The new protection for buyers
After over a decade of campaigning, a new law has finally been passed to protect buyers who unknowingly purchased illegally built property in Spain.
This long-awaited news will be a relief to those who were conned into purchasing Spanish properties that had been built without planning permission during the property boom at the start of 2005. The consequences of these illegally built properties has been felt for many years and has resulted in a number of owners forced to watch their homes be demolished with no guarantee that compensation would be granted. Thousands of British buyers were forced to abandon their dream of retiring in Spain and return to the UK with very little cash.
Now, thanks to the years of campaigning from the individuals who were affected by the events, Spanish law now states that a pay-out must be given to the buyers of the property before demolition occurs. This will come as a welcome relief to all those who were unaware they had bought an illegal home and also for those who may have been deterred from purchasing a home in Spain under the old law. Courts also hope the changes will bring a stop to developers from building new homes without permission.
With Spain recently announced as the number one location for UK residents looking to purchase abroad, and the strength of the pound against the euro being at its highest in 7 years; the new law has come at a great time for those interested in Spanish property.
Graham Davidson, Managing Director of Sequre Property Investment, comments on the changes:
“The changes to the Spanish law is fantastic news for UK buyers and the Spanish property market. Those who suffered at the hands of criminal builders and developers, and fought for decades for change will look to be compensated. Hopefully, it will stop any more illegal activity like this occurring and will strive for more quality and competent homes for British buyers.”
“Spain does still prove to be the most popular location to buy abroad, and in light of this news, we would predict that even more UK residents will purchase in Spain. Not only have we seen the pound equate to €1.40 in the past week, the best rate the UK has seen in seven years, but potentially there will no longer be a fear of purchasing without planning permission; meaning individuals can invest in a property safely and securely.”
If you are interested in purchasing a Spanish home, you should consider a bespoke viewing trip with Sequre. Our viewing trips are a great way to view properties, meet lawyers, mortgage providers and suppliers, and it enables you to gather all the information you need to make a decision on whether a home overseas is right for you and if so, which one.
As Sequre has access to the whole of the property market, using them as your overseas agent gives you the opportunity to discuss your requirements in great detail prior to a viewing trip. This will ensure that you only view properties that match your criteria exactly and your viewing trip is a success.
Sequre always take a consulting approach with our property clients. Our experts, many of which have lived in Spain for a number of years are available to help guide you through the process from start to finish. Ensuring that you find your perfect home in Spain. Contact us today on 0800 011 2277 to find out more.