15 Jan 2008 1:38 PM:
In respect of UK Solicitors the protection afforded to a consumer is a little stronger than suggested in your post. A Solicitor cannot practice in the UK without indemnity insurance. The insurance has to have a minimum of 2 million pounds protection. If a Solicitor practices illegally without insurance, and he is negligent, then the Law Society would pay the damages as well as costs.
Despite this protection the average Sols fees in the UK is about 0.4% of the price. I feel the real problem with Spain is the difficulty in establishing a secondary market when the cost of moving is so high. In the UK stamp duty 1% (for an average price), no stamp on a mortgage, low mortg fees, low Sols fees, no payments to a mayor etc
Forum thread:
Will the Prior case result in a slump in the Spainish property market ?
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