IFAs hit by overseas property failures

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The number of IFAs facing issues with overseas property investments has soared over the last few years as the fall-out from the financial crisis has hit the schemes hard, according to a legal services firm.

Neil Heaney, CEO of property recovery company Judicare, says issues ranging from late or non-delivery of property are creating a “huge concern” for IFAs as client investments turn sour. “Typically, these problems will involve late or non-delivery of the property, no licences to build from developers, no bank guarantees from lawyers originally given to the client by the developer and a whole myriad of other issues all of which result in a great deal of distress for the client,” says Heaney. He says the number of IFAs contacting his firm has shot up over the last three to four years whi...

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