When the UK made the decision to leave the European Union, there was a great deal of confusion surrounding how this would impact the country’s relationship with European nations. This included the impact of Brexit on those with properties on the continent and what it would mean for them.
Now the situation is much clearer, and the impacts have been less than many originally feared. However, there is still plenty of misunderstanding regarding how Brexit changes the living circumstances for foreign property owners.
The impact of Brexit on your property
In the immediate aftermath of Brexit, it was feared it would lead to a sudden drop in property prices, especially in areas of Europe that are popular with ex-pats. The main fear being that this would drive properties into negative equity and, for those already dealing with this issue, would make it worse.
Although property prices did decrease, it is likely that this was largely down to the Covid-19 Pandemic. Mostly, property prices have bounced back, however, in some areas, prices are still below the levels they were at pre-Covid-19.
“Can an EU bank pursue me in the UK?”
The short answer – yes. 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.
What can you do?
As with any debt situation, the worst thing to do is bury your head in the sand and wait for the lender to act, whilst the best thing you can do is be proactive and seek professional help.
At EU Property Solutions, our aim is always to prevent the action mentioned above and, most of all, protect you. Our team work with legal experts in the UK and across Europe to achieve life-changing settlements for our clients.
Click the top of this page to find out more about a specific issue. If you can’t find what you are searching for or are worried about being pursued for a foreign property debt in the UK, you can speak to us on 0330 124 1230 or email [email protected]
There are no legal changes to the process for selling property. However, it is important to remember there is less demand for homes in Europe since Brexit. Ultimately, this will make it more difficult. This can result in a reduced price and a bigger shortfall for you to pay. It has not changed how we work but or, the successes we achieve.
As mentioned above, there were fewer negative impacts than previously thought. However, that is not to say the UK’s relationship with the EU is not going to change in the future. There are also other complications like Visa issues and fluctuating exchange rates that have an impact on the process.
For over a decade, we have been helping people in exactly the same situation you find yourself in. We understand that the bank, developers, and estate agents have all lied to you. If our amazing results don’t say enough for themselves, check out some of our testimonials or call our office and speak to a team member. You can even chat with previous clients of ours over the phone!
There are no legal changes to the process for selling property. However, it is important to remember there is less demand for homes in Europe since Brexit. Ultimately, this will make it more difficult. This can result in a reduced price and a bigger shortfall for you to pay. It has not changed how we work but or, the successes we achieve.
As mentioned above, there were fewer negative impacts than previously thought. However, that is not to say the UK’s relationship with the EU is not going to change in the future. There are also other complications like Visa issues and fluctuating exchange rates that have an impact on the process.
For over a decade, we have been helping people in exactly the same situation you find yourself in. We understand that the bank, developers, and estate agents have all lied to you. If our amazing results don’t say enough for themselves, check out some of our testimonials or call our office and speak to a team member. You can even chat with previous clients of ours over the phone!
