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Britons still too ignorant overseas - 13 July 2007

New claims have emerged that British buyers of property overseas are still far too oblivious of local planning and housing laws. This can lead to problems not only with changing and extending their own properties, but potentially with what is built around them.

A recent survey carried out on behalf of Foreign Currency Direct has shown that over half of potential overseas home buyers would not consider planning or construction laws when in the market for their property overseas. Instead, they would place more importance on how far away from the beach they are, or what the local weather is like.

In addition, 39 per cent of respondents said they would be unconcerned about local property taxes, and would rather worry about the distance to the nearest airport or who their potential neighbours are.

While it is important to make sure the leisure aspects of buying a foreign property are all up to scratch, buyers must be more aware of the legal aspects that could eventually have an impact on their enjoyment of their new home. In some extreme cases, these aspects could include having to pay for the re-development of some local services not directly attached to the property.

This has been one of the major problems with the so-called ‘land grab’ law in the region of Valencia in Spain. In some instances, residents have been forced to pay for roads, streetlights and other infrastructure on the access paths to other housing developments.

The survey also revealed that younger buyers in the 18-34 age range regard checking currency exchange rates as the most important consideration when buying a second home overseas.

 

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