Property Buyers Guide

Discover all of the basic facts about buying your ideal property in Lanzarote below.  Including local taxes and fees and out after sales service.

The Purchase Costs:

How much do I have to spend on top of the purchase price?

Transfer/purchase Tax (Stamp Duty) is 6.5% of the price as recorded in the public deed (escritura de compraventa). Or, if you are buying a new property from a developer you pay 5% IGIC (Canarian VAT) plus 0.75% transfer tax(5.75% in total).

Notary Fee – The Notary is the public official who draws up the deed and witnesses the signing and completion of the transaction. The Notary converts a private agreement between parties in to a public document which is acceptable to the Land Registry.

Land Registry Fee – To register the Public deed with the Land Registry.

Plus Valía – This is a tax on the seller that is levied by the local town hall. The reason it is mentioned here in our buyers guide is because it was customary in Lanzarote for the Plus Valía to be passed on and paid by the buyer. This means the majority of today’s sellers had to pay it when they purchased the property. The custom is changing back in line with mainland Spain. It is therefore important to establish who will be taking responsibility for paying this at the point of negotiation so as not to cause problems later in the sales process.

Other Charges – There are some other minor costs involved which include translations, change of name for utilities, local rates and rubbish collection.

Summary – Total purchase costs including all of the above generally come to between 8% & 10% of the agreed purchase price.

Purchase Tax (6.5%)

Notary’s Fee

Land Registry Fee

Total = 8% - 10% of the purchase price

We will provide you with a breakdown of the specific costs relation to your purchase before you commit yourself financially so there won’t be any nasty surprises later.

Lawyers

It is recommended that you employ the services of a qualified lawyer to help you with your purchase.

We can provide you with a list of English speaking lawyers here on the island that will provide you with an excellent service and give you “peace of mind” in buying a property in Lanzarote.

After the sale

After the purchase we’ll still be here to offer advise and guidance where we can.

Please feel free to contact us with any questions you may have regarding buying property in Lanzarote.