# Buying in Fuerteventura



## meg147 (Sep 23, 2015)

Hi, I'm a newbie on here in need of loads of info re buying in FV, Spain. We went there on holiday and totally fell in love. The plan is to buy a small 2 bed villa c/w pool & furniture (hopefully). We have no capital/assets in the UK, though we're both in well paid jobs and have a sizeable expendable income when we're not wasting it. We'd like to save to cover the costs of fees etc. The plan is to use it as a holiday home but let it out for holiday rentals also, and hopefully if successful it'll be our retirement plan. I'm hoping you kind folk can answer some of the many questions below:

1) We'd need a mortgage - do we get one off a Spanish bank or in the UK
2) I understand we'd need approx 20% of property value to cover fees etc. is this correct
3) Where do we find a reputable Spanish lawyer
4) Do we need everything cross referenced with a UK Lawyer for safety sake?
5) What sort of deposit is the requirement in Spain
6) How do we go about applying for licences to legally rent out
7) What would be our first port of call / ie what/who should we approach first

Sorry for so many questions, and i've probably many more - but we are totally wet behind the ears on this one!! Thanks in advance.


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## meg147 (Sep 23, 2015)

*PS*

We're not spring chickens either - both 45!


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## 90199 (Mar 21, 2010)

Years ago we fancied doing the same on the island of Gran Canaria, so initially we rented, however in the meantime we discovered the Meridian Isle of El Hierro, some 170 miles from Gran Canaria. El Hierro is where we now happily reside.

I cannot really help with Fuerteventura and unfortunately there don't seem to be many that contribute on this forum, you may have to ask on the island itself.

Mortgages, building societies in the U.K. will not entertain Canary Island mortgages, you will have to talk to a local bank on the island.

Buyers market you could do well.

I wish you well with your venture, it will be frustrating but well worth the end results.


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## meg147 (Sep 23, 2015)

Thanks Hepa, that's a great start as i literally don't know where to ! I suppose we really should research the islands a little more, before settling - i think i will check out yours, i tend to prefer the quieter side of life!! Thanks so much again!


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## 90199 (Mar 21, 2010)

meg147 said:


> Thanks Hepa, that's a great start as i literally don't know where to ! I suppose we really should research the islands a little more, before settling - i think i will check out yours, i tend to prefer the quieter side of life!! Thanks so much again!



This one is really unspoiled, quiet it is, so quiet at Christmas, we fly to Las Palmas for the festivities. Amongst the 6000 inhabitants, there are only 5 English residents. Have a look at the link below for photos of the island, might tempt you to visit, we need more tourists.


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## ANNIE100 (Oct 3, 2013)

Not sure where you based but Golden Acre Estates have an exhibition in the Uk - NEC Birmingham on 25th-27 September and ExCel London - 9th-10th October - re buying properties in Fuerte.


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## meg147 (Sep 23, 2015)

Oh i'll definitely check it, sounds blissful!


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## meg147 (Sep 23, 2015)

Oh i'll definitely check it out Hepa, sounds blissful! And thanks Annie100, i'll see if I can persuade his nibs to go on a road trip!


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## ANNIE100 (Oct 3, 2013)

All the island are different and all have their own qualities - really depend on what you are looking for. For me I love Fuerte, La Gomera and La Palma but due to family we will be living in Gran Canaria. The island I realy want to get to is El Heirro - seems as though I have a pulling to get here. Hepa - hope we can meet up for a coffee if we do manage to get over there next year for a visit!

You really need to do some research and maybe rent on one of popular ones, use it as a base and then take time exploring that island and going to the others. What I would say is going on a holiday to anywhere is completely different than living there. Gran Canaria has tourists areas and I would never live in those areas however there are a lot of ex pats who do live in those areas and love it - all down to your wants and needs xx


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## meg147 (Sep 23, 2015)

ANNIE100 said:


> All the island are different and all have their own qualities - really depend on what you are looking for. For me I love Fuerte, La Gomera and La Palma but due to family we will be living in Gran Canaria. The island I realy want to get to is El Heirro - seems as though I have a pulling to get here. Hepa - hope we can meet up for a coffee if we do manage to get over there next year for a visit!
> 
> You really need to do some research and maybe rent on one of popular ones, use it as a base and then take time exploring that island and going to the others. What I would say is going on a holiday to anywhere is completely different than living there. Gran Canaria has tourists areas and I would never live in those areas however there are a lot of ex pats who do live in those areas and love it - all down to your wants and needs xx


Hi Annie100, I don't think it'd be worth our while renting as we don't plan to live there anytime soon and we wouldn't be lucky enough to be able to spend lengthy times out there. We are both 45, in full time work, with not nearly enough holidays a year as we'd like! We are hoping to get the location balance just right, and we feel the area where we were was good for both tourism and living there (when the time comes!). The area of La Cappalinia, Correlejo is a residential area full of a mix of ex-pats & Spanish. It mainly caters for the locals, but has a few things for tourists, but then the busy town was just a 5 minute drive. We would prefer to appeal to couples, small families ideally for holiday letting - as I think they would appreciate the tranquility of the area, whilst knowing they can live it up in the town if they so wish. It will be about a year before anything comes of this seriously, in terms of money exchanging etc. so we're basically just putting out feelers to find out how best to go about it. We're hoping to try a few different areas first. I can't explain, I've had loads of holidays before but this is like a calling!! We're hoping to make a bit money off holiday rentals, to help pay for any mortgage and build up the pension pot, as we'd love to move out there eventually. Are you still in the UK or have you made the jump yet? xxx


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## Horlics (Sep 27, 2011)

Hi Op,

I'm not sure what the latest situation is with regard to this point: 6) How do we go about applying for licences to legally rent out

There are several web sites where the legal situation is being discussed and I'd recommend you have a look at them if you are going to depend on some rental income for this to work financially. Some people have already been fined 10s of 1000s of Euros for renting out in areas where it is not allowed.

Also, when the law is crystal clear (which some people say it is not, at present) then properties in places where rental is not allowed may drop in price due to less demand.


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## Rabbitcat (Aug 31, 2014)

Only downside I can see with Hepas gorgeous Hierro is the property prices . Bit ott


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