Copyright @ The Property Warehouse S L .  Calle Palangre 1, Puerto del Carmen, Lanzarote. 35510   Tel.  0034 928510237   Fax. 0034 928 516262 

Warehouse

Frequently Asked Questions

Lanzarote Rentals

Check out the full range of rental properties.1 and 2 bedroom apartments,  villas with pools
Finca, Country Houses and many more

Reduced Property Prices

Search Properties By Area

Receive Your FREE
Lanzarote
 Property Guide

QUESTION:
Is it difficult to buy property in Lanzarote

ANSWER: No it's not difficult at all, we take care of everything for you! The laws and procedures that govern the buying and selling of property in Lanzarote are substantially different to those in the UK. But we can guarantee that your purchase will go smoothly.

QUESTION: Do I have to be in Lanzarote to sign the paperwork?

ANSWER: No. You can give your lawyer Power of Attorney, which means that he can act on your behalf at each stage of the buying process.

QUESTION: Do I have to be a resident of Lanzarote before I can buy a property there?

ANSWER: No. Anyone who is a resident of a country belonging to the EU can buy property in Lanzarote.

QUESTION: Do I have to be a resident of Lanzarote before I can obtain a mortgage?

ANSWER: No.

QUESTION: How do I open a bank account in Lanzarote?

ANSWER: This is a straightforward process that is
similar to opening an account in the UK. You'll need identification, usually your passport. We can advise you on the best English speaking banks.

QUESTION: What are the benefits of buying brand new or off-plan property?

ANSWER: New property comes with a 10-year guarantee. Also, the purchase price is fixed as soon as you pay the deposit which, given the steady rise in Spanish property values, means that the house you eventually move into will be worth considerably than the money you owe for it. It is quite common for people buying purely as an investment, to sell the property before moving in or even before the building work has been finished, making a considerable profit.

QUESTION: What are the benefits of buying older property?

ANSWER: If you're buying a property in Lanzarote to live in or as a 'buy to let' investment, a pre-owned home has the advantage that you can move in within a very short space of time and you can see first hand exactly what it is you're buying, and generally most of the time they are fully furnished within the asking price.

QUESTION: I'm considering the purchase of a property that's still under development. What do I stand to lose if the developer ceases trading before the sale has been completed?

ANSWER: The Spanish authorities have introduced new legislation to protect you. Property developers are required by law to take out bank guarantees or insurance policies that provide for the repayment of any monies that you have already paid, plus interest, in the event of bankruptcy prior to completion. You may not be able to buy the property in question but at least you won't have lost your money.

QUESTION : Will I have to pay 'Community' fees?

ANSWER: If there are communal areas in the development that you're considering - gardens, walkways, swimming pools etc. - then you will probably have to pay a small sum on a monthly basis to contribute to their upkeep.

QUESTION : How does the cost of living in Lanzarote compare to the UK?

ANSWER: It's much cheaper! Some estimates suggest that the cost of living in Lanzarote is only about two thirds of living in the UK. Water, electricity, cars, petrol, food and drink are all less expensive, sometimes

QUESTION : How much will I expect to pay for council tax, water rates and electric bills?

ANSWER: Council taxes on average are between 150 and 500 euros annually depending on the value of the property. Water rates for a three bedroom house are approx. 40 euros every 2 months. Electric bills are around 55 euros every 2 months, there are no gas bills.


             TEL: 0034 928 510

QUESTION: How do I apply for a mortgage in Lanzarote?

ANSWER: As in other countries, Spanish banks will want to be satisfied as to your income. We can give you all the information required to get you a simple fast mortgage.

QUESTION: How much deposit should I have to put down to secure a property?

ANSWER: It is customary to pay a 10% deposit, then the balance when signing for the deeds.

QUESTION: When can I move in?

ANSWER: You can usually take possession of the property when the title deeds have been signed.
negotiated..

QUESTION: Does Lanzarote have a national health care system?

ANSWER: Yes. It's free to any EU citizens above the retirement age. Younger investors should take out medical insurance if planning to live in Lanzarote.

QUESTION: Can my UK State Pension be paid to my Spanish bank account?

ANSWER: Yes, and we can help you set up a bank account on the same day that you apply at the bank.

QUESTION : Do I need a UK solicitor as well as a Spanish one?

ANSWER: No. This would only serve to increase your legal fees, but do make sure that your Spanish lawyer speaks and writes fluent English. We have English lawyers and accountants available for you.

QUESTION: Can I take my car to Lanzarote?

ANSWER: Yes, assuming you have owned it for six months or more. If you're planning on keeping it here you'll need to get an export certificate from the DVLA, and if you take up residency you'll have to register the car in Lanzarote and get Spanish number plates. We can advise you on the best freight service to use for Lanzarote, and for all your furniture too.

QUESTION: What about the Spanish education system?

ANSWER: It is excellent and free of charge
.
QUESTION : I'm not in a position to fully fund the purchase of a property yet and the price of Spanish properties seems to be rising quickly. What can I do?

ANSWER: The answer quite simply is we can organize a mortgage for you to help with your financies. Or alternatively properties on new developments that have not been completed can be reserved by paying a deposit, which fixes the price. You will have to make a second, larger payment a month afterwards, which can be up to 50% of the agreed price but no further payment is necessary until the property has been completed. Many property investors sell their interest in the property to a third third party before it is ready for occupation at a considerably higher price than they originally

QUESTION: Can I take up employment in Lanzarote?

ANSWER: Yes, if you are from a country that is in the EU.

QUESTION: Can I bring my pets with me to Lanzarote?

ANSWER: There's no problem with this providing you have evidence of the relevant vaccinations. Don't forget to apply for a pet passport if you want to bring your animals back to the UK.

QUESTION: Will I need an ID card?

ANSWER: Yes and this can be easily obtained from major police stations, we will show you where and how.

QUESTION: Should I have a Spanish will?

ANSWER: Definitely.

QUESTION: Is it easy to move all my belongings to Lanzarote?

ANSWER: It's very easy, and the whole process only takes around 3 weeks and they will even pick up and deliver to your new house in Lanzarote.


All You Have To Do Is Choose Your Property      And Move In!