The international property market is already slowing down ahead of the vote on the UK’s membership of the European Union accoring to one international property lawyer.
Sara Janion at Worldwide Lawyers Ltd says that she has already seena tailing off of investments from the UK to the rest of Europe as well as investments into the UK. The upcoming vote is also forcing those looking to retire abroad to reconsider their plans.
Sara also believes that cross border property investment is becoming more and more common, as people around the world lead more global lives.
Sara said: “A lot of people in general don’t necessarily understand that once the vote happens, in the event of a decision to levae the EU nothing will change immediately, there’s a fair bit to sort out, and from the people I speak to, people aren’t really aware of what it will mean legally, They’re aware of all of the politics, they don’t understand what’ll happen immedately, it’s not all going to happen overnight.
“At Worldwide Lawyers ee deal with people who need legal assistance abroad. It’s primarily private clients, inheritance and probate matters, cross border issues. With foreign property we’ve seen a bit of a slow down as people are tending to wait and see what the outcome is, if it’s an investment in a country under different terms as it is now, just in terms of where peoepl want to buy and retire: they don’t know if they will be able to do so outside of the EU.
“It’s not just been entirely within the EU though; we’ve had some US based clients who are waiting from over there to see what happens here, it’s a real change in the landscape.
“People are certainly a lot more global these days they have partners abroad, invesments. So they can leave a footprint across borders, from small bank accounts to property or even a child, so the international side of things is something that will be with us for quite a while as lives cross borders.
“We assist clients from across the world, putting them in touch with people in our network, one a regular bases on the type of law and what they do, and we can put them in touch with people in the jurisdiction they need.”
To find out more about Worldwide Lawyers visit worldwidelawyers.co.uk
