New Measures To Protect Expat Property In Spain

The Spanish government is introducing new measures aiming to help protect British Expats from unscrupulous property developer

London, UK (Pryce Warner International) August 10th, 2011 – In the wake of the recent Spanish housing controversy where thousands of British Expats were left out of pocket by property developers, the Spanish government has been trying to rebuild its reputation.

After a property road show around Europe where ministers sought to assure investors that Spain was still a good place to invest, the Spanish government is now offering property information in English to help ensure British buyers are fully informed.

These new measures are aiming to ensure that Expats will be able to request a land registry certificate in English at a marginal cost from local town halls. This will enable them to see whether or not there have been any legal proceedings against the property that could lead to fines or demolition.

Town halls will be required by law to provide this information and if they fail to provide it they will be held liable for anyone that faces fines or demolitions after buying a property in good faith.

This initiative is aiming to reduce Expats reliance on solicitors and will also allow them to take control of due diligence checks themselves.

Homeowners who currently live in illegally build home are now also receiving some consolation as the land registry will recognise the existence of their homes as long as they were bought in good faith.

Homes will retain their illegal status but if they have been standing for over four years they will automatically be protected from demolition as long as they do not stand on a flood plain or protected land.

David Retikin, Director of Operations at Pryce Warner International, a Financial Services Provider For Expats, commented: “These new measures are a great step in the right direction and should help to rebuild Spain’s tattered reputation for property investment. Providing information in English is a vital step in ensuring that Expats are protected and fully informed of their rights and liabilities. However more needs to be done to help those that have already been taken advantage of and ensure that they are fully compensated should there homes be found to have been bought in good faith. Despite these changes and a drop in house prices in Spain, Expats should always consult overseas property specialists before buying or selling homes overseas to ensure they are fully informed and financially protected.”

Pryce Warner International Group provide International Asset & Investment Management, Independent Financial Advice & QROPS Overseas Pensions.

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By: Aneil Fatania
Financial Editor
Pryce Warner International Group
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