EU Property Solutions discuss common issues facing UK residents with holiday homes in Europe
For Brits wanting to escape to warmer climates, European countries such as Spain have become a haven. Offering around 300 days of sun a year, along with a friendly culture not too dissimilar from the British and a laid back lifestyle, there’s no wonder that an estimated 2.2 million expats are living in EU countries. However although the idea may seem like a dream come true, the realities of owning a home overseas are much less idyllic.
EU Property Solutions, which has vast experience in negotiating foreign property debt issues, is highlighting a range of common issues facing UK residents with holiday homes in Europe. It’s been well documented that Spain’s banks are facing a crisis over miss-sold mortgages. Affecting an estimated 4 million people between 1997 and 2007, it left people out of pocket – and potentially in debt. A recent ruling has paved the way for those wanting to pursue their cash at home in England.
James Bell, Director of EU Property Solutions, says, “Buying a holiday home abroad may seem like a fantastic idea, but there are far more things to consider than you might first think. If you are thinking of purchasing a home abroad or perhaps buying a place with the intention of retiring to the sun, it’s imperative that you take the time to understand the complexities and differences of the property market and mortgage system in your chosen country. There are often hidden costs which aren’t payable in the UK which are common in places like Spain which need to be worked into the budget to avoid unpleasant surprises further down the line. ”
Fees are a common bug-bear and can all too easily result in finances becoming stretched. Although similar systems exist in Britain, community fees are one of the main stingers for homeowners abroad. The non-negotiable fee is one many Brits don’t factor into their budget. A must if the property is in a gated community where the grounds are looked after by the building, community fees pay for the upkeep of gardens, swimming pools, etc. For an unlucky few, due to the increasing economic struggles across Europe, many people find that the dream holiday home they purchased don’t actually exist. Those who bought off-plan, with the dreams that it would be a peaceful retreat, are finding themselves short of a home – and significantly out of pocket.
Likewise, the impending EU Referendum is one of the main causes of concern for Brits who own property abroad. The impact of a British exit could signal a plethora of issues. Potentially requiring travellers to apply for a visa in order to legally enter countries, increased taxes, such as council tax, property tax, rental income tax, wealth tax and capital gains tax, as well as the impacts on currency exchange rates could significantly impact British people’s way of life as they know it.
Bell adds, “Although for many, purchasing a home abroad has paid off and they are now reaping the benefits of their own place in the sun, for some, it didn’t quite work out like that. It’s imperative to investigate lenders and mortgages carefully, while taking into consideration any fees, currency fluctuations and the long-term economic stability of the chosen country in order to make sure the choice is right for the long term.”
For more information about EU Property Solutions, and how the experts can help British homeowners overcome the challenges faced with properties abroad, visit the website: http://eupropertysolutions.com/
EU Property Solutions are the industry experts in problematic property across Europe, providing positive solutions to property associated debt. The company helps clients and associates to move out of negative equity and on with their lives.
Dakota Digital for EU Property Solutions
Media contact: Hannah Byrne
Tel UK: 01623 428996
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