Guides to buying property in Tenerife
Expert guidance to buying a property in Tenerife. Tenerife Property Emporium highly recommend using the services of Tenerife Solicitors. They are the only English registered and authorised to practice in Tenerife.They offer a wide range of legal services in Tenerife including:
- Conveyance and Tenerife Property Transactions.
- Tenerife Property sales and Tenerife rental Contracts
- Landlord & Tenant / Rental Law
- Business Law and Company Start-ups.
- Wills & Probate
- Divorce and Children Issues
- Civil Disputes and Claims
- Debt Recovery
- Timeshare issues
If you are buying a property in Tenerife or selling a property in Tenerife They offer full Conveyancing in all aspects of Tenerife property transactions. Many purchasers, buying property in Tenerife have done so without using the services of a Solicitor. Whilst some have emerged relatively unscathed, we have seen numerous horror-stories where buyers of properties in Tenerife have ended up with a property with errors in title, defective planning permissions, attached debts and embargos, or even pending demolition notices! Most foreign buyers wouldn’t dream of buying property in their own countries without instructing a Solicitor. A property purchase is one of the biggest transactions you will enter into during your lifetime.
So why leave such a large investment to chance in a foreign country with an unfamiliar language, legal system and customs? For a fixed fee of only €1,500 – to €1,800 Tenerife Solicitors represent and guide buyers through the entire purchase transaction. Key steps in buying a property in Tenerife include:
- Liaising with Tenerife Estate Agent, Seller, Developer, Mortgage provider.
- Payment of deposits into holding accounts.
- Searches to include Collection / checking of relevant documentation
- Investigation of title / Land Registry searches
- Town Hall searches
- Investigation of applicable Community Issues and regulations / outstanding community debts.
- Negotiation / preparation /exchange of Contracts for Purchase.
- Resolution of any problems encountered during the above stages.
- Arranging for preparation of Title Deeds / Arranging Notary’s appointment to sign
- Accompanying / representing client at Notary appointment.
- Arranging completion monies / bankers drafts / bank transfers
- Finalising all paperwork, including registration at Land Registry
- Arranging transfer of registration of utilities contracts (electricity / water / Council Tax etc)
- Providing detailed Completion Statement showing all movements in the transaction.
Typical charges when buying a Tenerife Property.
A rough guide is to allow 10% of the purchase price of the property. This will easily cover the closing costs.
Stamp Duty / Purchase Tax - 6.5% of Property Purchase Price
Notary’s fees - 300€ - €600€ (depending on purchase price)
Land Registry Fees - Approximately 50% of the Notary’s fee
If a mortgage is sought, most lenders will also charge an arrangement fee plus a valuation fee.
Optional additional services (at extra cost)
- Spanish Wills – 190€ each (or 360€ for two)
- Powers of Attorney / signing on your behalf – 150€ per Power (inc. Notary’s fees) This is needed if you can not come to the Notary to sign at the completion.
- Obtaining N.I.E. certificates (Spanish National-Insurance numbers) – 50€ each
We can also recommend other reputable professionals whose services you may require after completion of
your transaction, e.g. banks, accountants, architects.
To discuss your needs or to obtain a written quotation, please call John Hatrick or Peggy Coertjens on 922 717845 (0871 218 0063 from the U.K.) or email us at email@example.com
Tenerife Solicitors is a registered trading style of John Alexander Hatrick T/A Hatrick & Co Solicitors. The firm is registered with both the Solicitors Regulation Authority of England & Wales and the College of Abogados in Santa Cruz, Tenerife. The firm holds professional indemnity insurance cover of 2 Million Pounds and 3 Million Euros respectively in the unlikely event of a claim against us. ITE. If you are buying a property in Tenerife and want a stressfree service then please feel free to contact us.