  FREQUENTLY ASKED QUESTIONS
|
PROPERTY QUESTIONS
FINANCIAL QUESTIONS
LEGAL QUESTIONS
ISLANDS QUESTIONS
|
|
Does a property come with a building guarantee? |
All new properties come with a ten year building guarantee for the construction. |
What happens if I buy off plan and the developer does not complete the development? |
GoldAcre Estates research developers thoroughly before offering any development to our clients to purchase. Our appointed lawyers check to see that all the paperwork and licences are in place and that the correct bank guarantees are in place to protect all clients should the development or developer run into difficulties during construction |
Can I get a survey completed on the property like in the UK? |
Generally surveys are carried out in the Canary Islands, as buildings are constructed on volcanic rock, althoug the risk of any movement is slim. It is not a requirement for the banks in terms of granting a mortgage |
If I have an apartment how is the land it sits on registered for owners? |
All property in the Canary Islands is freehold, including the land the apartments are constructed on. The land is proportioned equally between owners, and documented in your title deeds and at the land registry. |
Is the property checked for snags and all working before we take ownership? |
We at GoldAcre Estates snag all new properties on behalf of our client. If anything needs rectifying it is reported to the developer for him to attend to. On larger developments these may be attended to after title. |
What is the process for getting water and electric connected? |
If you have used one of the lawyers GoldAcre Estates recommend they will arrange for the connections, or transfers for you, these are included in their fee as part of the service. |
Do you charge me if I buy a property through you? |
At GoldAcre Estates our services are free to buyers, our fees are payable by the vendor. |
Do you arrange viewing trips? |
GoldAcre Estates can arrange viewing trips for clients please ask for details. |
What is the weather like today? |
On our website you can obtain up to the minute weather information on line. |
Where are you based? |
All GoldAcre Estates offices and staff live and work in the Canary Islands. |
|
|
Can you help me to find a bank and obtain a mortgage? |
At GoldAcre Estates we assist you with all the processes of purchasing a property in the Canary Islands and help with all aspects. |
What is the maximum mortgage I can get? |
Normally the maximum amount for a non resident would be 70% of the value of a new property but in certain cases this could be higher. Resale property banks lend on average approx 60%. Some banks are in the Canary Islands now offer up to 100% mortgages. |
Can I get a mortgage at home? |
You can not get a UK mortgage for a Spanish Property, but you can arrange funds against the value of your property at home by taking a second mortgage or loan on your UK assets. Most people today obtain mortgages in the Canary Islands using the property that they are purchasing as the collateral. This way you are not linking your assets at home with those that you have overseas. Mortgage rates are generally cheaper in the Canary Islands as well. |
How do I transfer money from the UK to the Canary Islands? |
For small amounts of money this can be done by credit card or bank transfer. For large amounts we can recommend that you check with both your bank at home along with some of the major currency houses who can offer you some of the best rates in the market. You can even forward buy your rate in advance of transferring your money. See our website currency exchange for further information |
What if I cannot get a mortgage after paying the deposits? |
It is very unusual for a client not to obtain a mortgage but If after every effort has been made to acquire a mortgage and you are still refused every effort is made to ensure your deposits will be refunded. If you have any doubts that a mortgage may be difficult to obtain then ask you GoldAcre Estates consultant to do a preliminary check with the banks before placing a deposit |
Do I pay tax on income received from rentals ? |
Yes, as in the UK, tax is applied to income received, but if you pay tax on rental income in the Canary Islands then tax payers in the UK do not need to declare, or pay, income tax in their home country. All foreign nationals should ensure that they appoint a gestoria ( an accountant) to calculate the amounts of tax you should pay and submit any tax returns to the tax office |
Do I need a Spanish Will if I have one in UK? |
It is very important that you make a Spanish will detailing your requests for your assets that are in the Canary Islands, you would normally attach this as an addendum to your home will. This is a very simple process and can be arranged by your Lawyer here. |
|
|
Do I need a solicitor here and at home? |
If you appoint an English lawyer they will only have to appoint a lawyer to act as their agent here so increasing the cost to you. At Goldacre Estates we are able to recommend independent lawyers that are based in the Canary Islands who are Spanish, have studied Spanish Law and are very experienced and are very knowledgeable on all aspects of Spanish Law all speak, Spanish, English and at least one other language. |
What is a Notary? |
A Notary is a Lawyer who has undergone special training so he can enter details into the public records. So signing the deeds when taking title will be done in front of Notary and will be witnessed by him. For further information see our website the section a Guide to Buying and Selling. |
Do I have to appear at the Notary upon taking title? |
If you cannot or don't want to be here for taking title then you can give your solicitor "Power of Attorney" to act on your behalf for the purchase of your property. |
Will my legal fees continue to increase if the project stretches on? |
The Lawyers that GoldAcre Estates recommend to our clients work for a set fee and it is not dependant on time or the amount of work they have to do regarding the taking title of a property.( of course if there is additional work required after taking title that is chargeable by the lawyers please ask for their prices) |
Do I need a Bank Account? |
Opening a bank account is easy and we will assist you with this process. It is useful to have a Spanish account as it will make your funds more accessible for paying local expenses and transferring money when you take title. |
What searches are completed by the lawyer? |
Your lawyer will carry out various searches, which will include checking that the property and the land are correctly registered, and the property belongs to the person you are buying from, the escritura ( title deads) are correct, and will also ensure that there are no debts outstanding.Always ensure that you use a qualified lawyer when purchasing property in the Canary Islands |
Is it safe to buy in the Canary Islands? |
If you use a properly qualified lawyer that is registered and bonded you will have no problems purchasing property in the Canary Islands |
Do you produce any information booklets I can read? |
GoldAcre Estates have produced a complete guide to Buying and Selling in the Canary Islands which we provide free upon request. |
|
| CANARY ISLANDS |
Is this the largest Island ? |
Gran Canaria is the third largest island. The largest island is Tenerife followed by Fuerteventura. |
Are There any Golf Courses? |
Throughout the Canary Islands you will find excellent Golf Courses. Gran Canaria has a number of golf courses, including the oldest golf course in Spain. In Fuerteventura there are many new golf courses that are open or under construction. Tenerife has 8 courses today with La Gomera and Lanzarote also providing a choice. |
What is flight availability like to the Canary Islands? |
The airports on the main Islands are currently undergoing a major extension programs including runway extensions which will allow larger jets to land. Also more low cost airlines are applying to come to the Canary Islands, many tour operators today come from throughout Europe as well as schedule airlines such as Iberia, British Airways, Air Europa, Spanair to name just a few. |
Do houses come with air condition? |
Most houses don’t come with A/C as the highest temperatures only last for a few weeks of the year and these are moderated by the trade winds that blow off the Atlantic |
Can I sunbathe on the beach at Christmas? |
We do have the occasional dull day and the days are shorter in the winter, but the daytime temperatures are still high enough to sunbath, but the evening can get a little cooler |
Where does the fresh water come from and is the water safe to drink? |
The water is taken from the sea, filtered and then de-salinated. The water is safe to drink (but not recommended) or wash vegetables in, but it taste a little bit salty. Some water is still obtained from artesian wells but this is on a very small scale now and mainly in the more remote parts of the island. Most people even the locals buy bottled water for personal consumption. |
Do I need a work permit? |
You do not require a permit to work, but you will have to register for social security, and apply for an NIE number which puts your personal details into the system for fiscal matters |
When can I apply for residencia? |
Usually you apply for residencia when you have lived here for six months, how ever some people do apply earlier and the process can take anything up to 45 days. |
Are there any advantages / disadvantages in taking residencia? |
The advantages to having residencia, is you can get discount on various things, certainly inter Island flights, if you fancy a trip to Lanzarote you will save around 30% of the normal cost. The other advantage is your residencia card carries all your personal information for identification, so you don't have to carry lots of paper work with you. Although if you take residencia all your fiscal matters will be dealt with in the Canary Islands |
Can I just buy a car here? |
Buying a car in the Canary Islands is very different to the UK. You will need your NIE number, a copy of your passport or residencia, a document from the town hall which shows you are registered at your address. If you buy a second hand car the original registration document of the car, the document of the previous owner, a current ITV ( MOT ) Certificate if the car is over 2 years old, and a copy of the road tax. Then the transfer of ownership can be processed. When buying a new car the garage will deal with this for you. |
Is my UK licence ok for driving here? |
Yes, It is ok to drive on a European licence, always carry your passport and licence with you. |
Do electrical items brought from UK work here? |
Generally yes although things like TV do not it is always best to check with the supplier or manufacturer, although electrical items here are very cheap and far easier to take back if you have a problem. |
Where are the schools and colleges? |
Most of the villages have local schools for Juniors. Senior schools and colleges are normally found in the major towns. Most children attending a Spanish school pick up the language very quickly. If you wish your children to continue there English education there are International schools in the Canary Islands that will finish their education to exam level. Ask your GoldAcre Estates sales consultant for further information |
If I buy, can you help me to rent out my property? |
At GoldAcre Estates we assist you with the rental of your property we also have close associations with specialist management companies who rent out your property for you. |
|
