- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

MEP calls on EU to protect those buying homes abroad

DIANA Wallace, a Member of the European Parliament (MEP) for Yorkshire and the Humber, is an active campaigner on behalf of thousands of Britons who have bought overseas property and who have run into problems.

Earlier today she published a booklet “European Property Rights and Wrongs“. Although she points out that many EU citizens do successfully purchase property in other member states and enjoy their property without any problems, she makes a particular mention of the problems faced by those buying property in Cyprus and Spain.

Speaking to the Daily Telegraph Ms Wallace said: “Property rights issues in countries such as Spain and Cyprus are by far the most pressing in the Petitions Committee, and while tens of thousands face demolition, eviction or bankruptcy, the EU has been unable, or refused, to act.

“The EU offers consumer protection for someone purchasing books, a piece of furniture or a hairdryer, and yet it has been reluctant to act to protect consumers when they make the most important purchase of their life.

“I decided to launch this publication as a response to the stalemate we have found ourselves in, when defending those affected here in the European Parliament.”

Ms Wallace plans to present her booklet to the General Assembly of the European Land Registry Association that is meeting in the Estonian city of Tallinn tomorrow. Her booklet will also be presented to Commissioner Viviane Reding, members of the Petitions Committee and the various citizens’ action groups.

Referring to Cyprus in her booklet, Ms Wallace writes “The particular circumstances of the Cypriot title deeds issue have allowed unscrupulous developers to re-mortgage a property once it has been sold, to increase an existing mortgage or build without relevant permits in place, all without the knowledge of the purchaser”.

Get your copy of Ms Wallace’s publication “European Property Rights and Wrongs