Article by: webenquiries@atlanticohomes.com (Jonny Bailey) Published: 17/04/2009

A guide to buying in Lanzarote.

We will make the whole process run smoothly from your initial investigation right up until you sign for the property before a Notary by giving advice and putting you in contact with all kinds of professionals from lawyers to kitchen suppliers.

Search through our extensive property portfolio where you’ll find a lot of variety in type and price. Type in your requirements and away you go. If you are not on the island, please submit a brief request and we will contact you personally to provide additional information on a particular property or to answer any queries you may have.

If you don’t see exactly what you’re looking for, don’t worry, contact us and we will find it for you.

Once you’ve found the right property, an initial deposit is paid to hold the property until the Sale and Purchase Contract is signed. At this stage your lawyer will step in. We work closely with independent and very competent lawyers and we would be happy to recommend you their services. A lawyer will carry out searches on the property to ensure that you can safely go ahead with the purchase.

For more information on what a lawyer can do for you, please check our legal section.

The Sale and Purchase Contract commits both the vendor and the purchaser to the conditions stated therein. Upon signing this document another instalment is made, usually a minimum of 10% of the sale price.

This is a “Numero de Identificacion de Extranjeros” or Foreigners Identification Number. The N.I.E. is an essential for all non- residents buying a property in Spain but don’t be alarmed, it is easy to obtain and we can help you do so.

We are in contact with a number of major banks here and if finance is a must in your case, we can help to make that happen. All you will need to do is hand over the relevant paperwork and you will receive an answer within a short space of time. The banks that we deal with also speak English so direct communication will not be a problem at all. You will find excellent rates and conditions knocking down any obstacle to purchase the property of your choice.

The Title Deeds are signed before a Notary. A date will be arranged and you will be assisted to make sure that all paperwork is correct, on your side as well as the vendors to ensure this day goes as smoothly as possible for you. Again, your lawyer will play a big part in this area.

After signing, the remaining amount to pay for the property will be handed over to the vendor either in cash or by bankers’ draft. Upon doing this you will receive the keys for your property

If you calculate approximately 8.5% of the sale price for a sale with no mortgage and approximately 10% for a sale with a mortgage, you will account for the additional costs involved, these being:

Resale Property: Transfer Tax – 6.5% of the sale price

New property: IGIC – 5% of the sale price plus 0.75% Stamp Duty

Land Registry Charges

Notary Fees Lawyers Fees

Translator Fees (if you are not a Spanish speaker)

Plusvalia Tax (similar to Added Value Tax)

If you do not speak Spanish you will require the services of a translator on the day you sign the title deeds before a Notary. A translator's fees are approximately between 40€ and 90€.

Your lawyer will be able to provide you at a later date with a complete breakdown of fees and charges and also make sure that all these additional costs are paid for on your behalf. In most cases there will be a surplus in your favour that will be returned to you

Article Link: http://www.property-partnership.com/overseas-property-guides/overseas-property-guide.cfm?id=218

Please contact the author at webenquiries@atlanticohomes.com for more information.