WHILE the country may have voted to leave the European Union, Brits show no sign of giving up on their dreams of owning a place in the sun, according to new research published recently by specialist legal firm Spanish Legal Reclaims.
The research reveals that over half (55 per cent) of Britons who are considering buying a home abroad say Brexit will have no impact on their decision to buy. In fact, 10 per cent of those surveyed said they were actually more likely to buy in Europe now that Britain has decided to leave the EU.
Spain remains the most popular choice for Brits looking to buy abroad, with 45 per cent saying it was their first choice, followed by France (37 per cent) and Italy (20 per cent).
‘It’s not surprising to hear that Spain remains the favourite destination for British people who want to buy property in Europe. Despite the horror stories you may have heard of disappearing developers, it continues to deliver on lifestyle, property prices and climate,’ said Spanish Legal Reclaims CEO, Luis Cuervo.
‘What’s more, a Spanish Supreme Court ruling introduced in December 2015 means that if you bought a property off-plan that isn’t delivered on time by the developer and they have since gone bankrupt, you can reclaim your money back from the bank who was meant to safeguard your deposit.’
‘The new ruling gives fresh hope to thousands who are potentially hundreds of thousands of pounds out of pocket.’ Cuervo continued.
130,000 Britons are eligible to claim a total of £5.3bn against this ruling, according to research commissioned by Spanish Legal Reclaims and the Centre for Economics and Business Research.
Spanish Legal Reclaims is also currently working with clients across the country to help them reclaim money they are owed from off-plan Spanish property. One of the successful claimants is Janet Jalil from north-west London.
‘In 2002, my husband and I decided to buy a second home for holidays with family and friends, as well as somewhere we could eventually use as a retirement home. After lots of research, we paid just over €200,000 euros for a property in Marbella. When we flew to Spain to see the property for ourselves, we quickly found out that it wasn’t built. Our lawyer let me know about the change in the law and after a year-long legal process we are now expecting to get all of our original deposit back plus interest!’