Property buyer’s guide
Take some time and have a good think about which type of property you would ideally be looking for. Whatever you decide we have a large selection of all types of properties and all over the Island. If possible, let us know in advance of your visit to Lanzarote so that we can prepare a selection for you and arrange viewings in advance.
When you have found the right property and want to make an offer, our team at Lanzarote Agents will help you get the best deal. You will need to take into account that there are expenses on top of the agreed purchase price. More or less you should calculate about 10% of the sale price which is, Stamp duty (Impuesto sobre Transferencias Patrimoniales – Transfer Tax), Public Notary fees, Legal fees and Land registry fees.
If your offer is accepted then we will require a deposit of 2.000€ as a holding fee so that we can take the property off the market while the relevant searches are carried out. You will need to open a Spanish bank account and apply for your N.I.E. number – Número de Identificación de Extranjeros – foreigner’s ID number. This document is a legal requirement for all non residents who want to buy a property in Spain and is easy to apply for and obtain. Our staff will go with you and help.
Lanzarote Agent’s lawyer will go through the results of the Land Registry searches to check that everything is up to date and in order. They will check that the vendors are the legal registered owners of the property and that there are no charges or legal problems with the property. Also the town hall will be contacted to confirm that Planning permission and permits are in order. We will find out the outstanding amounts due for water and electricity so that they are cleared up to the purchase date.
When the sale day arrives you will sign your Title Deed (Escritura) in front of the Public Notary with the assistance of an official Translator. The Notary will check with the Land Registry a few minutes before the signing that everything is ok. The Notary will require original identification documentation (Passport and N.I.E. certificate) from both the vendor and the purchaser along with the original property documents and proof of tax payments.
If you need a Mortgage, Lanzarote Agents team will help you find the right one. At the moment the maximum that banks will lend is about 60 to 70 percent. You will need to provide Tax returns, Bank statements,Wage slips or company books, A list of incomings and outgoings and a Experian credit report.
Lanzarote Agents can offer you any help that you may need after you have completed and are the new owners of your property.
- Building and Maintenance
- Buying furniture and fittings
- Hot Tubs and Pools
- Internet and UK TV