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Before your Purchase

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What you should know...

There are some aspects you should take into account before buying or renting a property in Lanzarote. Primero offers you some tips and facts that may help you:
Never rush into buying and treat buying a property as seriously as you would in your own country.It can be easy to let your dream get in the way of common sense.
Make sure all relevant searches are completed prior to paying over any money including deposits or make sure that a clause is entered into any receipt for monies paid– as in Spain all debts are carried on the property not the owner, i.e. utilities,rates ,etc.
Think about where to purchase first – do you need a property near a beach, schools,etch – as in all property buying think location, location, location especially if looking for a rental investment
As a general rule of thumb if you are requiring a mortgage most banks will lend between 60-70% of the valuation not always the purchase price. Also there are additional costs involved which generally would be 10% of the purchase price, so make sure you always add this into your equation.
When purchasing in a community there is a nominal monthly fee to pay for the community facilities such as pools,gardens, lights, etch. This varies between communities – it is important to check first and to validate the professionalism of the community. Poorly run communities can have serious problems for your investment.
We would always recommend you use a reputable solicitor in all your transactions.
It is normal to pay a holding deposit of between 3000 to 6000 € to let your solisitor complet all serches on the property and it is customary for this to hold the property for up to 4 weeks, and after this is completed a minimum deposit of 20% will be normaly required.
There are many other checks and balances that need to be carried out. Primero will guide you through all the stages to endeavour your purchase is as trouble-free as possible. Primero S.L. recommends to contact Max Gold Partnership, when looking for a solicitor who helps you in all your transactions.