If you’re planning on buying a property in Lanzarote then our handy buyers guide below provides you with some insight into the process. Buying a property here on the island is easy and straightforward, you don’t have to be a resident and you don’t require any special permissions or paperwork.
Planning Your Purchase
What sort of property are you looking for? Is it for your own use or are you looking for a holiday rental? Are you planning to relocate to the island? These considerations will impact upon not just your choice of property but also its location. The team at Homes Lanzarote have many years experience of connecting buyers with their ideal apartment or villa so let us know your requirements and we will draw up a shortlist of properties that match your criteria.
Laying the Groundwork
Our professional team will assist and advise you on laying the groundwork for your purchase, covering the basics such as opening a non residents bank account and securing a NIE number (similar to a National Insurance number in the UK).
Typically buyers also need to allow a further 10% on top of the property sale price in order to cover standard expenses such as Stamp Duty and Transfer Tax.
Normally a holding deposit of €1000 is required to remove a property from the market.
Our team will also carry out conveyancing on your behalf, ensuring that your Nota Simple (Land Registry Search) is all in order and that there are no charges or claims outstanding against the property. Our service also encompasses ensuring that all local utility and tax bills are paid up to date prior to your purchase.
Once all of these aspects are in place we will supervise the signing in of the deposit contract between the buyer and the vendor. This then obliges the buyer to deposit 10% of the sale price into a regulated bank account – this amount will be forfeited if the buyer then withdraws for any reason and should the vendor withdraw the 10% is returned in full along with a further 10% of the sale price. This system effectively erodes the practice of gazumping which is more common in countries such as the UK.
Completing The Purchase
Completion is carried out in the official office of the Notary. The deeds are read out to both parties (we arrange a translator if required) and the remaining balance of the sale price is then handed over.
Our team will be on hand to ensure that all of the necessary paperwork is in order and we complete the process by paying Stamp Duty on your behalf and registering the title deeds in your name.