Buying A Property In Europe

• Published date: 10 May 2022
• Subject Matter: Real Estate and Construction, Construction & Planning, Real Estate
• Law Firm: Giambrone & Partners
• Author: Mr Giorgio Bianco

As the grip of COVID 19 is relaxing many people are considering realising their long-held ambition of buying a house in Europe. The relaxed lifestyle, the Mediterranean diet and the temperate warmer climate in countries throughout Europe lure British nationals across the English Channel.

Real estate remains one of the best investments and a well-positioned well-appointed house can prove a lucrative long-term investment beginning as a holiday home that can be let out during the spring and summer months, thereby generating sufficient income to pay the running costs. In due course, the property can become the owner's retirement destination with the benefit of having well-established friends and acquaintances in the local village and surrounding area.

The most popular destinations are Spain, France, Italy and Portugal. The UK's exit from the European Union has not created the problems predicted. Expert legal guidance through the legal and regulatory landscape enables British nationals to avoid the pitfalls.

Giorgio Bianco, a partner, commented "Giambrone & Partners brings to our clients the advantage of extensive expertise across the range of risks and adverse issues that may arise and cause a transaction to falter if it is not carefully managed." Giorgio further remarked "the purchase process may appear to be very similar across Europe but it is essential that clients are protected from such risks as heritage debts being attached to a property and also the lack of planning permission with regard to illegal extensions and adaptations to the construction of a property which render the property valueless."

British nationals are often unaware of factors and laws that impact on the purchase agricultural land in many countries. Those countries where agricultural land is considered to be strategic resource foreigners may be subject to regulations and rules related to such land. In Italy land adjacent to existing farm land is subject to pre-emption rights whereby the farmers with land abutting the property being sold must be offered the chance to buy the land first and only after the offer has been made and rejected can the purchase go ahead.

The purchase of even a modest property is a considerable financial outlay and most people cannot afford avoidable losses, the legal costs of satisfactory due diligence far out ways the costs of discovering illegal defects that must be addressed or, worse still, buying a house that cannot be lived in.

The advice to have...