Buying a property in Lanzarote (It’s different!)

[@HelloBillyyu]

Really good channel! Many thanks. F 🎉🎉🎉

[@johncooney4681]

Thanks for a great video. I really enjoy all of them

[@mackenziebrookepark2888]

Thank you for your full explanation. We have brought & sold properties in Costa Teguise and now have our forever home. It is really important to speak with & discuss your particular requirements with an estate agent - who will work with you to view the most appropriate properties for your budget & requirements. We personally have purchased a structurally solid property that needs everything done after being a rental. It's definitely worth it to get what you want & takes time to get it the way you want it. A work in progress but worth every euro.

[@LanzaroteInformation]

Enjoy the work you’re doing to it, and take lots of photos!

[@jameslishman5405]

@@LanzaroteInformation Hi, would I be able to ask you a few questions away from the comments section? Do you have an email account? Thanks

[@LanzaroteInformation]

@@jameslishman5405 You can get in touch with us via the contact form on our website: lanzaroteinformation.co.uk/contact-us/

[@MandyandAndyTravel]

Finally someone has explained the whole process in detail but in easy to understand terms. Thank you very much indeed 👍

[@LanzaroteInformation]

Glad it was helpful!

[@Ironman5631]

Many thanks for this VERY informative video Mike. We've long dreamed of moving to Lanzarote, and even though Brexit would appear to have sadly scuppered that dream it's still interesting to learn how the process works over there. Keep up the good work.

[@JohnVaughan-l8x]

Hi Mike, great video! Thanks for posting. I was wondering if you could provide details of the lawyer you have used in the past? Thanks

[@LanzaroteInformation]

@@JohnVaughan-l8x Drop me an email, John. I don’t want to post her contact information on KZbin. If you don’t have my email address use the contact us on Lanzarote Information.

[@JohnVaughan-l8x]

Thanks Mike, I just left you a message on the contact us on Lanzarote Information.

[@michaeloconnor4983]

This information gave a great insight into the whole process very informative and helpful, thanks for your input and guidance

[@shanelillis]

Thank you Mike for your very informative video. Can you tell me who are the main estate agents on the island? Thanks

[@LanzaroteInformation]

I generally recommend Lanzarote Investments as they have offices all over the island, and I’ve known the owners for 20 years.

[@ArthurStone-s6l]

Mike, thanks for a really informative video. We are staring our search for a home in Lanzarote. Can you recommend a Property Lawyer on the island. Thanks . . .

[@LanzaroteInformation]

@@ArthurStone-s6l Send me an email , Arthur, and I can recommend one. I wouldn’t post contact details here on You Tube.

[@HelloBillyyu]

Great sharing! Can you make another episode and share some details on fees and charges and tax to be paid on a regular basis after the purchase? I am looking to buy an apartment for holiday purpose. Cheers! Happy to take this off the line and discuss separately. Happy New Year! Fei from London.

[@LanzaroteInformation]

The first thing I’d recommend is using a really good estate agent, as they will explain all the costs to you, and for the specific property or properties you are looking at. But you should budget for IBI, which is like council tax, Electricity, water and in most cases, there will also be a community charge to cover the costs of maintaining communal areas and swimming pools. If you are not resident on the island, you’ll also have an annual non resident’s tax to pay.

[@HelloBillyyu]

@@LanzaroteInformation many thanks Mike, could you recommend a really good agent at Lanzarote? Thanks.

[@LanzaroteInformation]

@ I’d recommend Lanzarote Investments. We’ve known the owners for 20 years.

[@HelloBillyyu]

@@LanzaroteInformation Many thanks, Mike. Appreciated! Happy new year! Fei from London.

[@MrWesternDuke]

Very interesting and food for thought!

[@watchthis7620]

Great video Mike. Interesting comment about Spanish owners not usually taking anything less than the asking price - not sure "A Place in the Sun" has ever covered / mentioned that fact. 🙄🙄🙄

[@patcmx]

Many thanks Mike, a most interesting video. We live in Ireland and bought our apartment on a complex in PDC over 2 years ago, we don’t rent our apartment but there are properties on the complex with the VV sign, so, remembering your previous video saying there would be a moratorium on new rental licenses in the future should we apply for one just in case we ever changed our mind or wanted to sell the apartment as this could help future value, your non binding thoughts would be appreciated, Patrick

[@LanzaroteInformation]

We had the same conversation, as we have a place in Puerto del Carmen, which is long let. We decided not to apply for a licence, because my view is that when the new rules come into play, the first properties to lose the licence will be ones that aren’t actually being holiday let. But note, this is only our view, and nothing has been said to verify it so far.

[@TeresaMangan-rq1oe]

Thank U Mike for video as always U say it very well explained very good 👍

[@stevenbamber6060]

Thanks Mike that was very helpful 👍👍

[@markmoore8331]

We bought an apartment in PDC in April 22. We remortgaged our house in the UK and paid cash. We rent it out on AirBnB through a management company The most difficult thing we found was opening a bank account. Had it 2 years now and wouldn't be without it. Friends family use it more than Airbnb BnB Estate agent was Alex from Lanzarote investments. Used Atlantic Money for our money transactions. The apartment was up for €135000 and paid €127500 Our solicitor was Mario from Lanzarote Lawyers

[@LanzaroteInformation]

Excellent! We know Alex and Mario, but I hadn’t heard of Atlantic Money before, but they look like a good set up. Enjoy your place here!

[@HelloBillyyu]

Hi Mark, could you share a bit more on opening a bank account? Thanks. We live in London and are contemplating buying an apartment here. 1) does it have to be a bank account opened in Lanzarote local branch? 2) could a Santander account opened in the UK work? 3) which bank did you go with at the end and what the process looks like? Also, have you considered other islands before buying in Lanzarote? Many thanks. F

[@markmoore8331]

We opened an account with banca marche. Took 55 emails 🙈 Never looked at any other island. Buying was the easiest bit.

[@HelloBillyyu]

@@markmoore8331hi Mark, I am trying to send an application form to Banca March, but I get stuck at the very first step, the webpage always tells me that my passport copy format is invalid. Not sure what happened. Also, what regular fees and charges you are paying for your apartment in Lanzarote? Can I drop you a private line by email? Many thanks. Happy New Year! Cheers! Fei Yu from London

[@markmoore8331]

@HelloBillyyu Not sure if you may need an NIE number 1st

[@TGS..107]

Perfect thank you

[@scottmurphy5476]

Hi I want to set a bank account up in lanzarote to eventually buy property. Just a few questions I need to Konw cause im An Irish Citizen And Will Have to Travel Over to set up an account In Person obviously i dont want to travel back and forth to do this I Need to have everything in place before i go over to setup. Can any one tell me what the process ia and documentation required so i can get it all done in the one trip.

[@LanzaroteInformation]

I would contact the bank you’d like to open an account with, and ask them what their requirements are to open a non resident bank account, as they can have different requirements. Get in touch with Banco Sabadell, La Caixa and Santander, for example.

[@nicnak4475]

90 day rule kills buying a property there for me Mike, I wouldn't rent either after my partners experiences of renting in mainland Spain, plus it was constantly being broken into.

[@LanzaroteInformation]

Sure, if you’re not from an EU country, you’re limited to 90 days in a rolling 180, and if that doesn’t work for you, then no point in buying here.

[@HelloBillyyu]

Judging from what I have heard, I would say buying with a mortgage (keep it small if could buy with cash) to have a bank on our side can be a good choice. Could you recommend a trustworthy Spanish mortgage broker (if this job exists in Spain)? Many thanks.

[@LanzaroteInformation]

We don’t have mortgage brokers here - mortgages are handled by the banks. Your estate agent will be able to recommend one to you, with a branch near wherever you are buying.

[@HelloBillyyu]

@@LanzaroteInformationthanks for the info.

[@thomasegahnokewa6682]

by any chance, do you know a lawyer who speaks French ? My french business partner is looking for buying a house there....

[@LanzaroteInformation]

@@thomasegahnokewa6682 I don’t. But I will ask around and let you know if I find one.

[@thomasegahnokewa6682]

​@@LanzaroteInformation thanks, that's very nice of you. Or maybe an enligsh speaking lawer, haha, He can use google translate. He wants to set up a company and buy a house there, needs some consulting...