A new conveyancing system has been developed to make it easier for buyers across the European Union to buy residential property in each others’ countries.
Through a new online service called NetPRO, overseas conveyancing lawyers will have access to resources supported by the European Land Registry Association to hand over title, boundary and dispute information.
Five countries have participated in the project so far: the Netherlands, England, Wales, Portugal and Spain.
Although th focus to date has been on English and Dutch buyers of property in Spain and Portugal – one of the biggest international markets within the EU – the system operated by NetPRO is generic and could be adopted by other EU countries.
The Land Registry was the lead body for England and Wales in the creation of the new system.
Meanwhile in other search-related news, STL Group plc – the largest independent search, anti-money laundering service, and EPC provider in the UK – has been acquired by Australian legal information service InfoTrack.
The STL brand will continue to be used by Stephen Wood, chief executive of InfoTrack, says this move takes advantage of the UK’s opportunity to have “a high quality, integrated search offering that doesn’t exist here yet.”