The new Royal Decree being prepared by the central government will allow the creation of a new commercial registry for companies in the municipality of Teguise. With this territorial reorganization, the Arrecife Property Registry will be separated from its commercial aspect, and the registry service for movable property will be insularized and will no longer depend on the entity of Las Palmas.
The Ministry of Industry is finalizing the draft Royal Decree for the territorial reorganization and capital status of property, commercial, and real estate registries, in addition to the reorganization of notaries, a restructuring of the demarcations that is regularly carried out throughout the national territory.
The variations in the organization and capital status of these bodies are due to criteria such as the number of registrations and operations that are being carried out in each territory, among others. Articles 275 of the Mortgage Law and 482 of the Mortgage Regulations empower the Government to agree to the establishment of new property registries in certain locations, when it is convenient for the public service, the Ministry sources added.
The changes in Spanish registries and notaries are being proposed by the General Directorate of Industry, which relies on the reports of each registrar, studies on the properties of those affected, local authorities, the notaries themselves, and the presidents of the courts of justice, among other arguments. The forecasts indicate that around 400 registries will be affected throughout the country.
The main novelty for the interests of the island of Lanzarote will reside, in addition to the creation of at least two new notaries - one in Arrecife and another in Puerto del Carmen - in the modifications that will very likely be executed on the current and so-called Puerto del Arrecife Property Registry and, at the same time, Lanzarote Commercial Registry, an organization that, as will be recalled, inaugurated its new and spectacular headquarters last spring on the Medular Road of the capital of Lanzarote.
New Commercial Registry for Teguise
The registrar and highest responsible for said entity, Sergio Regúlez, explains that the Arrecife Property Registry houses all the information and registrations of properties belonging to the island's capital. Property registries are those in which all the real estate of a judicial district is registered by the registrar, with an expression of its owners, and in which the changes and limitations of rights that these properties experience are recorded.
The registrar indicates that, in its other facet, the one that is also the Island Commercial Registry has been linked until now to the companies related to the municipalities of Teguise, Arrecife, San Bartolomé, Tinajo and Haría, while Tías and Yaiza have jointly had the second property registry of the Island for themselves. Commercial registries are organizations that, with a public character, serve for the registration of acts and contracts of commerce.
With the new Royal Decree that plans the aforementioned reorganization, changes that could materialize with a view to more than a year, the separation of Teguise from the current Commercial Registry that has safeguarded and served until now the information and operations of companies from all the municipalities is planned.
In this way, for the registration of companies there will be up to two registries in Lanzarote, each of them managed by different registrars who, in case the new own organization for Teguise finally materializes, are the ones who will decide its exact location.
Separation of Property-Commercial
The separation between the Arrecife Property Registry and the Lanzarote Commercial Registry will also occur, services that have been provided in a unitary manner until now by the entity for which the registrar Sergio Regúlez is responsible. With this, there will be another person in charge of the Commercial Registry, and the traditional Puerto del Arrecife Registry will stop operating with companies to focus solely on the field of properties.
The registry of movable property is insularized
Within the Commercial Registry, which is the one that works with public or private limited companies, there is a category that serves for the registration and certification of movable property (faith is given to embargoes, mortgages, financial debts and other charges, on motor vehicles and furniture in general).
In this regard, another of the novelties for Lanzarote will be based on the fact that any operation or information that is requested on a certain asset, from now on will not have to be processed through the Registry of Las Palmas.
