Buying now? Make sure you have a good lawyer

BREXIT uncertainty has unnerved would-be buyers considering a property in any European Union country. But good prices in Spain mean interest is picking up again.

For example, property sales in the Costa Blanca nearly doubled last year according to Halo Financial, a currency exchange specialist, with a 60 per cent increase in UK buyers. But buyers beware: HIRE a reputable lawyer to check all contracts. Peter Esders, of UK-based international property lawyer Judicare, says: ‘Do not choose the pet lawyer recommended by the developer who will tell you everything’s fine about the deal.’ Find an independent firm through personal recommendation or via the Association of International Property Professionals.

SCRUTINISE contract wording carefully. Some contracts may be worded to appear you will get your money back if a property is not completed on time but they often have nasty get-out clauses. Esders says: ‘We have seen clauses saying buyers will get their money back if the property is not completed within 18 months of the developer getting planning permission. The builders may never get planning permission so they can then argue the contract is not broken.’

A good lawyer will spot these anomalies as well as make sure planning permission is watertight. Esders adds: ‘Contracts usually come written in English and Spanish alongside each other. You will need to check the accuracy of the English translation. When I look at contracts I tend to focus on the Spanish version as that will be the legally binding one.’

MAKE sure vital protections are in place, including bank guarantees to return deposits if a developer does not deliver or goes bust. This might only be for the short term.

CHECK the developer owns the land and has the right to build there.

PAY deposits by bank transfer rather than cheque and never with cash. Check the developer does not pass on taxes to you that they are in fact obliged to pay.