchaser.
Shortly
before the date comes to sign the deeds we check that
there are no outstanding receipts for water, electricity,
telephone and community fees (if applicable) ensuring
that the vendor hands over the property free of all
charges and debts. We also find out how much the Plus
Valia tax will be. (The Plus Valia tax is a one off
tax applied at the sale of a property and is levied
by the Town Hall of the borough that the property is
located in. There are seven boroughs in Lanzarote -
Arrecife, Haria,
San Bartolome, Teguise,
Tias, Tinajo
and Yaiza)
When
the time comes to sign the deeds before the Public Notary
we accompany both the vendor and purchaser to the Notary’s,
arrange the official translator (if required) and generally
ensure that the whole procedure goes smoothly. It is
at this stage that the remainder of the purchase price
is paid and the seller hands over the keys of the property
to the buyer.
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Purchase
costs
All purchase costs are payable by the purchaser, these
include the Notary Fees, Land Registration Fees, Stamp
Duty (transfer tax), Translator (if required), Plusvalia
Tax (the vendor is legally required to pay this, but
in practice in Lanzarote the purchaser pays it) and
Legal Fees. The purchase costs amount to approximately
of 10% of the purchase price.
Once
the purchase is signed, you are immediately handed the
keys and may take possession of your new property. Congratulations!
However the transaction is still not fully completed
until the utilities are put into your name, all the
taxes are paid and the property registered in your name
at the Land Registry. Once this has been done - which
normally takes a couple of months - you will receive
the fully registered Title Deed and all receipts.
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For more information contact our m@il here
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