FEIFA announces new overseas property services for members

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FEIFA (the Federation of European IFAs) has announced a new partnership that will provide unique legal services for its members.

The Federation, which represents more than 300 advisers operating in 25 European countries, has taken the initiative in offering members access to the global services of the Judicare Group, which specialises in advising and assisting individuals on financial reclamations on property across the world.

The overseas property investment market in recent years has been the subject of enormous activity across all sectors of the UK population and beyond, not least with expatriates, as projected returns from off-plan investments forecasted potential double-digit growth.

Judicare’s CEO Neil Heaney explains: “This brought to the marketplace not only the seasoned investor looking for an alternative and interesting vehicle for wealth creation but also the speculative first time buyer drawn towards the exciting and glamorous prospect of owning their dream home in the sun. Glossy brochures and the aspirational motives of investors drove demand for many foreign property destinations and consequently lifted projections to unrealistic numbers as the appetite spread.”

As part of portfolio planning, some IFA’s were advocating a proportion of their client’s wealth be diverted towards this asset class to try and spread investment risk, FEIFA CEO Paul Stanfield believes. “In addition, many advisers based or operating in mainland Europe have expat clients who were purchasing property as their main home,” says Stanfield. “A great number of these purchasers have experienced major problems, whether they bought for investment or as a primary residence.”

As a direct result of the global downturn, combined with a slowing in the property boom, many of these investments have been derailed for various reasons in recent years – leaving the investor or prospective homeowner (and at times the IFA) wondering what to do and who to turn to for advice on their situations.

Judicare Group comprises a UK-based legal services company and also a Spanish law firm that offers specialist advice and recovery action for investors with overseas property disputes all around the world.

“We now have local expertise on the ground internationally, providing investors with the help they need to recover what in some cases are their entire life’s savings,” Heaney confirmed. “We recognise the moves made by FEIFA in addressing the potential concerns of their members in this area and are delighted to have taken this important step into the IFA community with such a respected and market-leading organization.”

Judicare is already partnered with the Professional Footballers’ Association in the UK and thus prizes the quality of its alliances very highly.

“I am very pleased that we have been able to agree an exclusive arrangement with Judicare,” Stanfield added. “This provides an additional service for our members, enabling them to assist any of their clients who have experienced property issues and also potentially attracts new clients with similar problems.”