Many readers will be tempted to make an investment in an overseas property – and who can blame them.
Croatia, Bulgaria, Romania and Turkey etc. may indeed have certain seasonal charms. However, the year round climate, common currency, maturing property market, infrastructure, golf courses, international schools, road, rail and airports links of the Spanish Costas have a far more enduring attraction for most Northern Europeans.
There are clear signs that, particularly the Costas del Sol and Blanca, are fast becoming “buyer’s markets” and deals are starting to emerge that were mere moon beams a couple of years ago.
Most will know someone who has already purchased in Spain but all too often the experience has been far from easy. The waves of adverse press and tales of woe may have alarmed the serious buyer who has been tempted to look elsewhere for a higher return. Is that a bet worth taking?
There is a proactive solution.
The Rights Group SL (TRG) was established in the South of Spain, over three years ago, by UK Solicitor, Mark Wilkins. It’s a grouping of professional client service businesses including locally qualified and bilingual lawyers, accountants, surveyors, building project managers, mortgage and insurance brokers. Its reach is from Costa Blanca in the East to the Costa de la Luz in the West.
Simply put, TRG helps to make clients dealings in Spain far less complicated. It’s their job to project manage clients’ activities and to hold their hands through the maze that can be Spain for the unwary.
TRG already has many clients from the first post Euro wave who have made canny investments in Spain and confidently expect that many more will want to do the same as the market matures. However TRG sees it as part of its role to wave a cautionary flag over client’s understandable enthusiasm to enter the Spanish market.
Over the last three years, on an almost weekly basis, Mark has been contacted by new clients, usually recommended by previously satisfied TRG customers, to be told of disasters that have characterised their dealings in Spain. They are very typical and often have at their root a simple conflict of interest.
For example, a preferred lawyer, who is recommended by a selling Estate Agent, cannot be expected to provide a purchasing client with truly independent advice. They have too much to lose if they scupper the sale, the selling Estate Agent may simply cease to recommend them to future clients - so the cycle rolls on.
Mark is at pains to point out that “Although we do have some excellent connections with the property sales community, it is not our role to sell you an apartment, townhouse or villa.” He elaborates, “We aim to provide an enthusiastic purchaser with some breathing – and thinking – space. Making sure they do the deal that they really want to do and get real value for money in the process.”
If a client wishes to proceed – and many do - TRG provides access to a series of professional client services designed to ensure that their purchase progresses with the minimum of stress and heartache. TRG make the process easy as it has already done most of the donkey work and has a solid bank of professionals to guide clients at every step.
TRG only refers clients to professional advisors that have already been test driven by many satisfied clients.
Mark is confident that “Our clients do not complain about the lack of communication, a failure to answer a straight forward question or to provide an understandable translation of a document they are being asked to sign.”
TRG’s story is not untypical of a new breed of Spainsh based businesses. Until four years ago, Mark was a Partner in a Central London Entertainment Law Practice, dealing with high profile clients. He quit London with his wife and three kids and sought out a market where his abilities could make a difference. His own experience led to the formation of TRG.
There’s more good news. Many of TRG’s activities - and some of the services of businesses within its network –- are free of charge to TRG’s clients. TRG’s business model is based, in part, on referral commissions, a customary practice in Spain, which TRG believes materially benefits their clients. This means that clients can get the value of involving TRG in their transactions at no additional cost.
