Buying a Property in Tenerife

Local property lawyers provide you with the recommended steps to take when buying a Property in Tenerife, help you manage taxes and other issues.
Article Published: 27 Oct, 2020, Updated: 22 Nov, 2022 under Property Purchase

If you are buying property in Spain and you choose Tenerife as your ideal location, you should research the matter thoroughly before arrival on the island. A common misconception made by first-time buyers is that the purchasing process is the same in Tenerife as in their home country.

This can often lead to mistakes that either cause them to waste their time and/or spend more money than necessary. Here are some pitfalls when buying a property in Tenerife, and how to avoid them, so that you can feel confident about your Spanish property journey ahead.

 

Not having your registrations in place before the buying process

Certain registration requirements are basic for your property process. You need to make sure you obtain your NIE number – required for property purchases and legal conveyancing

 

Insufficient property research

By not doing enough research into the property you would like to buy, you may risk encountering unexpected costs or additional parts of the process. Important considerations include:

  • Has the house been built legally?
  • Does it need any renovation work?
  • Does it have building licenses that cover any modifications required/desired?
  • Are there any restrictions on modifications?
  • Are there any urban planning records of the property?
  • Is there a Community of Owners and how does it work

 

Not understanding your contract(s)

Buying a property in Tenerife is an important investment, so you need to make sure that when you sign any contract, you know the exact consequences. Misunderstanding the purchase contract, risks serious repercussions and is only one of many pitfalls when buying property in Spain.

 

No preparation for future fees

Remember, the purchasing of a property is not the end of the process. You still need to budget for ongoing costs, such as any mortgage repayments, home insurance, utility bills, and Spanish property purchase tax, for example IBI and non-resident property tax.

Spain’s utility costs are one of the highest in the EU, so it is essential to take this into account when budgeting your monthly outgoings.

The most efficient way to avoid any of the abovementioned problems is to consult an independent legal expert who can assist you with the entire process when purchasing a property in Spain, from NIE acquisition to conveyancing. You should also try to choose a different Independent Legal Expert to the seller of the property or Estate Agent, guaranteeing that they are independent and have your best interests in mind.

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Service Details

Property Purchase

This service is available across Spain

Who 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.

What 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.

Free 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.
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