Sunway Tenerife

Property For Sale

SUNWAY TENERIFE

2 Parque Cattleya,
Playa de las Americas
38660 Tenerife
Canary Islands

Tel : 922 790 021
Tel : 922 791 900
Fax : 922 795 172
UK Tel : 0871 711 5079

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Please feel free to calculate what your mortgage repayments may be on your dream property, by using our mortgage calculator below the following information.

 

If you have made the decision to buy property here in Tenerife things are looking up…it is now easier to obtain a mortgage than it was 2 years ago. If your documents are all in order you can complete and be sitting on your own sunny terrace within a few short weeks.
 
Here are a few tips to remember:
 
Always seek professional advice before handing over any amount of money or signing legal documents…A lawyer will be invaluable during the buying or selling process. They are there to help you through the process so ask questions, make sure they explain everything to you clearly.
 
Sunway Tenerife Ltd was the first English estate agents in Tenerife and has been established on the island for 26 years. We work with a variety of banks as well as Independent Mortgage Advisors, so you will not be tied to one particular type of Mortgage…Sunway can offer good sound advice when it comes to making your final choice.
 
Mortgages are available for both residents and non-residents of the Canary Islands. On average a resident can receive up to 80% of valuation by a bank with 60% for non-residents. Don’t be afraid to look around at what banks have to offer, you may pick up a better rate especially when buying a reduced property. Briefly, Mortgage lenders will look at your income, if you have any other mortgages or loans to determine how much they will lend. A valuation of the property will also be taken, and the amount the bank will lend will be based on either the official valuation of the property or the sales price (whichever is the lowest figure).
 
In addition to the sales price, bear in mind that you, the purchaser, will also have to pay approximately 10% of the new declared value for a resale property, or approximately 6.5% if buying a new property.  In general, this is made up of the following taxes and fees;
 
6.5% ITP tax (Impuesto sobre Transmisiones Patrimoniales) when buying resale property, or 5% ITP plus 0.5% stamp duty if purchasing new property
Notary fees
Property registration fee
Plus valia (capital gains tax)
If you buy in the name of a company you will also liable to pay IVA (VAT) or IGIC, the Canarian equivalent.
 
When your contracts are drawn up, the document will include the completion date and forms of payment. The agency or solicitor has the responsibility to gather any pending receipts and to ensure that these are cleared before the sale goes through. It is very important that at the time of signing there are no debts left on the property, which could include any of the following:.
 
Nota Simple (confirmation of ownership and any mortgages or embargos).
I.B.I (Local council rates).
Electricity & Water receipts up to date.
Rubbish collection (paid twice a year to the local council for refuse collection) receipts up to date
Community receipt up-to-date, signed and approved by the President of the Community itself.
Copy of the Title deed (Escritura).
 
Buying or selling a property in any foreign country can seem daunting.  Don’t let anyone push you into anything you are NOT completely sure about. The Mortgage system is NOT the same as it is in the UK or any other parts of the world for that matter…there still are unscrupulous Companies willing to give bad advice, make a quick deal and run off with your money…So look after your own interests and your wallet, contact Sunway Tenerife Ltd for free impartial advice.

 

We look forward to hearing from you!

Click here to read more information about purchasing property in Tenerife.

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