Long-term rental La Palma – here some useful information
Not every future resident wants to buy a house right away. Many holidaymakers and future residents therefore deal with the topic of long-term rentals on La Palma. The advantage is obvious. If you rent a property, you have enough time to find out for yourself whether living on La Palma is an option. The financial risk is manageable and you have the option to “experience” different regions. Even if you rent a property on La Palma, the location is an important criterion in view of the different climate zones. Our team not only advises you on the purchase of a property La Palma, but also supports you in all aspects of renting and leasing a property in the area of long-term rentals. In our portfolio there are very different properties for long-term rental on La Palma. Starting with a Vivienda, a rental apartment in Los Llanos up to a typical, rustic Finca, a country house, in Puntagorda. Perhaps you are also a landlord and would like to know that your house is in good hands. Then contact us and arrange an appointment with us.
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The Spanish tenancy law shows partly considerable differences to the German tenancy law. It is currently regulated by the Law 29/1994 on Urban Rent, dated 24 November (Ley 29/1994, de 24 de noviembre, de Arrendamientos Urbanos, abbreviated LAU). The last reform took place in 2023. In Spain, a distinction is made between residential leases, commercial leases, seasonal leases, etc.
If the house or apartment is brokered by a real estate agent such as Wellmann La Palma, a brokerage fee is payable. The landlord undertakes to pay an amount equivalent to one month’s rent as commission upon conclusion of a contract for a property to be rented on a long-term basis.
In Spain the private written rental contract is valid. Rental contracts can also be concluded with the help of a lawyer or notary, but this involves additional costs. The rent is freely negotiable. A rent adjustment can also be agreed in the rental contract. If this is not mentioned, the rent can be adjusted according to the Spanish National Index of Consumption (Indice de Precios de Consumo, IPC). The payment of a rent deposit is obligatory. In residential rental contracts, the deposit usually amounts to one or two months’ rent. Apart from the rent deposit, additional securities can be agreed in the contract. At the end of the tenancy, the security deposit must be returned within one month, provided there are no rent arrears on the rented property. In order to register with the Ayuntamiento (Town Hall) in the municipality, you must present a proper rental contract, signed on all sides by both the landlord and the tenant. This rental contract must be drawn up in Spanish. After registering with the municipality you will receive the so-called Empadronamiento (registration).
The duration of the rental contract is generally freely negotiable. Spanish law prescribes a maximum rental period of up to 5 years. After the 5 years have expired, a new contract can be negotiated. After a minimum period of 6 months and under observance of a period of notice, the tenant can duly terminate the contract at any time.