One of the biggest dreams for people living outside of Lanzarote is to buy a holiday home abroad in the sun. For many this dream comes true and they buy a house in Lanzarote or Spain but there is always things to watch out for.
Buying a house in Lanzarote really starts the same way in the UK. You have a look round some estate agents at house, find one you like and get the ball rolling from there.
Once they have come to an agreement with the seller about the price you then need to follow some steps to ensure the house comes as is and does not have any hidden problems.
You need to ensure that the house / plot of land is free of charges. In Lanzarote all unpaid bills are with the house and not the owner, for example; if the owner had not paid the watr bill for 10 years and you buy
the house off him/her, you would be left to paid the bill as it carrries over with the house.
To check the house / plot you need to go to to the Property Register and asking for a ‘nota simple’ of the property in question.
This document will provide information about the possible charges of the property.
You also need to ensure that the person who is selling the house is the real owner of the house, mainly by check some form of ID.
If you have not found any major problems with the property, then the next step would be to go to the notary office and ask them to prepare all the documents necessary for the purchase.
At the signing of the contract of sale, the notary will read the contents of the ‘nota simple’ to make sure that all the parties involved know and understand the registry situation of the property.
At the signing of the contract of sale, the buyer and seller should agree who is to pay the associated taxes and other expenses (this is normally the buyers expense),
including the increment value duty, which according to the law should be paid by the seller, but it has become general practice in this island that the responsibility of paying it is assumed by the buyer.
Two or three days after having signed the bought contract (do not expect it to be this quick though), the buyer should collect the property deed at the notary’s and take it to the Property Register.
The payment will be 6% of the value that appears in the deed, plus the registry expenses.
Then, they must leave the deed at the Register for approximately one month, after which they can collect it (again this could take longer).
Although the above may sound complicated / scary a good estate agents will help you every step of the way and do a lot to help the sale of the house go though smoothly.