FAQ’s by buyers
Q. Are property prices negotiable?
A. Yes property prices are negotiable and every situation is different.
Q. What other costs are involved when purchasing a property?
A. Allow 9% on top of the purchase price. This includes title deed registration, notary costs, and all legal fees.
Q. How much deposit is required to secure a property?
A. 10% is usually required.
Q. Can I apply for a mortgage with a Spanish Bank in Lanzarote?
A. Yes – It is a fairly easy process and you will know whether you qualify quite quickly. Spanish banks will lend based on individual personal circumstances. We advise that they will loan 60 – 70% of the property value. You will be required to provide proof of income etc.
Q. Will I require an NIE number?
A. You will require an NIE number.
Q. How do I open a Spanish bank account?
A. We are happy to help you open a bank account. You will need a copy of your passport and proof of address.
Q. Can I choose my own lawyer?
A. The choice is yours. We are on hand to help and happy to recommend a reputable lawyer.
Q. How long does it take to complete the purchase?
A. It can take 6-8 weeks but this varies depending on circumstances.
Q. What is an Escritura?
A. This is a Title Deed and contains details of the property, including, the legal owner, plot size and built area etc.
Q. What is a Nota Simple?
A. This is the land registry search that is carried out on the title deed of the property that you are interested in buying. It gives details of ownership, mortgages on the property etc.
Q. What other costs should I consider with owning a property?
A. Water & electricity (metered), annual property rates (IBI), annual rubbish collection (Basura), house insurance and if you live on a complex there will usually be a monthly community fee to consider.
Q. Do I need a Spanish will?
A. It is not obligatory but it is advisable to make a Spanish will to prevent future complications, and we are happy to discuss this in detail with you.