By Wendy Williams
A PILOT scheme being tested in Spain and the Netherlands to help expats buy property overseas could encourage people to invest in the Spanish property market again while prices are low.
The EU funded initiative allows for the purchasing process to be completed in the buyer’s home country.
In a sure fire method to bring confidence back to the buying process, the Cross Border Electronic Conveyancing scheme will crucially guarantee compensation for a change in the planning laws.
This means that the buyers of any properties later dubbed illegal and possibly knocked down would be compensated.
The scheme will also protect buyers who fall victim to any violation of the contract by the seller.
The initiative was praised by Liberal Democrat MEP Diana Wallis and it is expected to be tested in other nations throughout this year.
“The project seems to me practical and appears to work,” said Wallis.
“The beauty of it is that a buyer can have a direct contractual relationship with a person in their own country, which is what is needed because a lot of people don’t know whether they are coming or going when it comes to buying abroad.
“I’ve had so many people knocking at my door, dreadfully distressed, having bought in good faith and then lost their home or had serious problems with it because of unknown restrictions.”