Insurance News Archive
Seek advice before buying abroad
Anyone looking to buy a property outside the UK has been urged to seek advice before doing so.
Peter Esders, a partner at the International Law Partnership, has suggested that many British investors find themselves facing difficulties in completing an overseas property purchase because they have not fully understood the processes involved.
Consulting an expert on issues that can arise when buying foreign property can help people avoid unnecessary problems and it is always a good idea to carry out research before making such an investment, Mr Esders has insisted.
He went on to claim that many foreign property investors are unclear about the reasons behind their endeavours and others rush into the process without fully familiarising themselves with it.
"Every single day I speak to people who've got problems buying abroad, because they haven't done their research, and have assumed that things would work the same way [as in the UK]," said Mr Esders.
Figures from the Association of International Property Professionals indicate that Spain accounts for almost a quarter of all overseas real estate purchases made by British consumers.
25 Mar 2008
