"Too many people get a rush of blood to the head when they see a property overseas that they fancy," says Simon Conn, Senior Partner at Conti Financial Services.
"They maybe are away on holiday, enjoying the sun and the relaxation, and are intending to view a few properties as part of a plan to invest in a holiday home or a buy to let flat or villa," he says.
"This is just the time when they are at their most vulnerable. Before they know it, they have put down a deposit without checking the really basic but vital details such as proof of ownership, or have signed a contract without getting the small print checked by an independent lawyer."
If the purchase process turns sour, and they want to pull out of the deal, they have no protection and stand to lose their deposit at the very least. That’s why the Hove, East Sussex-based broker is pressing for change.
"Greater regulation of the overseas property market is long overdue," Mr Conn adds, "particularly in popular countries such as Spain where problems such as lack of planning permission and building licences, no clear title or legal registration and possible existing debt on the property are seen to be occurring regularly."
"A 14-day cooling off period should be introduced to give buyers the chance to withdraw from a sale if, on returning home and checking the paperwork, they find that everything is not as it should be."
"The timeshare market in Spain and also in France has a cooling-off period, so why shouldn’t the mainstream property sector introduce one too."
Read more: Timeshare cancellation: cooling off period or right of rescission
