Property Lawyer Lanzarote

Erardo Ferrer Quintana, born in Lanzarote, has 25 years of professional experience and a very high professional qualification in Spanish and Canarian property and urban planning law. Therefore, he offers full guarantees for a safe, fast and professional sale and purchase in Lanzarote.  He knows every corner of the island perfectly, the legal, local, regional and state regulations and has assisted hundreds of clients who have bought their house or flat, with the highest degree of customer satisfaction. He also specialises in the purchase and sale of property by non-residents.

It offers direct and immediate communication with all its clients, guaranteeing a fast and secure sale and purchase.

He offers a comprehensive property conveyance service which includes the following components:

            1)  Drawing up the purchase contract, the preliminary contract and  the reservation contract.

            2)  Verification that the seller is able to pass good title

            3)  Registry search to ensure property free of any charges or other mortgages

            4)  Ensure outstanding  taxes on the property are up-to-date before transfer

            5)  Make sure that  all  items included in the sale (fixtures and  fittings etc.)

            6)  Attendance and assistance when signing the deeds of the  property

            7)  Verify that the property complies with all local zoning laws

            8)  Payment of stamp duty (sales tax)

            9)  Registration of new title on property registry

1. Initial Consultation: Your journey commences with a thorough discussion, ensuring your lawyer comprehensively understands your needs and preferences.

2. Property Verification: A thorough examination of the property’s legal status, ensuring it is free from debts, encumbrances, and with valid licensing.

3. Legal Due Diligence: Meticulous scrutiny of legal documentation, ensuring every aspect adheres to Spanish property law.

4. NIE Acquisition and Bank Procedures: Assistance in obtaining your NIE number and setting up a Spanish bank account, as required (check to confirm if included in conveyancing fees)

5. Contract Management: From drafting to reviewing contracts, every detail is meticulously managed to safeguard your interests.

6. Title Deed and Registration: Ensuring the title deed is correctly signed, and facilitating the smooth registration of the property under your name.

7. Post-purchase Support: Continued support, ensuring you’re abreast with tax obligations and other post-purchase responsibilities (not included in conveyancing fees)

The notary plays a crucial role in the final stages, ensuring both parties fully understand the terms of the sale. Once the documents are signed, your property will be registered in the land registry. It’s the official stamp that says, «This slice of Lanzarote paradise is yours!»

While you’re dreaming of sunsets on your new terrace, don’t forget to budget for the less glamorous aspects. Set aside about 10% of the purchase price for various fees and taxes. These include transfer tax, notary fees, and potentially mortgage fees. It’s the price of making your Lanzarote dream a reality.

The private contract sets the stage, outlining the terms of sale, purchase price, and completion date. Think of it as the dress rehearsal. The Escritura is the grand performance – signed by both parties, it’s the official transfer of ownership. It’s a momentous occasion, so savor it!

Navigating the legal landscape of property purchase in Lanzarote can be as challenging as traversing its volcanic terrain. 

This is where your lawyer becomes your most valuable asset. They’ll be your guide, interpreter, and protector throughout the process, ensuring every ‘i’ is dotted and every ‘t’ is crossed in both the private contract and the all-important Escritura (title deeds). 

If you do not speak fluent Spanish, it is crucial to have a translator present to ensure you fully understand the process and documentation.

Negotiation is an expected part of the property buying process in Lanzarote. Start with a slightly lower offer, leaving room for friendly bargaining. Remember, it’s not just about the price – clarify what’s included in the sale. That charming antique armoire or the state-of-the-art outdoor grill could make or break the deal!

Before making an offer, immerse yourself in the local market. Research comparable properties, recent sales, and current trends. Armed with this knowledge, you can confidently present a competitive yet reasonable offer. Pro tip: Consider including a clause that allows for a refund if any title issues arise – it’s your safety net in this foreign market.

Embarking on the journey of purchasing property in Lanzarote is an exciting adventure that typically unfolds over 4-6 weeks. This sun-soaked Canary Island offers a unique blend of volcanic landscapes and Mediterranean charm, making it a coveted destination for property buyers. Let’s dive into the intricacies of this process, ensuring you’re well-prepared for your Lanzarote property adventure.

The day you sign the purchase agreement at the public notary is crucial. Never attend this appointment alone, even if you’re fluent in Spanish. Many issues and questions can arise during this process, and you need someone to advocate for your interests and provide accurate translations. The notary must witness any large value sales and ensure all parties understand the transaction.

Key points to consider:

• A same-day certificate from the land registry must be checked to avoid last-minute surprises.
• Important clauses and documents, such as certificates and tax payment receipts, must be attached to the deed.
• An independent lawyer can ensure that every detail is properly handled. The notary’s role includes overseeing the signing of mortgage deeds and property and mortgage deeds, ensuring all terms and conditions are understood.

While buying a property in Lanzarote can be an exciting and rewarding experience, it’s essential to approach the process with caution and seek independent legal advice. This will help ensure a smooth transaction and protect your interests throughout the buying process.

When buying an apartment or villa in a community of owners in Lanzarote, it’s essential to be aware of any existing restrictions. These may include:

• Limitations on renting the property to tourists
• Pet ownership restrictions
• Rules about property modifications or decorations

Additionally, be aware of the potential for squatter issues, which can be challenging to resolve due to Spain’s current regulations regarding evictions.

Paying a holding deposit is a crucial moment in the property buying process, and unfortunately, it’s an area where fraud can occur. To protect yourself:

• Be certain about your decision to purchase before paying any deposit.
• Ensure you’re dealing with a reputable real estate agency.
• Verify that the vendor has the legal right to sell the property.
• Thoroughly understand the terms of the holding deposit contract.

There have been cases where buyers have lost their deposits due to unclear contract terms, leading to court claims. In some instances, unscrupulous agencies have disappeared with deposits. Always have a legal professional review the deposit contract before signing.

It’s highly recommended to obtain a detailed report of all potential costs before finalizing your purchase. This report should include:

• Tax costs (including transmission tax)
• Notary and land registry fees
• Legal fees
• Community fees (for properties in shared complexes)
• Utility bills
• Security system costs
• Valuation fees

Having this information upfront will help you avoid any unpleasant surprises and allow for more accurate budgeting.

Non-resident buyers need to factor in the non-resident tax in Spain. All buyers, regardless of residency status, are subject to government property taxes in the Canary Islands, including a transmission tax that varies according to the property’s value. Buyers should also consider income tax returns and the tax declaration process for property owners in Spain.

When considering a property purchase in Lanzarote, it’s crucial to have a comprehensive understanding of all associated costs. These can vary depending on the type of property and the personal circumstances of both vendors and buyers.

When buying property in Lanzarote, various mortgage options are available to both residents and non-residents. Local banks offer competitive interest rates, making property investment in Canary Island accessible to a wide range of buyers. Getting a local mortgage involves the bank conducting a valuation of the property, which incurs valuation fees.

Non-residents can typically borrow up to 60% to 70% of the property’s purchase price or bank valuation, whichever is lower. Residents may secure mortgages for up to 70% of the property’s value. These loan-to-value ratios are in line with general Spanish mortgage practices for foreigners.

It’s important to note that the mortgage application process in Spain can be complex, especially for non-residents. Banks will require proof of income, financial stability, and a Spanish NIE number. Additional costs, such as property appraisal fees, notary fees, and mortgage stamp duty, should be factored into your budget.

Fixed, variable, and mixed-rate mortgages are available, allowing buyers to choose the option that best suits their financial situation and risk tolerance. Working with a specialized mortgage broker can help navigate the process and secure the most favorable terms.

Location is paramount when choosing a property in Lanzarote. Popular areas like Puerto del Carmen, Playa Blanca, and Costa Teguise offer vibrant atmospheres, amenities, and proximity to beaches. These locations are ideal for those seeking a bustling environment or considering rental potential. Conversely, inland areas or smaller coastal towns can offer a more tranquil lifestyle and often more space for your money.

The type of property you choose should align with your lifestyle and intended use. Apartments are low-maintenance and often come with shared facilities, making them ideal for holiday homes or rental investments. Villas offer more privacy and space but require more upkeep. Townhouses can provide a middle ground, offering more space than an apartment but with less maintenance than a detached villa.

Budget considerations extend beyond the purchase price. Factor in additional costs such as notary fees, property transfer tax, and potential mortgage fees on top of the sales price. For ongoing expenses, consider community fees for apartments or urbanizations, property taxes, utilities, and maintenance costs. If you’re considering a property for rental purposes, research potential rental income and occupancy rates in the area to ensure it aligns with your financial goals.

By carefully considering these factors and working with reputable local professionals, you can navigate the Lanzarote property market with confidence, finding a property that not only meets your immediate needs but also proves to be a sound long-term investment.

Investing in Lanzarote property can be financially rewarding due to the market’s resilience, steady growth, and lower interest rates compared to other European destinations. The potential for rental income from year-round tourism is a key attraction, offering a steady income stream to offset costs or generate profit.

Having assisted clients for more than 25 years in Lanzarote, I have seen the rise in popularity of the island among northern Europeans. Perhaps it is the year-round mild weather and the relative value of the property here.