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Frequently asked Questions
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1)Is the buying process difficult in Lanzarote?
No, we at Lanzarote Investments do all the work for you and guide you every step of the way, keeping you informed of each step as it happens.
2)How long does it take to buy a property?
It can take as little as 3 week , once the funds are in place and a date has been set for the notary you are ready to go. However should you need more time, this can be arranged for you.
3)Do I have to actually be in Lanzarote to sign for the property?
No, you can give power of Attorney to your lawyer and instruct them to sign on your behalf.
4)Do I need to be a resident to buy a property?
No, you do not, however you do need to get an N.I.E. number, which is a Spanish identification number, which we take you to get in Arrecife.
5)How do I get a mortgage in Lanzarote?
We take you to the bank and introduce you and we present all the documents required , if you don't have the relevant documents you can fax or email them to us and we will present them on your behalf.
6)Which is better a mortgage back home or in Lanzarote?
This is different for each individual, currently mortgage rates are about the same. The rate in Lanzarote is calculated on the Euribor.
7)How do I open a bank account?
We go with you to introduce you to the bank, they generally ask for a passport and one other form of identification ie a driving licence.
8)Will I have to pay community fees?
If you property is located on a community with communal shared areas, such as garden, pools and walk ways then yes. Community fees vary from approx 60 euros per month to 150 euros per month, depending on amenities and amount of properties in the community.
9)What other costs per year?
There is the local council tax and bin collection tax , again ranging from approx 200 euro s per year for a 1 bedroom apartments. There are also water and electricity bills.
10)What other costs are there associated with purchasing in Lanzarote?
You should allow yourself 10% for the purchase costs, this will include the 6% ITP tax ( VAT and Stamp Duty ), notary fees, Property registration fees, Translation fees, legal fees. Plus Valia Tax, which is the capital gains tax on the land value only not the building and mortgage fees. If applying for a mortgage it is prudent to allow 12% purchase costs.
11)What deposit is required to secure a property?
10% deposit is required to secure a property, this is normally released to the vendor when the purchase contracts are drawn up by the lawyer.
12)When will I get the keys?
You will receive the keys on the day of signing at the notary when you take full possession.
13)Can we stay in the property before we sign for a few days?
Unfortunately no by law the property has to be sold vacant possession, ie no one in there be it tenants or owners etc.
14)Do I need a Spanish will?
The answer is simply yes and your Spanish lawyer will help you draw one up.
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