When the Eldorado dream becomes a nightmare

Currencies.co.uk launches partnership to help ‘accidental’ foreign property owners in their plight to sell their properties

  • 1980s dream of retiring to Spain is now a nightmare for many Brits inheriting family properties
  • Spanish legal system and troubled housing market can make selling property a minefield
  • Specialist currencies provider, Currencies.co.uk, teams up with Spanish property company and solicitors to offer help to those affected 

In the 1980s it was commonplace for British retirees to sell up and move abroad.  All their money was invested in their dream Spanish villa and they had the peace of mind that when they died, their children would inherit a valuable piece of property and a free holiday home.  However, the property market in most of mainland Europe, particularly Spain, has since crashed, leaving property owners with a very costly liability.  Families have been left inheriting a nightmare, rather than a dream. 

Currently around 400,000 British expatriates live in Spain but as the Spanish economy worsens many sun-seeking Brits are now re-considering their move abroad. They are hindered by a housing crisis in Spain that has sent property prices plunging by up to 13% in 2011. This sharp decline is the worst since the financial crisis began in 2007.  

Currency specialist Currencies.co.uk, has partnered with Spanish foreign property agency  Girasol Homes and Solicitors of Spain (SOS) to provide those affected with a ‘move-out’ package which includes:

  • A leading rate of exchange on the proceeds of their property sale to ensure they get the most money for their property, Currencies.co.uk typically offers rates which are 4% better than those offered by high street providers
  • Full advice on the local property market and pushing through a sale in Spain
  • Legal advice to ensure that all Spanish laws are adhered to and the process is carried out as swiftly as possible 

Stephen Hughes, Director of Currencies.co.uk, commented: “The property market across much of the Eurozone has slumped and Brits may have found themselves inheriting properties they can’t afford to keep but can’t sell either. Yet many don’t realise that help is available. We’re very pleased to announced our partnership with Solicitors of Spain and Girasol Homes to provide expert guidance to those families faced with the difficulties surrounding the sale of their inherited properties.” 

Venancio Torres of Solicitors of Spain said: “The Spanish legal system can be challenging to those who don’t know the ins and outs. In the current economic downturn we see it as ever more important to help Brits looking to sell their inherited properties by providing step by step guidance on the legal process.” 

Nigel Salmon of Girasol Homes stated: “Despite the economic downturn, we are busier than ever and received record sales this summer. It’s encouraging to see sales are on the up, although the prices are low, and we have received lots of interest from buyers across Europe. However, it’s important to work with a professional property finder who can use connections with multiple agents and developers which will save time, effort and confusion during the process.”

For more information about any of the services described above, or if you find yourself in difficulty with an overseas property or investment please contact Stephen Hughes on 01494 725353 or email him at sah@currencies.co.uk



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