Overseas buyers warned to be aware of legal pitfalls in Spain
Property investors thinking of buying a house in Spain have been told to be careful about some of the potential legal pitfalls surrounding property ownership in the country.
Graham Scott, partner at solicitor and asset manager Murray Beith Murray WS, explained that although Spain has a "big advantage" in the fact that most property lawyers there can speak English, investors should still be wary.
Many Britons choose to set up a company to buy a Spanish residence to reduce inheritance tax liabilities after death - although Mr Scott noted that there are some disadvantages that should be addressed by prospective investors.
He told the Scotsman newspaper: "If circumstances change, it can be very difficult to disentangle oneself from such a company, and the property may also be more open to claims from relatives - such as children from a first marriage - than would have been the case had it remained in private ownership."
Mr Scott concluded by saying that investors should avoid appointing a lawyer who also acts for the seller, because of the conflict of interest.
A recent report from Banco Halifax Hispania revealed that nearly two-thirds of Britons wanting to live in Spain are aged under 55.
< Back to latest news