Property issues
In the immediate aftermath of Brexit, it was feared it would lead to a sudden drop in property prices, especially in areas which are popular with expats. There was a decrease in prices, which led to many property owners still having to deal with negative equity, making it harder for them to deal with.
Many property owners also spend the majority of the year at their foreign homes, and in Spain this has affected many thanks to the introduction of the new 90-day rule. This only allows UK owners to stay for 90 days during a 180-day period. The authorities have buckled down on this, and if caught overstaying, people can expect a heavy fine.
Debt collection in your home country
Leading up to and after Brexit, many were under the belief that leaving the EU would provide independence and protection for UK residents who had foreign mortgages. As a result, some property owners have abandoned their properties, believing that they cannot be chased across jurisdictions.
This is not the case, the pre-existing agreements between the EU and the UK regarding debt collection remain in place. This means that lenders, third parties and vulture funds are still able to pursue you across borders with the same pursual techniques.
Dealing with the impact of Brexit
Although there are no legal changes to the process of selling properties, there is now less demand for them. Many owners are still looking to sell, but with their already very high shortfalls, thanks to negative equity, Brexit only makes it worse.
Dealing with the impact of Brexit on your property is essential, and burying your head in the sand will not help. EU Property Solutions has been dealing with negative equity on European properties since 2008, and we can guarantee results. We have an expert team that deals with the issues head-on, and we will take over ALL communication with your lenders to help reduce the stress.
Too good to be true? Don’t take our word for it, check out our real-life testimonials (link here) or call us for a free, no obligation consultation on 0330 124 1230.
With proper planning and expert guidance, especially regarding legal and financial considerations, many buyers continue to invest confidently in Spain for holidays, retirement, or rental income.
Yes, you can still buy property abroad after Brexit, as UK nationals generally have no restrictions on owning property in most countries, including within the EU. However, Brexit has resulted in new residency rules, visa requirements, and sometimes tax changes that vary by country.
Travel rules and visa requirements can change frequently, particularly post-Brexit, so it’s important to check the most up-to-date entry regulations with the local authorities or consulate of the country where your property is located before travelling.
