The new Cross Border Electronic Conveyancing scheme set up by the European Land Registry Association will allow for the purchasing procedure for a foreign property to be settled in the buyer´s home country.  Property purchases will be dealt with under the protective laws of the purchaser´s country and they will be guaranteed against unknown restrictions and violations of the contract by the seller.  For instance a UK purchaser could have the contract for a purchase in Spain drawn up in the UK under UK laws and have recourse through the UK courts if things do not work out.
Lesley McEwan the MD of Costa de la Luz Estate and Rental Agent Cadizcasa said “any scheme to make it easier and safer for people to buy property in Spain has to be welcomed by professionals in the Estate Agency industry.  We need foreign buyers to come to Spain and purchase property.  If this method makes them feel safer and gives them more control over the legal aspects of their purchase then it can only be a good thing”.
When asked about the cost implications Lesley said “I imagine the costs would be higher than completing the purchase here in Spain as all documents will need to be translated by qualified translators and I imagine this will add a time element to the conclusion of a purchase also”.
Regards the practicality of the scheme she said “the biggest challenge I foresee is comparing the laws of the two countries regards title and ownership and achieving workable solutions to the various anomalies which undoubtedly will exist”.
Lesley concluded “in essence I think it is a good scheme and things should be clearer after the scheme has been trialed this year”.