Question:
What are the main differences in transacting property in Tenerife compared to the UK?

Answer:
Well that depends on which part of the UK you are from. In my home country of Scotland, there exists a system which although imperfect, seems to work adequately whereas the English system is just about as bad as it gets! The system here works extremely well in that if you commit to buy a house you will immediately be expected to pay a deposit of 10% on signing of contract, and if you are selling a house you will sign a contract will legally require you to pay 10% compensation to the purchaser if you change you mind on selling your property to this client. This has the unusual effect of making sure the buyer and seller are serious and do not drop out the contract! Your Estate Agent or Solicitor will then apply for a Nota Simple which they obtain from the Land Registry to see if there are any charges or mortgages on the property. You have probably heard that if you do not ensure charges or mortgages are lifted before you take ownership, they become yours! Absolutely right! So make sure your representative knows what they are doing!

The other main difference here is that the completion takes place in the office of a Public Notary. Unlike the UK system, where lawyers spend months (and lots of your money) scoring points over one another, the job of the Public Notary is to act on behalf of all parties present to ensure everyone knows what they are buying or selling, particularly as the Escritura (the title deed) will be written entirely in Spanish. In another reply we will go into more detail of the role of the Public Notary system.