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4 Tips when Buying a House in Lanzarote

Having assisted clients for more than 15 years in Lanzarote, there are a few things you should know because purchasing a property here. Please find below some advice that will help you to avoid any problems when buying a house in Lanzarote, or indeed when buying a house in Spain.

Know the Costs of Buying a House in Lanzarote

Costs can vary depending on the type of property and the personal circumstances of vendors and buyers so that, those who are non-resident, will need to consider the non-resident tax in Spain, for example. All buyers, regardless of their residency situation are subject to government property taxes in the Canary Islands ie a transmission tax which varies according to the value of the property.

It is recommended to obtain a report of tax costs, notary and land registry costs, legal fees, community fees, utility bills, alarm costs, etc. before confirming the purchase so you will not receive any unpleasant surprises.

Paying a Holding Deposit

This is a critical moment because we see frauds being carried-out frequently. Please make sure you are absolutely sure that you want to go ahead with the purchase, that you are dealing with a reliable real estate agency, that the vendor has good title to sell and that you understand the conditions of the holding deposit contract.

We have had to deal with some very difficult situations such as losing the deposit because the terms of the deposit contract were not clear enough.

This can mean that a claim has to be lodged in Court, and it is not unknown for the real estate agency to disappear with deposits, etc. So make sure you check the contract deposit properly before signing it.

Check Any Restrictions

When buying an apartment or villa on a community of owners in Lanzarote make sure that you understand any restrictions there may be in place. Such restrictions may include not being able to let the property to tourists or restrictions on having pets. There may also be problems with squatters, which unfortunately is a not uncommon situation at the moment in Spain as a result of the rather ineffective regulation against this type of situation.

Date for signature at Public Notary

Never attend the public notary office for signing your purchase by yourself even if you speak fluent Spanish. 90% of purchases, problems and doubts will come up at the Notary Office and you need somebody watching your back and translating from Spanish.

For example: a certificate from the land registry must be checked on the same day before signing the purchase to avoid surprises, several important clauses and documents such as certificates, tax payment receipts must be attached to the deed, etc. An independent lawyer will make sure every detail is properly done.

Buying a property in Lanzarote does not need to be a risky or stressful activity, but you should ensure that you have appropriate independent legal advice in order to ensure that everything runs smoothly.

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Property Purchase

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1Who is this Service for?

Buying property abroad is a very popular activity but can be fraught with dangers.

Given that the purchase of a property is one of the most important investments that most people will make in their lifetime, it is crucial to be advised by an independent expert.

2What does this service consist of?

  • Review of the purchase contract.
  • Management of negotiations and counter-offers.
  • Verification that the seller is able to pass good title.
  • Registry search to ensure property free of any charges or other mortgages.
  • Ensure outstanding taxes on the property are up-to-date before transfer.
  • Make sure that all items included in the sale (fixtures and fittings etc.).
  • Attendance and assistance when signing the deeds of the property.
  • Management of negotiations and counter-offers
  • In depth information about schools, sports clubs, shops, cultural organisations, etc.
  • Payment of stamp duty.
Support services

3Free Support Services Included

When combined with the free and innovative Advocate Abroad support services you can be sure that you are obtaining completely transparent legal services from registered and regulated English-speaking lawyers abroad.These support services include:

  • Verification of the regulatory status of your professional.
  • Fees as recommended by the Local Professional Body
  • Fees specified in advance and legally guaranteed.
  • Service levels agreed in advance and guaranteed.
  • All professionals must hold professional indemnity insurance.
  • Professionals' proficiency in English monitored.
  • Continuous quality controls and reviews.

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