QUESTION : Is
it difficult to buy property in Lanzarote
ANSWER : No it's not difficult
at all, we take care of everything for you! The laws and procedures
that govern the buying and selling of property in Lanzarote
are substantially different to those in the UK. But we can
guarantee that your purchase will go smoothly.
QUESTION : Do I have to
be in Lanzarote to sign the paperwork?
ANSWER : No. You can give
your lawyer Power of Attorney, which means that he can act
on your behalf at each stage of the buying process.
QUESTION : Do I have to
be a resident of Lanzarote before I can buy a property there?
ANSWER : No. Anyone who
is a resident of a country belonging to the EU can buy property
in Lanzarote.
QUESTION : Do I have to
be a resident of Lanzarote before I can obtain a mortgage?
ANSWER : No.
QUESTION : How do I open
a bank account in Lanzarote?
ANSWER : This is a straightforward
process that is
similar to opening an account in the UK. You'll need identification, usually
your passport. We can advise you on the best English speaking banks.
QUESTION : What are the benefits of buying
brand new or off-plan property?
ANSWER : New property comes with a 10-year
guarantee. Also, the purchase price is fixed as soon as you pay the deposit which,
given the steady rise in Spanish property values, means that the house you eventually
move into will be worth considerably than the money you owe for it. It is quite
common for people buying purely as an investment, to sell the property before
moving in or even before the building work has been finished, making a considerable
profit.
QUESTION : What are the benefits of buying
older property?
ANSWER: If you're buying a property in Lanzarote
to live in or as a 'buy to let' investment, a pre-owned home has the advantage
that you can move in within a very short space of time and you can see first
hand exactly what it is you're buying, and generally most of the time they are
fully furnished within the asking price.
QUESTION : I'm considering the purchase of
a property that's still under development. What do I stand to lose if the developer
ceases trading before the sale has been completed?
ANSWER : The Spanish authorities have introduced
new legislation to protect you. Property developers are required by law to take
out bank guarantees or insurance policies that provide for the repayment of any
monies that you have already paid, plus interest, in the event of bankruptcy
prior to completion. You may not be able to buy the property in question but
at least you won't have lost your money.
QUESTION : Will I have to pay 'Community'
fees?
ANSWER : If there are communal areas in the
development that you're considering - gardens, walkways, swimming pools etc.
- then you will probably have to pay a small sum on a monthly basis to contribute
to their upkeep.
QUESTION : How does the cost of living in
Lanzarote compare to the UK?
ANSWER : It's much cheaper! Some estimates
suggest that the cost of living in Lanzarote is only about two thirds of living
in the UK. Water, electricity, cars, petrol, food and drink are all less expensive,
sometimes
QUESTION : How much will I expect to pay for
council tax, water rates and electric bills?
ANSWER : Council taxes on average are between
150 and 500 euros annually depending on the value of the property. Water rates
for a three bedroom house are approx. 40 euros every 2 months. Electric bills
are around 55 euros every 2 months, there are no gas bills. |
QUESTION: How
do I apply for a mortgage in Lanzarote?
ANSWER: As in other countries,
Spanish banks will want to be satisfied as to your income.
We can give you all the information required to get you a
simple fast mortgage.
QUESTION: How much deposit
should I have to put down to secure a property?
ANSWER: It is customary
to pay a 10% deposit, then the balance when signing for the
deeds.
QUESTION: When can I move
in?
ANSWER: You can usually
take possession of the property when the title deeds have
been signed.
QUESTION: Does Lanzarote
have a national health care system?
ANSWER: Yes. It's free
to any EU citizens above the retirement age. Younger investors
should take out medical insurance if planning to live in
Lanzarote.
QUESTION: Can my UK State
Pension be paid to my Spanish bank account?
ANSWER: Yes, and we can
help you set up a bank account on the same day that you apply
at the bank.
QUESTION: Do I need a UK
solicitor as well as a Spanish one?
ANSWER: No. This would
only serve to increase your legal fees, but do make sure
that your Spanish lawyer speaks and writes fluent English.
We have English lawyers and accountants available for you.
QUESTION: Can I take my
car to Lanzarote?
ANSWER: Yes, assuming
you have owned it for six months or more. If you're planning
on keeping it here you'll need to get an export certificate
from the DVLA, and if you take up residency you'll have to
register the car in Lanzarote and get Spanish number plates.
We can advise you on the best freight service to use for
Lanzarote, and for all your furniture too.
QUESTION: What about the
Spanish education system?
ANSWER: It is excellent
and free of charge
.
QUESTION: I'm not in a position to fully fund
the purchase of a property yet and the price of Spanish properties seems to be
rising quickly. What can I do?
ANSWER: The answer quite simply is we can
organize a mortgage for you to help with your financies. Or alternatively properties
on new developments that have not been completed can be reserved by paying a
deposit, which fixes the price. You will have to make a second, larger payment
a month afterwards, which can be up to 50% of the agreed price but no further
payment is necessary until the property has been completed. Many property investors
sell their interest in the property to a third third party before it is ready
for occupation at a considerably higher price than they originally
QUESTION: Can I take up employment in Lanzarote?
ANSWER: Yes, if you are from a country that is in the EU.
QUESTION: Can I bring my pets with me to Lanzarote?
ANSWER: There's no problem with this providing
you have evidence of the relevant vaccinations. Don't forget to apply for a pet
passport if you want to bring your animals back to the UK.
QUESTION: Will I need an ID card?
ANSWER: Yes and this can be easily obtained
from major police stations, we will show you where and how.
QUESTION: Should I have a Spanish will?
ANSWER: Definitely.
QUESTION: Is it easy to move all my belongings
to Lanzarote?
ANSWER: It's very easy, and the whole process
only takes around 3 weeks and they will even pick up and deliver you to your
new house in Lanzarote. |
