01/11/2008

News / Goldsmith Williams Overseas Ltd (GWOL) launches two overseas title insurance products

In response to growing demand from clients seeking protection from title disputes when purchasing property overseas, Goldsmith Williams Overseas Ltd (GWOL) has introduced two new title insurance products.

The first product is launched in conjunction with Countrywide Legal Indemnities and Conti Financial Services. Underwritten by Countrywide Legal Indemnities on behalf of Liberty Legal Indemnities at Lloyd’s, this policy provides title and political risks insurance. An independent legal report by one of GWOL’s panel of international legal firms supports the product and bespoke defective title policies can also be considered if the lawyer identifies a specific problem with the title prior to the purchase.

For clients who choose to use the developers or agents recommended lawyer, or prefer to only use the notary, but still require the protection of title insurance, GWOL is offering a second product underwritten by Stewart Title.

Overseas purchases remain popular, but differences in the property purchase process across continental Europe and beyond, as well as the behaviour of agents and developers in foreign countries can lead to problems for UK investors. One common issue is the use of notaries, who are prevalent across Europe. When UK clients opt to use only the services of a notary, not all realise that a notary is not a lawyer and therefore cannot do the job of a lawyer and offer the same protection to the seller. Agents or developers may also state that legal services are not required but this may not be in the best interests of the purchaser.

The insurance only product is initially available in Spain, due to the greater concentration of title disputes in the country, with plans to quickly extend the availability of both products to include countries such as Bulgaria, Southern Cyprus, Greece and Italy, where title issues are common.

The products each cost approximately £250 and will protect the title of the property for as long as the client owns the property. The products also offer brokers the opportunity to earn an additional income stream.

Nia Jones, General Manager GWOL, comments: “Title insurance is already well established in the UK and the US, but recently we’ve noticed a sharp increase in enquiries about this type of product in some of the less mature overseas markets where disputes over title are quite common.”

Simon Conn, managing director at Conti Financial Services, adds: “When buying property abroad, many clients fall into the trap of opting to use the lawyers, valuers and lenders recommended by their developer or agent, often thinking that this will be the cheaper and easier option. However, in many cases, these recommended firms will not provide an independent service and therefore the client may not be presented with all the facts regarding planning, title, value or state of the property. All too often, the advice these companies give could be to the agent’s or developer’s advantage.”

Nia Jones concludes: “Buying a property abroad is still a dream for many in the UK, but it can be a complex business, fraught with difficulty. The combination of independent, expert legal advice and specialist insurance is designed to stop that dream turning into a nightmare and offers peace of mind now, and in the future.”

Source: http://www.introducertoday.co.uk/News/Story/?storyid=569&title=Goldsmith%20Williams%20Overseas%20Ltd%20(GWOL)%20launches%20two%20overseas%20title%20insurance%20products&type=news_features

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