Property

Spanish Property – the current problem

Spanish Property
Due to a rise in repossession, estate agents are trying to get rid of the empty properties they currently have on their books and there are definitely some bargains to be had. However, any “bargains” do need to be investigated thoroughly - both legally and structurally.

The current problem with Spanish property

Spain still remains one of the most popular countries for people who are looking to buy overseas property due to its close proximity to the UK and affordable house prices.

Due to a rise in repossession, estate agents are trying to get rid of the empty properties they currently have on their books and there are definitely some bargains to be had.  However, any “bargains” do need to be investigated thoroughly – both legally and structurally.

In response to these bargain prices many people have purchased properties only to later discover that these properties have been built without the relevant planning permission and need to be torn down.  As a result many Britons in Spain are living in the fear that their property could face demolition at any given time.

Peter Esders, spokesman for law firm Judicare, says: “The problem is that if permission was granted illegally, it can be impossible to check behind that. I would advise the buyers to do as much investigation as they can.

“For example, if the neighbouring properties are illegal, be wary about buying one that claims not to be.  Remember: an estate agent’s job is sell property and they want to find a buyer — they are not there to protect them!”

Simon Conn, Overseas Property and Finance expert, says: “A lot of banks are offering repossession properties. So anyone buying a property must check the reasons why exactly a home has been repossessed and is now being sold.

“Buyers can then face a double peril because a number of estate agents are offering to sell homes built with no planning permission, which could then be demolished.”

Please remember to take independent legal advice and arrange for a personal survey to be carried out when purchasing a property in the UK or Overseas.

content credited to:  Simon Conn – Overseas Property & Finance – Dec 2013
World Travel

About the author

office

Add Comment

Click here to post a comment

8 months ago
As the government appoints the first #MinisterforLoneliness, we're committed to tackling #socialisolation and helping as many people as possible live happy, healthy lives.

If you or someone you know is feeling lonely, we'd love to see you on a walk 👉 https://t.co/nw9cPAp4m9 https://t.co/UAvB6FpqRb
RetirementMatte photo