MEP Wants EU Protection for Overseas Property Investors

13-12-2011     Author: Chris Anderson

Diana Wallis, the UK Liberal Democrat MEP, has promised to resolve the problems that thousands of expats face when dealing with cross-border EU property sales. In order to help, a booklet has been published entitled, “European Property Rights and Wrongs”.

Wallis is campaigning on behalf of a vast number of Britons who have bought overseas property before then finding themselves beyond the help of the EU and British law when they need it most.

The booklet will offer practical steps to take in order to ensure the legal security of cross-border sales. The booklet will also put forward the argument that the EU has a duty in protecting all property purchases.

The booklet has also outlined the idea of developing Cross-Border Electronic Conveyancing which will give buyers the chance to use professionals from their home nation in order to assist them with the whole process of purchasing an overseas property. This will undoubtedly mean that property investors will be informed about the necessity of holiday home insurance, which can sometimes be neglected.
Ms Wallis has been quoted saying: “Property rights issues in countries such as Spain and Cyprus are by far the most pressing in the Petitions Committee, and while tens of thousands face demolition, eviction or bankruptcy, the EU has been unable, or refused, to act.”

She went on to add: “The EU offers consumer protection for someone purchasing books, a piece of furniture or a hairdryer, and yet it has been reluctant to act to protect consumers when they make the most important purchase of their life.”

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